AADX: Growth in all the right areas; Initiate Outperform

研报英文原文证据摘录

AADX: Growth in all the right areas; Initiate Outperform

Aerospace & Defense

Defense - Market Overweight

APPLIED AEROSPACE & DEFENSE, INC. (AADX) June 29, 2026

AADX: Growth in all the right areas; Initiate Outperform Rating:

Outperform

The Wolfe Byte Price: $20.53

We initiate Outperform on AADX, a defense supplier positioned for mid-teen/20% Price Target:

sales/EBITDA growth with high backlog visibility coupled with reasonable $23

valuation. % Upside:

12.0%

View AADX Model

A defense supplier going fast at the right time View Comp Table

AADX has heritage tracing back 100+ yrs, but is a new public company following Company Information

sponsor Greenbriar's combination of Applied Aerospace Structures and PCX 52-Week Range $18 - $22

Aerosystems. Today, the company fills the niche of a mid-tier 100% defense-focused Market Cap. (MM) $3,505

supplier with deep material science expertise and broad customer exposure. In a Enterprise Value (MM) $3,859

Shares Out. (MM) 170.7

period where the defense industry wants to scale production as quickly as possible, Avg. Value Traded (MM) $16.54

Applied has established themselves as a trusted provider with the capacity and Net Debt (M)/ EBITDA 2.3x

manufacturing expertise to do so, making it an appealing partner for customers whose SI% of Float 3.7% Price/ FCF (71.1)x

growth is otherwise limited, and that should drive a mid-teen organic sales growth EV/ EBITDA 25.3x

and 20% EBITDA growth in the next few years. Price to Earnings 101x

Exposures in the right places... Price Performance

AADX checks a lot of the right thematic boxes for a defense supplier with exposure YTD LTM A&D Index 7% 19%

to space launch, defense aviation (both old gen rotorcraft and new gen CCA), and S&P 500 7% 19%

precision strike and tactical missiles.