Initiating Coverage on MTU Aero Engines With a Wide Moat and FVE of EUR 165; shares overvalued
MTU Aero Engines is one of the few independent Tier 1 aerospace engine suppliers, and also a contractual partner, sharing economic risk and reward with the well-known engine manufacturers like Pratt & Whitney and General Electric. MTU is in the sweet spot of the aftermarket cycle, benefiting from an aging V2500 fleet, 70% of which have not had their first heavy shop visit. These mounting maintenance needs should drive demand for high-margin spare parts in the coming years. Pratt & Whitne...MTU Aero Engines manufacturers engine modules and components, and providers MRO (Maintenance, Repair and Overhaul) services for commercial aero engines. Co.'s activities range through the development, construction, testing and production of new commercial and military engines and spare parts, through to maintenance, repair and overhaul of commercial and military engines. Co.'s segments comprised of: OEM business (Original Equipment Manufacturing), which covers new commercial engines, including spare parts, and the whole of the military sector; and MRO business, which engaged in commercial maintenance activities covering the areas of maintenance and logistical support for commercial engines.
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