Conviction List: Fresh Money: 3Q26

研报英文原文证据摘录

Conviction List: Fresh Money: 3Q26

mps to FTAI in the Aerospace sector. We are also ascribing an

procurement) to drive customer cost savings and flexibility to its customer asset-management multiple on FTAI's Strategic Capital Initiative (SCI) and

base. The company has seen an increase in demand for its products and Power segments which is based on peers with a history of investing heavily in

services given a highly volatile fuel price environment and overall relatively the aircraft and aviation sector. We blended our average leasing multiple of

high inflation in the aerospace market. FTAI is actively investing in aviation ~9x, aerospace multiple of ~25x, and asset management multiple of ~17x

assets and aerospace products with its Strategic Capital (SCI), and we think using the percentage of each business to derive a total blended multiple of

the company will successfully manage $20 billion+ of assets overtime. FTAI’s ~20x. We applied our blended multiple of ~20x to our average total 2026E and

earnings growth has been tremendous, and its business segments are 2027E EBITDA (including Corporate) to derive our 12- month share price

synergistic with strong and stable cash flows. Management are consistently target.

searching for earnings accretive tuck-in acquisitions that improve module

production scale and/or efficiency. Module production has roughly doubled Key Risks: The primary risk to our 12-month price target would be a slower-

year-over-year and the company remains on track to produce 1,050 modules than-expected ramp-up of the aerospace services business and the failure to

in 2026 (270 produced in 1Q26). Furthermore, FTAI remains on track to hit its deploy $12+ billion of capital under SCI I and II. Potential economic weakness