Spirit Is Investing to Drive Future Growth; FVE Increase Planned but Shares Still Overvalued
No-moat Spirit Aerosystems reported fourth-quarter and full-year 2017 ahead of consensus expectations. Despite the beat, shares are down roughly 8%. We think investors are focusing on the significant investments Spirit needs to make in its business as well as the constant productivity gains it must achieve to hold the line on margins (the broader fall in equity markets isn't helping either). Compared with the same quarter last year, adjusted EPS rose to $1.32 up from $0.89, while revenue grew 9%...
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