LISI - Sustained growth in all 3 divisions
Q3 sales up 15% organically, in line with our expectations Inflation pass-through target on track to be achievedEBIT growth target in absolute terms confirmed, but still challengingStrong visibility in aerospace and medical sectors, but uncertainties in the automotive sectorSlight downward adjustment to our forecasts and price targetADD opinion: a quality stock, but not as discounted as other manufacturers.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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