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TAT Technologies, Inc. (Nasdaq: TATT)

Market Cap: $267 million

Sector: Aerospace & Defense

EV: $282 million

3-month Avg Volume: 35,000

52-week range: $10.51-28.40

Website: https://tat-technologies.com/

TATT Investor Presentation: click here

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STRATEGIC CAPABILITIES SUPPORTING CONTINUED GROWTH

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TATT is an MRO and OEM with expertise in thermal heat exchangers and APUs for engines. The company is widely known for their technical capabilities and engineering within the industry as a specialized niche player AND Importantly they are certified and recognized by all the aviation giants. 

 

The company is benefiting from new leadership and a transformation of the business coming out of COVID.  They are now an authorized MRO servicing engines on more than 19,000 Boeing and Airbus aircrafts which has been the primary driver of the accelerated financial results over the past 2 years. Additionally, Honeywell has given them an exclusive for APU MRO on three key aircraft families (331-20X, 331-500, 131) which are large markets for them to start penetrating, and then there are another 2 strategic deals for landing gears.

 

Stock trades at 9x EBITDA versus the group in the low teens....

 

Other notes. It's domiciled in Israel but the customer base is mostly North American airlines and the management team (CEO, CFO, IR) are based in the U.S. FIMI owns ½ the shares but they have held for a long time. The rest of the cap table is dominated by Israeli funds but we have been hired to diversify.

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Key Stats & Metrics

  • $123M LTM Revenue (15% 3-Year CAGR)

  • $12.7M LTM EBITDA (76% 3-Year CAGR)

  • >300 global customers, including 50 major airlines

  • >$400M Backlog and LTA

  • Serving fleets of manufacturers such as: Honeywell, Boeing, Airbus, Cesna, Embraer, Bombarier, Gulfstream

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Recent Media & Write-Ups

TAT Technologies Talks Supply Chain Pain, Heat Exchanger MRO (Aviation Week; July 9, 2024)

TAT Technologies: Impressive Earnings Growth With More To Come (SeekingAlpha; July 4, 2024)

Israeli company signs repair contract for 747 cooling systems (Airport Technology; August 17, 2023)

TAT Technologies: A Strong Buy On Aerospace And Defense Expansion (SeekingAlpha; April 3, 2024)

 

Key Announcements

TAT Technologies Signs a 5-Year, $17 Million MRO Agreement with Major North American Cargo Carrier (December 12, 2024)

TATT signs another 5-year contract with an international air carrier for APU MRO services with estimated total revenues of $10 million – January 16, 2024

TATT completed private placement to Israeli institutional and Aaccredited investors – December 28, 2023

TATT signs a 5-year contract extension with a global air carrier for APU MRO services with an estimated revenues of $50 million – Feb 6, 2023    

TATT announces the signing of a contract expansion with Collins Aerospace –​ ​October 18, 2022

TATT announces the signing of a new contract with a large global airline – June 9, 2022 

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