Well recognized and explained, I for my part have opted for MTU, which has converted its investments in GTF and V2500 into growth in an equally impressive manner. MTU's valuation is somewhat more favorable and its growth is probably somewhat greater than Safran's.
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@Matzke MTU was actually not on my radar - thanks for the tip. The basic logic is the same as at Safran: risk-sharing participation in dominant engine programs, earning money in the aftermarket over decades.
$MTX has built this through two main partners: With Pratt & Whitney (RTX), it holds stakes in the GTF/PW1100G-JM (A320neo) and V2500 (A320ceo) - the two best-selling narrowbody engines ever. With GE Aerospace comes the widebody lever: GEnx (Boeing 787/747-8) and GE9X (777X), each via the Turbine Center Frame. What makes the model special: In new programs, MTU's MRO share automatically corresponds to the OEM program share - so every production contract is also a long-term aftermarket contract.
I will take a structured look at this, especially how GTF-LTSA mechanics and margin development compare with Safran.
$MTX has built this through two main partners: With Pratt & Whitney (RTX), it holds stakes in the GTF/PW1100G-JM (A320neo) and V2500 (A320ceo) - the two best-selling narrowbody engines ever. With GE Aerospace comes the widebody lever: GEnx (Boeing 787/747-8) and GE9X (777X), each via the Turbine Center Frame. What makes the model special: In new programs, MTU's MRO share automatically corresponds to the OEM program share - so every production contract is also a long-term aftermarket contract.
I will take a structured look at this, especially how GTF-LTSA mechanics and margin development compare with Safran.
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