A second update today on TechLimits: Groupe Gorge (Exail Technologies) has been replaced by Moog. Exail remains an exciting stock in my view. However, the recently announced merger with Safran is changing the company’s strategic direction.

With Moog $MOG.A (+0,31 %) , the focus shifts to an area that, in my view, will continue to gain importance in the coming years: high-precision motion and control systems for aerospace and defense. Such systems are among the key building blocks of modern defense technologies and are a meaningful addition to the portfolio.

As a result, one defense stock is being replaced by another.

My ScaleLimits system on wikifolio:

• NextLimits addresses the emerging bottlenecks.
• TechLimits focuses on the current bottlenecks.
• CoreLimits ensures stability.

#dibs
#wikifolio
#scalelimits

The original Maritime thesis remains valid. Seabed awareness and autonomous underwater systems continue to be major technological bottlenecks. Nevertheless, I have revised the DIBS framework.

The reason: “Maritime” was ultimately too narrow a focus. Many of the underlying developments revolve less around shipping than around technological resilience—the ability of nations and companies to protect critical infrastructure, detect threats early, and develop new defense technologies.

Maritime is therefore becoming Defense.

The Defense cluster comprises four areas:

1️⃣ Defense Materials

Modern defense starts with materials. Special alloys, high-performance metals, and critical materials determine what can be built at all.

• Carpenter Technologies $CRS (-2,34 %) – Special alloys for aerospace and defense

• 5N Plus $VNP (+0,8 %) – Critical specialty materials for sensor technology and defense applications

2️⃣ Precision Systems

Precision is becoming the bottleneck. Control systems, specialty electronics, and high-precision components determine the performance of entire systems.

• Moog $MOG.A (+0,31 %) – Flight control and motion control systems

• Vishay Precision Group $VPG – Precision sensors and measurement technology

3️⃣ Defense Autonomy & Awareness

Detecting threats early and responding autonomously. This is precisely where new requirements arise.

• Kraken Robotics $PNG (+1,63 %) – Underwater reconnaissance and maritime sensors

• Exail Technologies $EXA (+0,04 %) – Autonomous systems and navigation technologies

4️⃣ Emerging Defense Technologies

The most speculative level of the cluster. This involves technologies that could fundamentally transform future defense—from high-power lasers and precise timing to quantum sensing.

• nLight $LASR – High-power lasers and directed energy

• Frequency Electronics $FEIM (+0,32 %) – Timing and synchronization systems for aerospace and defense

• Infleqtion $INFQ – Quantum Sensing and Quantum Technologies

DIBS is not meant to be a static map. My conceptual framework continues to evolve as technological bottlenecks become clearer or can be better structured. The central question, however, remains the same: Where will the critical bottlenecks of the future arise, and which companies occupy the decisive positions in the value chain?

The stocks listed in the table are only a selection. I hold nearly all of them in my own portfolio, and many are also in my three bottleneck wikifolios: NextLimits, TechLimits, and CoreLimits.

I think the DIBS board has now reached a stable state in terms of its structure for the long term. Unless, of course, I come up with something else over the weekend 😁

#dibs
#wikifolio
#scalelimits

Hello my dears,

I have recently introduced you to a few exciting satellite operators and space stocks.

And yesterday I read in the comments that it is very difficult to achieve good margins and constant profits in this sector. And the costs sometimes eat up everything again.

The companies often don't even operate profitably.

Investing here has opportunities but also risks that should not be underestimated.

Now, in my youthful recklessness, I have simply written a comment.

Tomorrow I will give you a company from the sector that has performed consistently over the years:

• can increase sales and profits
• has been profitable for a long time
• the gearing ratio is ridiculously low
• EBIT margin and ROE are in the double-digit range and are increasing

Oh dear, what had I done 🙈.

First I started with the satellite operators. But I quickly had the idea.

"You should look at your beloved shovel suppliers"

I hadn't said anything about operators, and I was talking about the sector. But even in the sector, finding a company that meets all the requirements. Should become night work 😭.

My dears,

I am all the happier to have found a company.

Which just shines in the Traderfox check.

And even scores high on robustness, which is a rarity.

(That means a stock to sleep soundly, and that in the sector)

I am all the more curious about your comments, and hope you enjoy my little night's work.

