LISI - Favourable momentum for profitability
Despite a still highly inflationary environment, Lisi improved its EBIT in absolute terms and generated a positive FCF that exceeded our expectationsBarring a catastrophe, the 2024 financial year will still see sustained growth thanks to the very good momentum in aeronauticsThe improvement in EBIT margin seen in H2 should continue in 2024 under the effect of price increases and the stabilisation of raw material pricesEarnings growth momentum is once again favourable and multiples are becoming affordable in 2025We have upgraded our rating to BUY with a target price raised to €27.5 (from €24).LISI manufactures multifunctional fasteners and assembly and structural components for three business sectors: aerospace, automotive, and perfurmery. Co.'s activities are also split into three divisions: LISI Aerospace division, LISI Medical division and LISI Automotive division. LISI Aerospace division produces fasteners and assembly components for the aerospace and motor racing markets. LISI Medical division produces medical implants and is a sub-contractor of auxiliary parts. LISI Automotive division produces automotive fasteners and assembly components.
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