Indra Sistemas SA (ISMAY (BME:IDR))
Pitch Summary: Indra is pivoting from a Spain-centric IT services company to a European defense electronics prime with aspirations to resemble BAE/Leonardo/Thales. The stock trades at a discount because coverage is still IT-oriented, Spain’s defense headlines lag Germany/France/Italy, materials are less investor-friendly, and the “defense identity” is recent. 2024 EBIT mix was ~40% Minsait (IT), […]
