The Intrinsic Value Podcast发布 2026-10-03
《HEICO Vs. TransDigm: Whose Aerospace Monopoly Is Better?》
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TransDigm 是一家强大的垄断型企业，潜在回报为十几倍中低段，但出于对杠杆和风险的担忧，说话者更偏好其他持仓（HEICO）或选择观望。
而Trans Am几乎是反过来的。股票更便宜，但更多的风险存在于企业自身内部。这说得通。所以这两家企业的增长都令人难以置信地印象深刻。而这归根结底取决于两件事：有机增长，即继续增长他们已拥有的子公司的营收的能力；以及无机增长，即通过将新收购的企业并入利润表所带来的营收。
And with Trans Am it's almost a reverse. The stock is cheaper, but more of the risk sits inside of the business itself. And that makes sense. And so the growth of both businesses has just been insanely impressive.
And it really comes down to two things organic growth or the ability to continue growing revenues of their subsidiaries that they already own, and then inorganic growth or the revenue associated with consolidating their income statements with newly acquired businesses.