Rolls-Royce Holdings PLC

RR.: XLON (GBR)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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European Aerospace OEMs: Materially Increasing Our Fair Value Estimates; Safran Is Most Attractive

Loredana Muharremi

Aug 1, 2023

After taking a fresh look at Safran, MTU Aero Engines, and Rolls-Royce, we have confirmed our economic moat ratings but materially increased our fair value estimates to account for a post-COVID-19 air traffic recovery in civil aerospace and pent-up demand in the original equipment segment and aftermarket.

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Rolls-Royce Holdings PLC

European Aerospace OEMs: Materially Increasing Our Fair Value Estimates; Safran Is Most Attractive

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