Strong Profitable Growth for Narrow-Moat Zodiac as Production Woes Wean off: Shares Undervalued
We are initiating coverage on Zodiac with a fair value estimate of EUR 24 per share, and we believe the current share price does not fully reflect the recovering profitability in the firm’s aircraft interiors segment. The firm has secured market-leading aircraft component positions in seats, cabins, evacuation, floats and rafts, electricity, oxygen, water and waste, and fuel management. Its customer base is well balanced, with 43% comprising commercial aircraft; 26% helicopter, regional, and bus...Zodiac SA. Zodiac Aerospace SA is a France-based aeronautical company engaged in the development of aerospace equipment and systems for commercial, regional and business aircraft, as well as helicopters and space applications. It is structured into three business sectors: Cabin Interiors Segment, which designs and markets seats and cabin fittings, as well as supplies complex sanitary and food equipment; Aircraft Systems Segment, engaged in fields, such as fuel circulation, oxygen & life support, electrical power management, cockpit controls and displays, lighting and actuators, hydraulics and controls, as well as environment control systems; and AeroSafety & Technology Segment, which offers emergency evaluation systems, emergency arresting, interconnect, parachute and protection systems, elastomeric technologies & systems, telemetry, telecommunications and airbags.
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