Двухнедельный обзор фондовых рынков №348. Сезонная рокировка

 

Investment Potential

Company Profile. Doncasters Group manufactures precision-cast components and nickel- and cobalt-based superalloys for hot-section applications in aerospace engines and industrial gas turbines, including turbine blades and vanes, structural castings, and turbocharger wheels. Operating through 14 facilities worldwide, the company supplies leading OEMs (GE Aerospace, Honeywell, Pratt & Whitney, Rolls‑Royce, Safran, Ansaldo Energia, Doosan, GE Vernova, and Siemens Energy) under long-term agreements. Its products are engineered to withstand extreme temperatures and pressures, requiring specialized metallurgical expertise and large-scale casting capabilities. The company serves both OEM and aftermarket channels across the commercial aerospace, defense, and industrial gas turbine markets.

Company History. Founded in 1778 in Sheffield, UK, by Daniel Doncaster as a file-making business, the company expanded into steel processing and forging before focusing on investment castings and superalloys. It was incorporated as a limited liability company in 1902 and subsequently broadened into forging and drop-forging operations. Over the following decades, Doncasters expanded its footprint through acquisitions in the U.S., the UK, and continental Europe, diversifying its presence into aerospace end markets. In 2001, it merged with the Ross Catherall Group and was later acquired by the private investment arm of the Royal Bank of Scotland. In 2006, the company was acquired by Dubai International Capital, which exited its stake as part of a 2020 restructuring.

Financial Performance. Revenue grew 12% in 2025 and accelerated to 26% YoY in 1Q26. The net loss margin narrowed from 25.8% in 2024 to 20.7% in 2025 and 19.8% in 1Q26. As of 1Q26, total debt represented 58% of total assets.