MTU Aero Engines downgraded by Citi amid slower growth, weaker cash conversion [Yahoo! Finance]
MTU AERO ENGINES UNSP/ADR (MTUAY)
NASDAQ:AMEX Investor Relations:
mtu.de/investor-relations
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Source: Yahoo! Finance
The downgrade reflects concerns over normalizing profit growth rates, weaker cash conversion metrics, and a relatively expensive valuation when considering longer-term prospects?. Citi analysts forecast MTU Aero Engines to achieve an average profit growth of around 8% CAGR from 2024 to 2029. This is lower than many of MTU's aerospace competitors, such as Rolls-Royce (LON:RR), Safran (EPA:SAF) and Airbus (EPA:AIR), which are still seeing a post-COVID recovery with higher growth rates. MTU is recognized as one of the first aerospace companies to recover from the pandemic, but this rapid recovery has led to a normalization of its growth potential. “While we are expecting continued strong recovery in 2024 (16% sales growth and 20% profit growth vs 2023), we expect growth from 2024 to be more normal (3-4% ASK growth, plus 3-4% pricing),” the analysts said. A key issue driving the downgrade is MTU's lower cash conversion rate, which Citi estimates will reach only 82% in the mediu
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