Strong First-Half 2019 for Wide-Moat MTU Aero Engines; Shares Remain Expensive
German aerospace manufacturer MTU Aero Engines delivered strong first-half year results, with Group's revenue up 12% on a like-for-like basis, and adjusted EBIT at EUR 365 million, up 9%. Adjusted EBIT margin reached 16.3% in the first half of the year, with MTU Zhuhai China as the main positive margin contributor. Results were mainly in line with our expectations; however, the margin boost was slightly stronger than we anticipated. We maintain our fair value estimate at 165 EUR and our wide moa...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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