Interesting analysis. One question - in your valuation table, am I reading correctly that FCF (excl Aerostructure) higher than overall FCF? for e.g. in 2022, FCF is 298M vs FCF excl Aerostructure is 475M? This is despite Aerostructure currently being EBITA negative?
Why is FOCF negative for the first 3 quarters and then such a large swing to positive for the annual figures? Is this something to do with their cash conversion cycle? Thanks
greenwood just released their activist deck.
Interesting analysis. One question - in your valuation table, am I reading correctly that FCF (excl Aerostructure) higher than overall FCF? for e.g. in 2022, FCF is 298M vs FCF excl Aerostructure is 475M? This is despite Aerostructure currently being EBITA negative?
Thanks for the comment! Yes, if you exclude aerostructures, which is currently a drag on cash, free cash flow (ex aero) would be higher.
Why is FOCF negative for the first 3 quarters and then such a large swing to positive for the annual figures? Is this something to do with their cash conversion cycle? Thanks
Hello I cannot see the model listed here