Spirit AeroSystems Holdings Inc Class A

SPR: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$81.91	Bqm	Qwkrpyl

Spirit AeroSystems Earnings: Boeing Deal Math More Important Than Results; FVE $37.25

Nicolas Owens

Aug 6, 2024

Our fair value estimate for Spirit AeroSystems is $37.25 per share, which is the price agreed with Boeing for the firm to be sold. Spirit shareholders will receive between .25 and .18 shares of Boeing per share of Spirit, depending on the market price of Boeing stock in the days leading up to the deal closing, expected sometime in mid-2025. The deal represents a 20% premium to our erstwhile fair value estimate of $31, which is logical in that Boeing can achieve better economic returns on Spirit's assets than Spirit could independently.

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