CRS - As Aircraft Production Accelerates Carpenter Technology Shares Should Go For A Ride

• Carpenter reported 35% quarter-over-quarter growth in its aerospace revenue backlog, and multiple market participants are expecting significant acceleration in aircraft and engine build-rates in the coming years.
• Aerospace will generate much of the upside over the next three-to-five years, but Carpenter's leverage to medical (additive manufacturing) and soft magnetics (motors for EVs, et al) isn't trivial.
• An 8.5x forward multiple can support a fair value in the $50's as EBITDA is set to meaningfully accelerate.

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