Leonardo

Based in Rome, Leonardo is widely regarded as one of Italy's flagship defense operators. Its scale — about 51k people, around $17B in turnover — translates into genuine strategic weight across Europe.

Management's emphasis on operational discipline — tight working capital, focused capex, clearer ESG roadmaps — is increasingly visible in margin trajectory.

“Leonardo is, in its category, exactly the kind of compounding regional champion the next decade of capital allocation will reward.”

Few catalysts on the horizon look bearish; the central scenario is a continued, controlled compounding story.