TDG - Transdigm: Well-Positioned To Benefit From The Recovery In Air Travel

• Transdigm is a leading aircraft parts supplier with recurring revenues and wide moats.
• The company grew steadily for well over 15 years from the secular increase in flight miles, organic growth, debt-funded acquisitions, and operating leverage until the COVID-19 outbreak hit commercial travel.
• Transdigm will benefit from the recovery in passenger miles, more out-of-warranty planes resulting from the cutback in Boeing’s production, and its continued acquisition of smaller competitors.
• The valuation is full, but patient long-term investors will do well buying on dips.

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