HXL - Woodward: Some Thoughts Post 2020

• Woodward has seen a tumultuous year with a mega-merger announced, just to be terminated a few months after the outbreak of the pandemic.
• I like the long-term quality of the business, deleveraging throughout 2020 and the performance throughout the year.
• Shares are back to early 2020 levels which seems too much of good news for the moment, at least in my book.

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