Melrose Industries PLC

MRO: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	GBX 131.00	Zvyh	Hlsnwphw

We Lowered Melrose's Fair Value Estimate Due to Supply Chain Issues, Capacity Constrains

Loredana Muharremi

Aug 2, 2024

Business Strategy and Outlook

Melrose Industries, through GKN Aerospace, is a leading engine and structure components supplier, with 70% of its revenue coming from long-term contracts in which the company is the sole-source provider. In the engine segment, the company has a well-balanced portfolio across narrow-body and wide-body aircraft, acting as a Tier 1 supplier with established positions on 90% of active engines, with risk and revenue-sharing partnerships for 74% of them. The company is a long-term partner with all engine original equipment manufacturers such as Pratt & Whitney, GE, Safran, and Rolls-Royce.

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