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Spirit AeroSystems Holdings, Inc. : Aeronautics inspires dreams

02/28/2012 | 09:24am
Opinion : Bullish above USD 24
Target price : USD 27
Stop loss: USD 22.9
NYSE
Aerospace & Defense

Spirit AeroSystems is the world's largest independent supplier of commercial airplane assemblies and components. In addition to its Kansas facility, Spirit has locations in Oklahoma, Kinston, Scotland, England, Malaysia and France. In the U.S., Spirit's core products include fuselages, pylons, nacelles and wing components. Additionally, Spirit provides after-market customer support services, including spare parts, maintenance and fleet support services in North America, Europe and Asia. Spirit Europe produces wing components for a host of customers, including Airbus.

Spirit AeroSystems reported fourth quarter and full-year 2011 financial results reflecting strong revenue growth on higher ship set deliveries and solid core operating performance. Full-year net income decreased primarily due to charges recorded on development programs in 2011, including net pre-tax $50 million, or -$0.20 per share, of forward loss charges in the fourth quarter. Spirit's fourth quarter 2011 revenues were $1.219 billion, up from $1.071 billion for the same period of 2010 as the company benefited from higher production deliveries during the quarter.

The security fits in the line of a middle/long-term bullish trend. Furthermore, daily moving averages are well-oriented. In the existing configuration, a consolidation phase looks like engaged but the withdrawal movement seems stopped by the 20-days moving average in support. The current price is a judicious entry point with an objective at 27 USD, up the highest of 2011 at 26.43 USD. A stop loss will be placed at 22.9 USD, up to the 50-days moving average.

Spirit AeroSystems Holdings, Inc. : Spirit AeroSystems Holdings, Inc. : Aeronautics inspires dreams

© Zonebourse.com 2012



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Financial Ratios

Size 2014e 2015e
Capitalization 5 913 M$ -
Entreprise Value (EV) 6 601 M$ 6 208 M$
Valuation 2014e 2015e
PER (Price / EPS) 10,8x 11,3x
Capitalization / Revenue 0,86x 0,84x
EV / Revenue 0,96x 0,88x
EV / EBITDA 6,62x 6,28x
Yield (DPS / Price) - -
Profitability 2014e 2015e
Operating Margin (EBIT / Sales) 11,7% 11,3%
operating Leverage (Delta EBIT / Delta Sales) 39,0x -
Net Margin (Net Profit / Revenue) 7,96% 7,49%
ROA (Net Profit / Asset) 4,86% 5,57%
ROE (Net Profit / Equities) 27,7% 22,9%
Rate of Dividend - -
Balance Sheet Analysis 2014e 2015e
CAPEX / Sales   3,12% 3,40%
Cash Flow / Sales (Taux d'autofinancement) 7,74% 9,15%
Capital Intensity (Assets / Sales) 1,64x 1,34x
Financial Leverage (Net Debt / EBITDA) 0,69x 0,30x
Income Statement Evolution
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