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Meggitt is the parent company of a group whose principal activities are the design and manufacture of components and sub-systems for aerospace, defense and other markets. Co. has five segments: Meggitt Aircraft Braking Systems, a providers of aircraft wheels, brakes and brake control systems; Meggitt Control Systems, which comprised of aircraft fire protection and control systems; Meggitt Polymers and Composites, which comprised of engine and aerodynamic seals, flexible fuel tanks and fuel systems; Meggitt Sensing Systems, a provider sensing and monitoring systems for aircraft; and Meggitt Equipment Group, which include unique heat transfer equipment for hydrocarbon processing.
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Meggitt is a global engineering company specializing in high-performance components and subsystems for the aerospace, defence, and energy markets, with highly engineered equipment on over 47,000 aircraft. This significant and expanding installed base provides the firm with an aftermarket revenue stream stretching out for decades. More than 50% of revenue is derived from higher-margin aftermarket services, which we view as evidence of sticky customer relationships, supporting our narrow moat rating.The Meggitt Aircraft Braking Systems, or MABS, business (19% of revenue and close to 40% of group...
Narrow-moat Meggitt published a trading update for the first quarter. The group's 9% organic growth--with all businesses contributing, in particular the defence division at 18% organic growth--came in line with our expectations for the first quarter. Civil aerospace equipment growth at 9% was mainly driven by new generation aircraft. Aftermarket sales at 6% growth was the result of demand from large jets partially offset by regional jet demand decline. While the update does not provide any detai...
Narrow-moat Meggitt published a trading update for the first quarter. The group's 9% organic growth--with all businesses contributing, in particular the defence division at 18% organic growth--came in line with our expectations for the first quarter. Civil aerospace equipment growth at 9% was mainly driven by new generation aircraft. Aftermarket sales at 6% growth was the result of demand from large jets partially offset by regional jet demand decline. While the update does not provide any details on the firm's business performance, management restates its expectations of 0-50 basis points ope...
Item 2: Approve the Remuneration ReportThe remuneration structure is unsatisfactory. The main concern at the Company is that the potential maximum incentive pay including the bonus, matching shares on the deferred portion of the bonus and the LTI amounts to 1000% of base salary, which is considered grossly excessive. Actual incentive pay during the year was1.6 times the ECGS limit. Furthermore, variable remuneration is overly reliant on a single performance metric, benchmark profit before tax. A second performance criteria will be used in the coming year. We note that the Company has adjusted ...
Leadership changes Vittorio Colao was succeeded by Nick Read who was appointed Chief Executive Designate on 27 July 2018 and became Chief Executive on 1 October 2018. Margherita Della Valle joined the Board as Chief Financial Officer on 27 July 2018. Item 15: Advisory vote on the Remuneration ReportThe structure is unsatisfactory. The maximum bonus and total incentive pay exceed guidelines. The quantum for the year was excessive. Pay weighted more towards rewarding long-term performance, but there are overlapping performance conditions as free cash flow was used for both the STI and LTI. A b...
Item 2: Approve the Remuneration ReportThe structure is unsatisfactory as the use of qualitative criteria exceeds guidelines and the pension is excessive. Qualitative criteria slightly exceeds ECGS guidelines. There is no disclosure of targets of the metrics for the STI and a bonus was paid though the Company made a loss for the year. A recruitment award was paid during the year. We recommend shareholders oppose. Item 3: Approve the Remuneration PolicyGiven that the pension contribution will be reduced to within ECGS guidelines, the main concern at the Company is the use of qualitative criter...
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