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Fincantieri: The Upside Has Started, Albeit Slowly

Fincantieri is upgraded to 'Buy' with a €13.5/share PT, reflecting improved 2Q '26 fundamentals and attractive risk/reward at current valuation. 2Q26 results showed double-digit EBITDA growth, margin expansion (+80bps), and backlog nearing €74B, supporting forward earnings visibility despite a 60% YoY order intake drop. Valuation remains disciplined at sub-20x P/E; upside potential now 8–10% to PT, with further…

Seeking Alpha • Aug 26, 2026

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