Raising Lear’s FVE to $112 from $102, Maintaining Narrow Moat Rating
We have raised narrow-moat-rated Lear’s fair value estimate to $112 from $102 after rolling our model to the new fiscal year. We increased our normalized sustainable midcycle EBITDA margin assumption by 20 basis points to 8.5% which added $4, reduced our midcycle tax rate assumption by 3 percentage points to 21% which added $4, and our model's time value of money component added $2 for a total fair value estimate increase of $10.However, the market has become enamored with several stocks in the...
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