Core Thesis - StandardAero, Inc. (SARO) presents a nuanced investment opportunity despite recent market underperformance, with strong revenue and EBITDA growth, and raised guidance [2][4] Financial Performance - As of October 8th, SARO's share was trading at $27.17, with trailing and forward P/E ratios of 67.62 and 23.81 respectively [1] - The company has experienced weak free cash flow conversion, which has contributed to its stock lagging behind [2] Growth Drivers - SARO benefits from long-term growth visibility, driven by high single-digit to low double-digit expansion in LEAP engine MRO demand, share gains in the mature CFM56 platform, and growth in its component repair business [3] - The company's margin profile is expected to outperform expectations due to efficiency improvements and a favorable mix from higher-margin LEAP work [3] Market Position and Outlook - SARO is positioned to benefit from both structural and cyclical growth in aerospace maintenance, supported by robust secular tailwinds and operational leverage [4] - As MRO visibility strengthens and secondary share overhang diminishes, SARO's stock has potential for rerating, making it a compelling long-term opportunity in the aerospace maintenance sector [4]