HXL - Hexcel Needs To Offer More Than Just A Widebody Recovery Story

• Hexcel is past the worst of the aerospace downturn and strong activity in bizjets is a positive, but widebody production is still too low for the company to thrive.
• Widebody production should pick up as 2022 goes on and support several years of double-digit revenue growth at Hexcel, along with meaningful margin leverage.
• What lies beyond the widebody recovery is a key question; composite penetration has likely plateaued for widebodies and Hexcel needs new markets/product opportunities for sustained growth.
• Hexcel shares appear fairly priced to me.

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