DPC Holdings: Visible Customer-Funded Growth

I rate DPC Holdings a buy, driven by robust demand, customer-funded capacity, and long-term contracts supporting growth and margin expansion. DPC’s mission-critical castings, high qualification barriers, and vertical integration underpin its competitive moat and recurring aftermarket revenue. Customer partnerships are expected to add >$200 million in annual revenue, with a backlog covering over 12 months of production and clear visibility to 2029. I target $87/share, reflecting margin expansion to 28% by FY2029 and premium multiples justified by supply constraints and pricing power.

My recommendation for DPC Holdings plc ( DPC ) is a buy rating. Aside from the positive demand tailwinds in the aeroengine and industrial gas turbine markets, what I like about DPC is also that customers