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MEGGY - Meggitt Looks Undervalued But Fleet Retirements Will Pressure Margins
Meggitt PLC ADR Repstg 2 Shs
Unlike most industrials, which got hammered early in the COVID-19 pandemic and have since largely recovered, the aerospace sector hasn't enjoyed the same sort of recovery, as investors remain worried about the uncertainties of a multiyear recovery path for air traffic and aircraft demand. Even relative to the beaten-down aerospace sector, Meggitt PLC (MEGGY) (MGGT.LN) has been hit hard, as investors fret over the company's reliance on programs like the 737 MAX as well as high-margin aftermarket sales for older aircraft.
I don't want to underplay the challenges that Meggitt is facing. It