General Electric (GE), mcap=$83bn, price $75 vs $92

Pitch: Upside from recovery in the aviation industry as well as plans to break itself up into three pieces. Despite spin-off plans, the market continues to value GE much the way it always has: as a low-margin conglomerate with few high-value assets. This view will change significantly over the next two years.

Valuation: GE trades at 9.3x 2023 EBITDA, materially below 13.5x for multi-industrial and 12.2x for aviation peers.

Exp. gain: 28% to $118/share in base case sum of the parts scenario

Full GE write-up (free guest account required):

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