Heico Corp

HEI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$378.00	Qstljcr	Rmzqvhzv

Heico: The Biggest Player in the Niche Independent Aerospace Parts Market Has a Narrow Moat

Nicolas Owens

Aug 8, 2023

We are initiating coverage of Heico with a fair value estimate of $162 per share, which represents 40 times fiscal 2024 earnings and an enterprise value that is 26 times our forecast 2024 EBITDA. While these multiples are higher than other industrial companies, we are forecasting Heico's ample opportunity for accretive acquired growth in a fragmented industry.

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