MTU Aero Engines : A FY2023 release in line with expectations
>No big surprise on FY 2023 release - MTU has just reported FY 2023 adjusted results (before GTF impact) pretty much in line with consensus estimates notably for EBITA and FCF generation. EBITA is reported at € 818m, up 25% y-o-y (ODDO BHF: € 817m consensus: € 815m) and the margin stood at 12.9% vs 12.3% in 2022 factoring in a positive mix effect (higher organic growth in spares “up high teens” and better margin performance in MRO). FCF came in at € 352m (ODDO BHF: €...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.
Oddo Securities provides securities brokerage and research services. The company offers equity, economic, and derivatives research and credit analysis services. It focuses on insurance, automotive, building materials, pharmaceuticals, telecommunications, information technology, and agri-food industries.
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