Farnborough Air Show: Vertical: 2029 EIS, Defense & Aftermarket Interest Grows

研报英文原文证据摘录

Farnborough Air Show: Vertical: 2029 EIS, Defense & Aftermarket Interest Grows

ation while retaining the operating benefits of electrified propulsion.

Defense Emerging as a Potential Adjacency. Mgmt highlighted increasing defense interest, noting

the aircraft was designed with dual-use capability. Mgmt argued that traditional military programs

often fund primes to develop new platforms from scratch, whereas Vertical has already completed

significant airframe development through its commercial program. As a result, mgmt believes

defense customers could leverage an existing platform and accelerate deployment timelines

relative to conventional acquisition approaches. The comments are consistent with growing

defense interest in commercial aerospace technologies as a source of lower-cost, faster-cycle

innovation.

Order book Continues to Support Long-Term Demand. Mgmt referenced its ~$6BB order book,

representing c.1,500 aircraft commitments secured in 2021. Mgmt also noted that recently

launched twin-engine helicopters carry price points of roughly $10-12MM, reinforcing the long-term

economic opportunity for next-generation vertical-lift platforms. Sheila Kahyaoglu * | Equity Analyst

+1 (212) 336-7216 | sheila.kahyaoglu@jefferies.com

Aftermarket Could Exceed Value of tInitial Sale. Mgmt emphasized that the economic opportunity Kyle Wenclawiak * | Equity Associate

extends well beyond aircraft deliveries. Over a 20-25 year operating life, mgmt estimates each +1 (212) 323-7671 | kwenclawiak@jefferies.com

aircraft can generate $12-15MM of cumulative revenue and approximately 40% lifecycle margins, Eegan McDermott * | Equity Associate

supported by battery replacement, refurbishment, reuse, and second-life applications. Mgmt views +1 (212) 323-3325 | emcdermott1@jefferies.com