ebitda
—
FY 2023
management framework
MONTANA AEROSPACE AG
Last · SwissCHF 24.60+0.75 (+3.14%)close · yahoo · 32h ago
Market capCHF 1.5B62.7M sh
P/E · TTM37.8fwd 15.7 · eps 0.65
Beta1.96vs S&P 500
Div yield—annual · TTM
52w range
CHF 19.78CHF 35.30
Volume18.6Ksession
| Revenue | ₩1.49T |
|---|---|
| Operating income | ₩65.8B |
| Operating margin | 4.4% |
| Period | 2025 |
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OpenFilings analyst
Our analyst
Agentic read of the latest earnings call — recommendation updates when we process a new transcript. Research synthesis, not investment advice.
BuyHoldSell
Positive demand and pricing momentum are offset by Asco execution and volatile cash conversion.
Hold: Montana Aerospace reiterated roughly EUR40–50 million of 2023 free cash flow, but execution remains uneven.
Aerospace demand is resilient and supplier disruption can create share gains, yet Asco delivered only low-single-digit EBITDA margin in Q1 versus a full-year double-digit ambition, while certification bottlenecks and working-capital intensity remain material risks.
Themes
- Aerospace Build Rates
- Asco Recovery
- Supply Chain
- Certification Bottlenecks
- Free Cash Flow
- Working Capital
Near term
Asco must recover from Q1's low-single-digit EBITDA margin toward the high-single-digit to double-digit full-year target; certification capacity is the key gating factor.
Inflation pass-through should become more visible later in 2023 because many escalation clauses are settled annually or semiannually, particularly for energy, labor and materials.
Quarterly free cash flow may remain volatile as receivables, payables and strong sales timing affect cash conversion.
Management expects the energy division IPO or another financing route to be pursued around 2023, but provided no firm timetable.
Longer term
Management believes announced Airbus and Boeing build rates are roughly 15% too high from 2024 onward, but argues Montana can gain share by taking work from weaker suppliers.
Wide-body demand is running somewhat ahead of expectations, although volumes remain much smaller than A320 and 737 programs.
Asco's potential recovery to approximately 15% EBITDA margin in 2024 would materially improve aerospace profitability if internal certifications allow more work to be brought in-house.
Trade working capital is expected to normalize by Q4 2024 at approximately 35% of aerostructures sales, 16% in e-mobility and 8–9% in energy.
Red flags
Asco's Q1 margin was materially below the double-digit full-year target, and the explanation rests heavily on third-party certification bottlenecks that management did not quantify or control.
Management's claim of limited downside from lower OEM build rates is not fully proven; it depends on Montana consistently winning replacement work and having the required certifications.
The EUR40–50 million free-cash-flow objective remains exposed to working-capital timing after a significant Q1 cash outflow.
The energy IPO is still exploratory, despite management citing strong market demand; proceeds, valuation and timing remain uncertain.
Forward outlook
ebitda
10–20 pct
FY 2024
management framework
gross margin
—
FY 2024
management framework
revenue
40–50 $million
FY 2023
official guidance
Recommendation history
OpenFilings analyst view from primary-source filings and earnings calls — not investment advice.
Upcoming earnings
4:30 PM UTC+1
Period
Sep 2026
Est. EPS
$0.31
Est. revenue
269.0M
Earnings transcripts
- Issuer webcast
2026 earnings call transcript
MONTANA AEROSPACE AG
- Issuer webcast
2026 earnings call transcript
MONTANA AEROSPACE AG
- Issuer webcast
2026 earnings call transcript
MONTANA AEROSPACE AG
- Issuer webcast
2025 earnings call transcript
MONTANA AEROSPACE AG
- Issuer webcast
2025 earnings call transcript
MONTANA AEROSPACE AG
- Issuer webcast
2025 earnings call transcript
MONTANA AEROSPACE AG
Documents
FormReporting forFiledFlags