CW - Curtiss-Wright: Flying High A Bit Too High

2024-07-07 11:26:56 ET

Summary

• Curtiss-Wright's shares have risen 50% in less than two years, driven by valuation multiple inflation and solid operating performance.
• The company is a diversified industrial business with a long heritage, strong operating momentum, and reasonable long-term performance.
• Recent acquisitions and solid financial results have led to increased sales guidance, but the high valuation multiples make me cautious about investing in the company at current levels.

It has been since the Fall of 2022 when I concluded that Curtiss-Wright ( CW ) was riding on its backlog. While I was upbeat on the business and its prospects, I was not willing to pay a premium multiple for the shares....

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