We Raise Meggitt’s Fair Value Estimate to GBX 560 as Aircraft Deliveries Drive Aftermarket Sales
We increase narrow-moat Meggitt’s fair value estimate to GBX 560 from GBX 520 per share as we updated our 2017-18 revenue and profitability estimates and adjusted for the time value of money. Despite the strong share prices gains since our initiation note of November 2016, we still believe that the market share price does not fully reflect the firm’s profitability recovery potential as Meggitt benefits from an improved outlook for defense spending, a strong upcycle of civil aircraft deliveries, ...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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