2025-06-10-Jefferies-感谢您的五星投票_Sheila_Kahyaoglu_Jefferies_8页_192kb

ASA CAARDA and Defense Electronics June 2025 Equity Research Summary

Core Analyst

• Sheila Kahyaoglu: Managing Director, Equity Research. Covers Aerospace and Defense (A&D) and Airlines sectors. 5-year leader/runner-up in A&D Institutional Investor All-America Research poll. Ranked #6 globally in 2024.

Key Research Highlights

• Straightforward Impact to A&D OE vs. AM: OE may be impacted more by lower 'S' (supply); A&D services face slower demand.
• OE vs. AM Valuation Multiple Comparison (April 2025): Aftermarket premium (10.5x) significantly surpassed average group multiple (6x).
• A&D Topical Research: BA trade deficit analysis, late airline downgrade commentary, HWM fasteners assessment, GE NB & WB analysis, recent rating movements (multiple U/G/D/G actions).

Company Assessment & Ratings

Jefferies provides ratings (Buy/Hold/Underperform), price targets, and valuation metrics for A&D and airline companies. Notable mentions:

• AeroVironment (AVAV): BUY $195.72
• Air Canada (AC): HOLD
• Booz Allen Hamilton (BAH): HOLD $101.90
• Boeing Co. (BA): BUY
• FTAI Aviation (FTAI): BUY $124.73
• GE (General Electric): BUY $251.41
• Others listed include primarily HOLD-rated entities (AAL/DAL/AC/LUV/PSN/HON/MRCY) or NC/not-covered companies.

Disclosures & Risk Considerations

• Potential conflicts of interest exist due to business relationships with covered companies.
• Ratings are based on fundamental analysis and may change based on various factors.
• All investment performance is not guaranteed, and past performance does not predict future results. Reports do not constitute investment advice.

Analyst Certification

The writer certifies that the research reflects their personal views and that no compensation was tied specifically to the report's recommendations (standard Jefferies disclaimer applies regarding compensation links to firm-wide performance, including investment banking).

Jefferies Ratings Explanation

• Buy: Expected total return of +15% or better (+20% for <$10 stocks)
• Hold: Expected total return between -10% and +15% (+/- 20% for <$10 stocks)
• Underperform: Expected total return at -10% or worse (-20% for <$10 stocks)

Disclaimer: Full details provided in the attached report disclaiming interests, risks, and legal/regulatory constraints.