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cover of episode Rolls-Royce: Turbines and Tribulations - [Business Breakdowns, REPLAY]

Rolls-Royce: Turbines and Tribulations - [Business Breakdowns, REPLAY]

2025/2/19
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Business Breakdowns
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Graeme Forster
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Matt Reustle
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Matt Reustle: 本期节目探讨了劳斯莱斯公司，特别是其在航空航天市场的业务。劳斯莱斯公司主要生产大型飞机发动机，与通用电气公司构成航空发动机市场的双寡头垄断。长期以来，劳斯莱斯公司的盈利能力存在波动，这与公司在把握经济机遇方面的起伏有关。本节目邀请了Orbis Investments的Graeme Forster，他深入分析了劳斯莱斯公司的业务模式、市场地位、挑战以及未来的发展方向。 Graeme Forster对劳斯莱斯公司在航空航天市场上的表现进行了深入分析，并对公司在盈利能力和成本控制方面面临的挑战进行了坦诚的讨论。他认为，劳斯莱斯公司的文化是工程卓越，但公司在商业策略方面需要改进。 Graeme Forster还探讨了劳斯莱斯公司与飞机制造商和航空公司之间的关系，以及长期服务协议在公司盈利中的重要作用。他指出，长期服务协议类似于保险业务，劳斯莱斯公司收取保费，并承担发动机维护和维修的风险。然而，劳斯莱斯公司过去在长期服务协议的定价和成本控制方面存在不足，导致盈利能力低于预期。 此外，Graeme Forster还分析了劳斯莱斯公司在市场竞争中的地位，以及公司在研发和资本支出方面的投入。他认为，劳斯莱斯公司在大型发动机市场拥有强大的市场地位，但需要持续改进以保持竞争力。 最后，Graeme Forster还探讨了劳斯莱斯公司在小型模块化反应堆（SMR）等新兴市场中的发展机遇。他认为，SMR市场潜力巨大，劳斯莱斯公司有望在该市场取得成功。 Graeme Forster: 我认为劳斯莱斯公司是一家以工程卓越为核心的公司，其主要业务是将储能转化为动能，主要生产飞机发动机等大型发动机。劳斯莱斯公司的文化是工程卓越，他们专注于做好几件事，并做得非常出色。公司的核心业务是民用航空航天，包括大型商用飞机和公务机的发动机，还涉及船舶、工业机械、核能和国防等领域。 劳斯莱斯公司与飞机制造商合作开发发动机，并与航空公司签订长期服务协议（LTSA）以获得大部分利润。LTSA类似于保险业务，劳斯莱斯公司收取保费，并承担发动机维护和维修的风险。然而，劳斯莱斯公司过去在LTSA的定价和成本控制方面存在不足，导致盈利能力低于预期。 劳斯莱斯公司在大型发动机市场拥有强大的市场地位，但其利润率低于竞争对手通用电气公司。公司正在努力降低成本，包括人员成本、采购成本和运营地点等方面，并与客户进行谈判以提高LTSA的盈利能力。 劳斯莱斯公司正在开发新的业务领域，例如小型模块化反应堆（SMR），这将是未来重要的市场。SMR市场潜力巨大，劳斯莱斯公司有望在该市场取得成功。 劳斯莱斯公司面临的风险包括其关键产品的潜在缺陷以及不可预测的外部事件，例如疫情。

Deep Dive

Chapters
This chapter explores the history of Rolls-Royce, starting from its early days as a car manufacturer and its transition to a major player in aerospace and other industrial engine markets. It highlights the company's unique engineering culture and the spin-off of the car division in the 1970s.
  • Rolls-Royce's origins in early 1900s motor engines
  • The spin-off of the car division in the 1970s
  • Focus on engineering excellence and quality
  • Current business segments: civil aerospace, power systems, defense, and new markets

Shownotes Transcript

Today, we are breaking down Rolls-Royce. A fair warning to those expecting to hear about luxury automobiles, that division was split from this business in the 1970s. But as we discuss the history of Rolls-Royce on this episode, you will hear how the DNA of this company still ties together from its early 1900s origins.

Our guest is Graeme Forster) from Orbis Investments. Graeme walks us through the core business of Rolls-Royce in the aerospace market, the evolving duopoly of the wide-body aircraft engine manufacturers, and the ups and downs of properly capturing the economic opportunity. I really appreciated Graeme's intellectual honesty in discussing Rolls, and I expect you will, too. Please enjoy this Breakdown on Rolls-Royce

For the full show notes, transcript, and links to the best content to learn more, check out the episode page here.)

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Business Breakdowns is a property of Colossus, LLC. For more episodes of Business Breakdowns, visit joincolossus.com/episodes).

Follow us on Twitter: @JoinColossus) | @ReustleMatt) | @domcooke) | @zbfuss) 

Editing and post-production work for this episode was provided by The Podcast Consultant (https://thepodcastconsultant.com)).

Show Notes

(00:00:00) Learn About Finley

(00:04:54) Overview of Rolls-Royce

(00:08:35) History and Evolution of Rolls-Royce

(00:10:44) Rolls Royce's Aerospace and Defense Ventures

(00:11:57) Challenges and Nationalization

(00:14:43) Current Business Segments and Market Position

(00:20:57) Service Agreements and Profitability

(00:27:41) Engineering Excellence vs. Commercial Strategy

(00:31:26) The Aerospace Business Ecosystem

(00:33:11) Rolls-Royce's Margin Profile

(00:35:13) Challenges and Changes in Management

(00:37:28) Cost Structure and Revenue Optimization

(00:38:32) Engine Performance and Development

(00:40:04) Market Dynamics and Competition

(00:49:13) Future of Nuclear Reactors

(00:52:46) Capital Allocation and Management

(00:56:08) Lessons from breaking down Rolls-Royce