TransDigm Group Incorporated designs, produces, and supplies aircraft components in the United States and internationally. Its Power & Control segment offers mechanical/electro-mechanical actuators and controls, ignition systems and engine technology, specialized pumps and valves, power conditioning devices, specialized AC/DC electric motors and generators, batteries and chargers, databus and power controls, sensor products, switches and relay panels, hoists, winches and lifting devices, and cargo loading and handling systems. This segment serves engine and power system and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies, and repair depots. The company's Airframe segment provides engineered latching and locking devices, engineered rods, engineered connectors and elastomer sealing solutions, cockpit security components and systems, cockpit displays, engineered audio, radio and antenna systems, lavatory components, seat belts and safety restraints, engineered and customized interior surfaces and related components, thermal protection and insulation products, lighting and control technology, and parachutes. This segment serves airframe manufacturers, cabin system and subsystem suppliers, airlines, third party maintenance suppliers, military buying agencies, and repair depots. Its Non-aviation segment offers seat belts and safety restraints for ground transportation applications; electro-mechanical actuators for space applications; hydraulic/electromechanical actuators and fuel valves for land-based gas turbines; refueling systems for heavy equipment used in mining, construction, and other industries; and turbine controls for the energy and oil and gas markets. This segment serves off-road vehicle and subsystem suppliers, child restraint system suppliers, and satellite and space system suppliers; and manufacturers of heavy equipment. TransDigm Group Incorporated was founded in 1993 and is based in Cleveland, Ohio.

BUILD UP FREE CASH	2023-09-30 (A)	2024-09-30 (A)	2025-09-30 (A)	2026-09-30 (E)	2027-09-30 (E)	2028-09-30 (E)	2029-09-30 (E)	2030-09-30 (E)
Revenue	6,585	7,940	8,831	9,936.3	10,711	11,460	11,460	11,460
Revenue % Chg.	21.3%	20.6%	11.2%
EBIT	2,923	3,598	4,199	4,614	5,146.5	5,686.3	5,686.3	5,686.3
EBIT Margin	44.4%	45.3%	47.5%
Tax Rate	24.3%	22.6%	21.1%
NOPAT	2,212.7	2,785.8	3,312.6	3,539.7	3,948.3	4,335.8	4,335.8	4,335.8
NOPAT Margin	33.6%	35.1%	37.5%	35.6%	36.9%	37.8%	37.8%	37.8%
D&A	268	312	367	392.7	386.3	400.7	400.7	400.7
D&A / Revenue	4.1%	3.9%	4.2%
Capex	-139	-165	-222	-292.9	-280.7	-287.7	-287.7	-287.7
Capex / Revenue	-2.1%	-2.1%	-2.5%
Chg. NWC	-431	-302	-558	-552	-595.1	-636.7	-636.7	-636.7
Chg. NWC / Revenue	-6.5%	-3.8%	-6.3%
Unlevered FCF (UFCF)	1,910.7	2,630.8	2,899.6	3,087.4	3,458.8	3,812.1	3,812.1	3,812.1
UFCF % Chg.	23.4%	37.7%	10.2%	6.5%	12%	10.2%	—	—
PV of UFCF	—	—	—	2,873	2,995	3,071.7	2,858.4	2,659.8
Sum of PV of UFCF	—	—	—	2,873	5,868	8,939.7	11,798.1	14,457.9

Cost of Debt
Tax Rate
After Tax Cost of Debt	4.4%
Risk Free Rate
Market Risk Premium
Beta	1
Cost of Equity	8.7%
Total Debt	30,084
Market Cap	76,598.9
Total Capital	106,682.9
Debt Weighting	28.2%
Equity Weighting	71.8%
WACC	7.5%

Exit Multiple EV/FCF
Terminal Value	103,878.9
PV of Terminal Value	67,445.5
Cumulative PV of UFCF	14,457.9
Net Debt	27,273
Equity Value	54,630.5
Shares Outstanding	56.3
Implied Share Price	970
Current Share Price	1,360.1
Implied Upside / (Downside)	-28.7%