reports
- Toby Thorrington
Melrose Industries - H224 progress in line with guidance
Melrose Industries’ H224 trading has been in line with management’s expectations despite the volatility in the civil aerospace market, highlighting the strength of the business, in particular in the aftermarket. As 2024 draws to a close and investors look to focus increasingly on FY25, Melrose’s valuation becomes increasingly attractive.
- Toby Thorrington
Melrose Industries - Positive progress continues
Melrose Industries’ impressive H1 performance demonstrates the strength of the business, assisted by aftermarket exposure, given the current supply chain issues in the aerospace sector. A new buyback programme and investment in future organic growth, along with positive market dynamics, offer further positive earnings drivers through the medium term.
- Toby Thorrington
Melrose Industries - Crystallisation of the 2020 Employee Share Plan
The crystallisation of the employee plan highlights the value created through the GKN acquisition, benefiting from the strong performance from the restructuring programme and current positive trends in the aerospace sector. The impact of the scheme on our forecasts will be limited, having already assumed the full value the scheme would accrue. There are no changes to our valuation of 654p per share as set out in our previous note.
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