HEICO looks reasonably valued at a PEG of 2, which is not too expensive against its historical levels. Covid was a black-swan event for the company, so a PEG near 1 may never return. x.com 

HEICO's Class A shares trade at a discount to the common stock because they are even more thinly traded, which makes them the preferred way to own HEICO. The difference in voting rights does not matter for this company. x.com 

Honeywell Aerospace has always been a weak business, with a worse mix than better aerospace names such as HEI, TransDigm, Howmet and GE. With so many good aerospace businesses available, there is little reason to own it. @pitandhummus agrees that, underwritten standalone after the spin-off, it looked overstated relative to much better businesses like GE. x.com  x.com 

Howmet Aerospace is an obvious short because its valuation is insane for a cyclical industrial. Its oligopoly in turbine blades, where only three companies can produce at scale, is already well known and priced in at about 100x free cash flow. Even a bull case implies only a 2.7% free cash flow yield on 2030 numbers, far less attractive than Microsoft, Meta, Nvidia or Salesforce. x.com  x.com 

TransDigm's pricing power on critical sole-source parts plus disciplined capital recycling is why its multiple has held for a decade. About 90% of sales are proprietary and three-quarters sole source, with high-margin aftermarket at 55% of revenue; organic sales grew 13% last quarter. About $2.6B of free cash flow funds bolt-on deals and buybacks, with leverage at 5.8x. At about 18 times EBITDA after an 18% drop, cooling engine aftermarket growth should narrow the gap and rerate it. x.com  x.com  … Show more