$MOG.A (+0,31 %)

Moog Inc. is a global company that designs, manufactures and integrates precision control components and systems. The company's segments include aerospace and defense, military aircraft, commercial aircraft and industrial. The Space and Defense segment manufactures critical defense components and motion control systems used in defense vehicle platforms, missile systems, naval vessels and submarines. The Military Aircraft segment designs, manufactures and integrates primary and secondary flight controls, mission-critical actuation systems and products for various military fixed-wing and rotary-wing aircraft. The Commercial Aircraft segment designs, manufactures and integrates primary and secondary flight control systems and products for various commercial aircraft, including wide-body aircraft, narrow-body aircraft, business jets and regional aircraft. The Industrial segment offers customized, high-performance motion control components and systems for industrial automation, medical, simulation and test, and energy applications.

Number of employees: 13,500

Success story continues! Rocket order, record quarter and a high-tech portfolio for the future!

Precision that cannot be replaced

Moog (ISIN: US6153942023) is a prime example of how technological depth and specialization can create value over decades. The company develops high-precision drive, control and regulation systems that are used where errors are not an option: in airplanes, satellites, military applications, medical devices and sophisticated industrial plants.

The long-term upswing in the share price began on November 2, 1992 at around USD 1.19. With a record high of USD 248.86 on December 11, 2025, the share price has increased a good 200-fold since then. An investment of EUR 10,000 would be worth almost EUR 2.1 million today - in purely mathematical terms.

Moog has become a long runner because the company has grown consistently over decades in precisely those niches where barriers to entry are particularly high. Customers from the aerospace and medical technology sectors do not change their suppliers lightly. Certifications, safety standards and decades-long product cycles ensure that established suppliers are firmly anchored in their customers' systems.

There is much to suggest that these factors will continue to have an effect. Increasing automation, rising demands for precision and reliability and growing investment in defense and space programs are strengthening Moog's market position. The moat is not spectacular - but it is extremely durable.

My dears, as we can also see from the great rating in all categories of the Traderfox check.

Moog IR Presentation 2025

Popular products

• Betätigung
• Hexapoden, Positionierungs- und Bewegungssysteme
• Motoren & Servomotoren
• Antrieb
• Satellitenbusse
• Servoventile und Proportionalventile
• Schleifringe
• Geschützte Waffensysteme
• Verwaltung von Waffenlagern

Turnover distribution by business area:

(USD)

2024 2025

Space a Defense 1.02 billion 1.11 billion

Industrial 991 million 956 million

Commercial Aircraft 788 million 904 million

Military Aircraft 812 million 888 million

INDUSTRY

Aerospace & Defense

• Verkehrsflugzeuge
• Militärflugzeuge
• Digitale Flugplatzlösungen
• Luftverteidigung
• Landverteidigung
• Marineverteidigung
• Weltraum

Industrial

• Bau
• Energie
• Industrielle Automatisierung
• Marine
• Motorsport
• Simulation
• Technologieinfrastruktur

Medical Medical

• Medizinische Geräte
• Medizinischer OEM

Medizinische Ultraschallmessung

Geographical distribution of sales:

(USD)

2024 2025

USA 2.32 bn 2.43 bn

Other 1.13 bn 1.18 bn

Germany 165 million 247 million

USD in millions

Estimates

Year Turnover Change

2025 3.861 6,97 %

2026 4.303 11,45 %

2027 4.560 5,99 %

2028 4.860 6,57 %

Year EBIT Change

2025 440,1 14,81 %

2026 553,6 25,8 %

2027 607,3 9,7 %

2028 647,9 6,67 %

Year Net result Change

2024 207,2 21,18 %

2025 235 13,42 %

2026 321,5 36,8 %

2027 366,9 14,1 %

Year Net debt CAPEX

2025 883 144,7

2026 753 154,4

2027 511 160

2028 282

Year Free cash flow Change

2024 21,33 157,1 %

2025 128,4 501,87 %

2026 193,1 50,44 %

2027 281,8 45,93 %

Year EBIT margin ROE Leverage ratio

2024 10,62 % 11,85 % 1,71x

2025 11,4 % 14,59 % 1,46x

2026 12,87 % 29,81 % 1,2x

2027 13,32 % 29,34 % 0,74x

2028 13,33 % 28,39 %

Year Earnings per share Change

2024 6,4 19,85 %

2025 7,33 14,53 %

2026 9,675 31,99 %

2027 10,82 11,89 %

Year Dividend Yield

2024 1,11 0,55 %

2025 1,15 0,56 %

2026 1,2 0,38 %

2027 1,23 0,39 %

2028 1,26 0,4 %

Year P/E ratio PEG

2024 31.4x 3.49x 1.6x

2025 27.9x 3.29x 1.9x

2026 32.7x 4.45x 1x

2027 29.3x 3.85x 2.5x

Market value 10,138

Number of shares (in thousands) 31,726

Date of publication 21.11.2025

@Get_Rich_or_Die_Tryin

$MOG.A (+0,31 %)