The Company is an independent original parts designer and manufacturer of aerostructures in the world.
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Taking a hit for boeing loss of airforce contract which is stupid as SPR is the producer for the airbus fueselage for the plane that won the airforce contract. Trading at a P/E of less than Boeing or any of the competitors in aerospace makes this company cheap despite some debt. The price is hurt by delays in A380 and 787 both of which rely on spirit as a major supplier. As soon as one or both of those ramp up production, SPR should go thru the roof.
Great play on Boeing and the Dreamliner
Spirit has long term contracts with Boeing, Bombardier and Airbus among others with an order backlog several times the market cap. I am bullish on the long term fate of commercial aviation despite the temporary fears brought on by adjustment to higher jet fuel prices. If anything, I agree with Boeing's assertion that higher fuel prices makes it more economical to upgrade older (gas guzzling) models to newer more fuel efficient models (such as the upcoming 787 and Airbus A350 XWB, etc.) for which spirit is a major supplier. So for this company to trade at such a low P/E creates a great buying opportunity for the value investor because the upside of all these upcoming programs is not priced in.
My mistake, not Bombardier yet but Cessna, Gulfstream and sikorsky in addition to Airbus and Boeing.