Today on the way back from La Spezia (Leonardo $LDO (+1,01 %) and Rheinmetall $RHM (+1,16 %) greetings) on the Italian highway, I overtook four convoys of brand new military IVECOs. $IVG (+3,8 %) overtaken. 2x German army and 2x Lithuanian army.
And since I was a passenger princess at the time, I used the time for an IVECO deep dive.
In short: EV/EBITDA < 4, KGV ≈ 7, FCF-Rendite > 11 % - classic deep value signature. Weak equity base prevents an outright "10 out of 10", but the 30% discount to conservative fair value, combined with positive cash generation and dividend proposal make IVECO quite attractive. Currently practically at a price of 70 cents per euro per euro. And in view of the current security policy situation, that is still conservative.
