Parker Hannifin: Our Initial Thoughts on the CIRCOR A&D Acquisition

研报英文原文证据摘录

Parker Hannifin: Our Initial Thoughts on the CIRCOR A&D Acquisition

Deutsche Bank

Research

Rating Company Date

Hold Parker Hannifin 21 May 2026

North America Reuters Bloomberg Rating Hold

United States PH.N PH US Price target (USD) 896.00 Price at 20 May 26 859.44

52-week range 1,023.02 –

Industrials 652.21

Multi - Industry & Electrical

Equipment Valuation & Risks

Our Initial Thoughts on the CIRCOR A&D

Acquisition NicoleResearchDeBlaseAnalyst

+1-212-250-5916

PH announced the acquisition of CIRCOR International’s Commercial & Defense

Andrew Krill, CFA Aerospace business Research Analyst

This morning, Parker Hannifin announced that it has entered into a definitive +1-212-250-2997

agreement to acquire the Commercial & Defense Aerospace business of CIRCOR

International on a cash-free, debt-free basis for a cash purchase price of $2.55bn, Naim Kaplan

Research Associate including expected tax benefits with an estimated NPV of $75m.This represents

+1-212-250-5332

22.7x CIRCOR Aerospace’s CY26 adj. EBITDA, or 18.2x including expected cost

synergies of ~10% of CY26 sales. The transaction is subject to customary closing Jackson Glenn

conditions and is expected to close in 2HCY26. Research Associate

+1-212-250-2500

The deal makes sense strategically

CIRCOR Aerospace designs, manufactures, and supports highly engineered and

proprietary flight-critical motion and flow control products for commercial aircraft

and defense applications. Key products include landing gear components &

actuation products, fluid controls, motors, hydraulic controls/power generation,

pressure switches, and survival solutions. This seems to fit well with PH’s current

A&D strengths. CIRCOR Aerospace estimates CY26 sales of ~$270m with adj.

EBITDA margins of ~42% before synergies (accretive to PH’s Aerospace