Melrose Mergers and Acquisitions Presentation Deck
Key point 3a: Current margin targets in Melrose (Aerospace) - significant upside
Melrose
3a. Aerospace on track to meet recently upgraded operating margin target
Buy
Improve
Sell
1.
2.
3.
£m
Melrose
(Aerospace)
Adjusted results¹ pre-central costs
Revenue
EBITDA³ (pre-central costs)
EBITDA³ margin %
Operating profit (pre-central costs)
Operating margin %
Consensus²
2022
2,776
327
11.8%
183
6.6%
VI
Melrose
(Aerospace)
Implied target EBITDA margin
18%+
Announced target operating margin
14%+
Achieving the Aerospace target operating margin of 14%+ on market recovery, implies a target EBITDA margin of 18%+
Required restructuring projects to achieve target margins in Aerospace on a market recovery materially complete in 2023
Described in the glossary to the 2022 Interim Financial Statements and considered by the Board to be a key measure of performance
This is not an internal Melrose forecast, it is a company compiled consensus from all 14 external analysts that cover Melrose, adjusting for the disposal of Ergotron where appropriate
Consensus² operating profit before depreciation and amortisation from subsidiaries and equity accounted investments (depreciation and amortisation calculated as 2x H1 2022)
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