Cut Fincantieri's Fair Value Estimate to EUR 23 After Capital Increase; Long-Term Thesis Intact

Fincantieri’s strategy is centered on repositioning the group from a traditional shipbuilder to a technology-driven defense and underwater systems integrator, capable of capturing higher-margin, capital-light growth across its global portfolio. The transformation underway reflects a deliberate rebalancing of exposure between cruise and defense, with a structural shift toward naval, underwater, and specialized vessels that offer superior profitability, improved working capital, and recurring service potential.