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Melrose Industries (LSE: MRO)

Last close As at 20/11/2024

GBP5.01

▲ −10.80 (−2.11%)

Market capitalisation

GBP6,453m

Melrose Industries is a focused aerospace group with activities in engine components and structures, operating in both metallic and composite materials. The group has significant risk and revenue sharing partnership (RRSP) investments on multiple engine programmes.

Melrose is negotiating the current industry turbulence from supply chain issues well, assisted by its strong position in the engines aftermarket. A further £250m buyback has been announced, but equally important is the £300m in investment into areas such as additive fabrication to drive growth ahead of the market.

Latest Insights

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Industrials | Flash note

Melrose Industries — H224 progress in line with guidance

Industrials | Update

Melrose Industries — Positive progress continues

Industrials | Update

Melrose Industries — Crystallisation of the 2020 Employee Share Plan

Industrials | Flash note

Melrose Industries — Steady climb
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Sector

Industrials

Equity Analyst

David Larkam

David Larkam

Analyst, Industrials

Key Management

  • Christopher Miller

    Executive Vice Chairman

  • Matthew Gregory

    CFO

  • Peter Dilnot

    CEO

Balance Sheet

Forecast net debt (£m)

1282

Forecast gearing ratio (%)

35

Share Price Performance

Price Performance
% 1M 3M 12M
Actual 13.5 0.7 (3.1)
Relative 17.5 3.3 (10.4)
52 week high/low 677.6p/417.5p

Financials

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.

Y/E Dec Revenue (£m) EBITDA (£m) PBT (£m) EPS (fd) (p) P/E (x) P/CF (x)
2022A 2954.0 292.0 89.0 4.1 122.2 24.1
2023A 3350.0 532.0 325.0 19.1 26.2 12.7
2024E 3677.0 699.0 452.0 26.8 18.7 9.6
2025E 3849.0 839.0 561.0 34.6 14.5 7.6

Update

Industrials

Melrose Industries — Positive trajectory

Update

Industrials

Melrose Industries — Releasing the potential

Flash note

Industrials

Melrose Industries — Two are better than one

Update

Industrials

Melrose Industries — Aerospace rising

Update

Industrials

Melrose Industries — Accelerating sustainability

Update

Industrials

Melrose Industries — Short-term trading versus long-term value creation

Initiation

Industrials

Melrose Industries — A proven, high-value creation model