Heico Corp

HEI: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$795.00	Dmptdsq	Pgtjtgzl

Heico Earnings: Flight Support Overdelivers, Slower Electronic Segment; Fair Value Estimate Intact

Nicolas Owens

Aug 27, 2024

Heico's third-quarter 2024 operating margins came within a hair's breadth of our overall expectations, though the flight support group segment delivered $80 million more revenue and $30 million more operating profit than we anticipated. That outperformance was more or less offset in the quarter by slower growth in the electronic technologies group. We reined in our medium-term profit growth forecast for the electronic technologies segment, which offset the time value of money and left our fair value estimate at $173. We see the shares as overvalued by the market.

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