Launching Coverage of MTU Aero Engines With Wide Moat Rating and FVE of EUR 165; Shares Expensive
We are initiating coverage of MTU Aero Engines, a Tier 1 engine supplier with development responsibilities through partnerships with Pratt & Whitney and General Electric, with wide, stable moat ratings and a EUR 165 fair value estimate that implies 2019 adjusted P/E and EBITDA multiples of 18 times and 11 times, respectively. Current share prices are about 25% above our fair value.Engine manufacturers like MTU are competitively well-positioned in the complex aerospace supply chain. The pote...
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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