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Meggitt PLC MGGT Stock Quote

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Morningstar‘s Stock Analysis MGGT

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Is it the right time to buy or sell?

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Economic Moat


Capital Allocation


Recovery in Civil Markets Drives Meggitt’s First-Half Profit Growth

Joachim Kotze, CFA Equity Analyst

Analyst Note

| Joachim Kotze, CFA |

Wide-moat Meggitt’s first-half 2022 revenue grew organically by 11%, driven by a strong recovery in civil markets in the second half, offset by soft defense sales. Group EBIT of GBP 79 million increased slightly more than revenue, driving margins up to 9.6%, from 9.1% in the previous year. Supply chain disruptions continue to weigh on the group's prospects. The firm abstained from providing any guidance since it is under an all-cash takeover offer from Parker Hannifin for GBX 800 per share, which also forms the basis of our GBX 800 fair value estimate as we believe the deal is highly likely to succeed. The deal is expected to close in the third quarter of 2022.

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Key Statistics MGGT

Company Profile MGGT

Business Description

Meggitt designs and manufactures high performance components and sub-systems for the aerospace, defense, and energy markets. Key products include aircraft wheels and brakes, fire and safety systems, sensors, fuel systems, and polymer seals. Of the EUR 1.9 billion group revenue reported in 2020, 43% is derived from civil aerospace markets, 46% from defense, and 11% from energy markets. The company commands a leading share within many of its product categories and enjoys a high level of sole-source positions on long-term civil and military programs. Activities are evenly split between production of original equipment and aftermarket services.

Ansty Business Park, Pilot Way
Coventry, CV7 9JU, United Kingdom
T +44 2476826900
Industry Aerospace & Defense
Most Recent Earnings
Fiscal Year End Dec 31, 2022
Stock Type
Employees 9,270