Attractive Market Dynamics have Cast a Spell, but Largely Priced In; Initiate at Equal-weight and PT of $47

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Attractive Market Dynamics have Cast a Spell, but Largely Priced In; Initiate at Equal-weight and PT of $47

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July 20, 2026 05:09 AM GMT

Morgan Stanley & Co. LLCMDPC Holdings PLC | North America Kristine T Liwag

Equity Analyst

Attractive Market Dynamics Kristine.Liwag@morganstanley.comDavid Arcaro, CFA +1 212 761-2980

David.Arcaro@morganstanley.com +1 212 761-1817

have Cast a Spell, but Largely Jason T Holcomb

Research Associate

Jason.Holcomb@morganstanley.com +1 212 761-5592

Priced In; Initiate at Equal- Justin M Lang

Justin.Lang@morganstanley.com +1 212 761-6251

weight and PT of $47 Gabrielle Knafelman

Gaby.Knafelman@morganstanley.com +1 212 761-4838

DPC is a fully integrated castings provider in high-demand, Shaina C Zuber

supply-constrained commercial aero and IGT markets. However, Research Associate

Shaina.Zuber@morganstanley.com +1 212 761-6353

we see positive-demand dynamics largely priced in at current Jeremy Herring

levels. Initiate at EW and $47 PT. ResearchJeremy.Herring@morganstanley.comAssociate +1 212 761-4182

Key Takeaways DPC Holdings PLC (DPC.N, DPC UN)

Aerospace | United States of America

We initiate with an EW rating and PT of $47 (~2% above current). Risk/reward

Stock Rating Equal-weight

skews neutral at 0.45x. Bull case of $57; Bear case of $22. Industry View Attractive

Price target $47.00

Provides highly engineered cast components for supply-constrained, high-barrier- Shr price, close (Jul 17, 2026) $46.27

Mkt cap, curr (mm) $20,902

to-entry, high-growth aerospace engine and industrial gas turbine markets. 52-Week Range $52.80-43.00

Scarce asset, with few other scaled, integrated casting providers, and only one Fiscal Year Ending 12/25 12/26e 12/27e 12/28e

other publicly-traded provider. EPS ($)** (0.38) 0.40 1.52 1.93