Melrose Industries PLC

MRO: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Melrose: We Increase Our Fair Value to GBX 800 From GBX 740 Due to Increased Aftermarket Share

Loredana Muharremi

Mar 14, 2025

Wide-moat Melrose reported strong 2024 results with operating profit up 42% and revenue growing 11%. However, shares remain 27% below pre-earnings levels due to a lower-than-expected 2025 revenue forecast and supply chain concerns. After reviewing our assumptions, we raise our fair value estimate to GBX 800 from GBX 740 as we remain optimistic about Melrose’s strong aircraft platform positions and expected defense spending tailwinds.

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Melrose Industries PLC

Melrose: We Increase Our Fair Value to GBX 800 From GBX 740 Due to Increased Aftermarket Share

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