Added to YB: 2026-07-29
Pitch date: 2026-05-25
SMN.AX [neutral]
Structural Monitoring Systems Plc
Author Info
Company Info
Structural Monitoring Systems Plc, together with its subsidiaries, engages in the design, development, and manufacture of avionic products in the Americas, Europe, the United Kingdom, Asia, Middle East, Australasia, and Africa.
Market Cap
AUD 58.4M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
9.70
P/E
24.31
EV/Sales
1.89
Sector
Electronic Equipment, Instruments and Components
Category
special_situation
Hidden in Plane Sight
SMN.AX (overview): A$59M ASX-listed avionics co. Core biz AEM (special-mission radios, 38% avionics EBITDA margin) doubled rev since 2017, taking share in firefighting retrofit cycle (MTP136D ~25% rev). Legacy CVM crack-detection program (25yr, FAA-pending) is free optionality. Trades ~8x EV/EBITDA, ~6.7x on AEM standalone vs peers 15-25x. New CEO Freeman (ex-Safran turnaround) refocusing on avionics; Drake (15% holder) suggests eventual sale. Risks: 37% customer concentration, promotional mgmt, radio cycle durability, dilution.
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