Melrose Industries - Edison Group

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“Edison’s accessible and high-quality research gives us the opportunity to communicate an independent perspective of Tyman to a wide variety of potential stakeholders.”

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Overview
Price performance
Financials
Research
Thematics

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 reward sharing partnership (RRSP) investments on multiple engine programmes.

The civil aerospace market continues to grow strongly. Melrose has been restructuring to deliver improving performance. FY24 EBIT guidance increased by 6%. FY25 remains unchanged, although management emphasised expectations that the key Engines business will see margins over 30% beyond 2025 (current FY25 guidance: 28%). The group is furthering its strategy to develop as a focused aerospace business.

Latest Insights

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Industrials |
Flash note

02.05.24

Melrose Industries — Steady climb

Industrials |
Update

08.03.24

Melrose Industries — Continued outperformance

Industrials |
Update

17.11.23

Melrose Industries — Increasing trajectory

Industrials |
Flash note

07.11.23

Melrose Industries — GE partnership expansion

Sector

Industrials

Equity Analyst

David Larkam

Analyst, Industrials

Key Management

Christopher Miller

Executive Vice Chairman
Matthew Gregory

CFO
Peter Dilnot

CEO

Balance Sheet

Forecast net debt (£m)

1126

Forecast gearing ratio (%)

31

Share Price Performance

Price Performance
%	1M	3M	12M
Actual	7.12	20.46	102.31
Relative	6.71	17.21	107.54
52 week high/low	170.2p/95.5p

Financials

Melrose Industries continues to deliver strong performance improvements and is on track to achieve its ambitious margin targets in 2025 (Engines 28% and Structures 9%). As a focused aerospace group, Melrose is also benefiting from the positive long-term drivers in the sector with record civil order backlog. This bodes well for continued earnings momentum and cash generation to drive shareholder value.

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	151.9	30.0
2023A	3350.0	532.0	331.0	19.1	32.6	15.8
2024E	3677.0	699.0	456.0	26.7	23.3	12.0
2025E	4028.0	839.0	575.0	34.2	18.2	9.8

Research

Update

Industrials

29.09.22

Melrose Industries — Releasing the potential

Flash note

Industrials

08.09.22

Melrose Industries — Two are better than one

Industrials

Update

Melrose Industries — Positive trajectory

Update

Industrials

10.06.22

Melrose Industries — Aerospace rising

Update

Industrials

17.05.22

Melrose Industries — Accelerating sustainability

Update

Industrials

12.04.22

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

Initiation

Industrials

29.10.21

Melrose Industries — A proven, high-value creation model

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