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Spirit AeroSystems Holdings Inc Class A SPR

Rating as of

Morningstar’s Analysis

Valuation
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1-Star Price

PREMIUM

5-Star Price

PREMIUM

Economic Moat

PREMIUM

Capital Allocation

PREMIUM

Spirit Reports Sequential Challenges as It Integrates Select Assets From Bombardier

Burkett Huey, CFA Equity Analyst

Analyst Note

| Burkett Huey, CFA |

No-moat-rated Spirit AeroSystems reported improvement in the narrow-body market but continued difficulties in the wide-body market as domestic travel begins to return from pandemic lows but international travel remains muted. Revenue of $901 million, a 16.4% decrease from 2020, was in line with FactSet consensus estimates, but adjusted loss per share of $1.22 was roughly 42% below consensus estimates. We’re decreasing our fair value estimate for Spirit AeroSystems to $46.50 from $47 as near-term working capital headwinds and lower-than-anticipated 737 MAX shipset delivery guidance more than offset a time value of money increase.

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Company Profile

Business Description

Spirit AeroSystems designs and manufactures aerostructures, particularly fuselages, for commercial and military aircraft. The company was spun out of Boeing in 2005, and the firm is the largest independent supplier of aerostructures. Boeing and Airbus are the firms and its primary customers, Boeing composes roughly 80% of annual revenue and Airbus composes roughly 15% of revenue. The company is highly exposed to Boeing’s 737 program, which generally accounts for about half of the company's revenue.

Contact
3801 South Oliver Street
Wichita, KS, 67210
T +1 316 526-9000
Sector Industrials
Industry Aerospace & Defense
Most Recent Earnings Mar 31, 2021
Fiscal Year End Dec 31, 2021
Stock Type Cyclical
Employees 14,500

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