Morningstar | Meggitt’s First-Quarter Trading Update as Expected
Narrow-moat Meggitt published a trading update for the first quarter. The group's 9% organic growth--with all businesses contributing, in particular the defence division at 18% organic growth--came in line with our expectations for the first quarter. Civil aerospace equipment growth at 9% was mainly driven by new generation aircraft. Aftermarket sales at 6% growth was the result of demand from large jets partially offset by regional jet demand decline. While the update does not provide any details on the firm's business performance, management restates its expectations of 0-50 basis points operating margin improvement for the full year. We are maintaining our fair value estimate at GBP 660.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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