Strong Profitable Growth for Narrow-Moat Meggitt as High-Investment Phase Ends: Shares Undervalued
We initiate coverage on Meggitt with a fair value estimate of GBX 500 per share and believe the current share price does not fully reflect the firm’s potential to recover profitability. We assign a narrow moat rating. Meggitt has secured market-leading aircraft component positions in brakes, engine control management systems, seal packages, composite airframe and engine assembly, and sensors and condition-monitoring systems. An improved outlook for defence (35% of revenue) and strong upcycle of ...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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