Fincantieri S.p.A is upgraded to "Buy" with a new €13.5/share price point, reflecting adjusted dilution and a more conservative premium. Despite record backlog, improved margins, and lower leverage (1.1x), FNCNF faces volatility from revenue declines and significant shareholder dilution after a €500M capital raise. FNCNF's fundamentals are attractive, with potential for a 15% annualized upside and a likely dividend introduction in 2027E, but risks remain from execution and order normalization.