Meggitt 2016 Profit Beats Expectations as High Investment Phase Ends and Aircraft Delivery Picks Up
In line with our thesis, narrow-moat Meggitt's excellent 2016 results showed the first signs of research and development, or R&D, moving towards normalised levels. In our November 2016 initiation report, we noted that the share price did not fully reflect the firm’s profitability recovery potential, as it benefited from an improved defense outlook, a strong civil aircraft delivery upcycle, and lower R&D as the high-investment phase ended. Results were better than consensus, with revenue ...Meggitt is the parent company of a group whose principal activities are the design and manufacture of components and sub-systems for aerospace, defense and other markets. Co. has five segments: Meggitt Aircraft Braking Systems, a providers of aircraft wheels, brakes and brake control systems; Meggitt Control Systems, which comprised of aircraft fire protection and control systems; Meggitt Polymers and Composites, which comprised of engine and aerodynamic seals, flexible fuel tanks and fuel systems; Meggitt Sensing Systems, a provider sensing and monitoring systems for aircraft; and Meggitt Equipment Group, which include unique heat transfer equipment for hydrocarbon processing.
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