Parker-Hannifin Corp: Acquisition of CIRCOR Aerospace announced; high multiple for PH's highest OSG / margin acquisition

研报英文原文证据摘录

Parker-Hannifin Corp: Acquisition of CIRCOR Aerospace announced; high multiple for PH's highest OSG / margin acquisition

Equity Research

U.S. Multi-Industry

21 May 2026

Parker-Hannifin Corp

Acquisition of CIRCOR Aerospace

announced; high multiple for PH's

PH OVERWEIGHThighest OSG / margin acquisition

U.S. Multi-Industry NEUTRAL

We est. ~$0.15 of Year 1 adj. EPS accretion (in-year FY27, Price Target USD 1020.00

assuming an Oct 1 2026 close), and ~35-40c in FY28. Price (20-May-26) USD 859.44

Potential Upside/Downside +18.7%

Source: Bloomberg, Barclays Research

For our thoughts on PH following its FQ3 results, please see our note.

This morning, PH announced its plans to purchase the Aerospace unit of CIRCOR (private, U.S. Multi-Industry

not covered) from KKR for $2.55bn. According to PH's press release, the purchase price net Julian Mitchell

of expected tax benefits represents 22.7x CIRCOR Aerospace's CY26 adj. EBITDA, or 18.2x +1 212 526 1661

julian.mitchell@barclays.comincl. expected cost synergies based on ~10% CY26 sales (i.e. ~$27m implied). CIRCOR

BCI, US

Aerospace expects $270m in CY26 sales with >40% adj. EBITDA margins and anticipates

+DD% organic top-line growth over the next several years. The transaction is subject to Jimmy Yunhao Jiang

customary closing conditions, including receipt of applicable regulatory approvals, and is +1 212 526 6042

jimmy.jiang@barclays.comexpected to close in the second half of calendar year 2026.

PH notes that this acquisition reflects the highest top-line growth / highest-margin deal Haemaru Chung

they have done. For clarity, the company flagged to us that they are not purchasing +1 212 526 4758

CIRCOR's Naval and/or Industrial businesses. haemaru.chung@barclays.com