Most of their money comes from airline service and engine leasing contracts which is why they got bodied by COVID. They've been feeling overpriced to me for a while from momentum around being the "best performing" FTSE stock, but there was some genuine hope there which justified it imo from their CEOs efficiency drive, new engine development and small modular reactor stuff which people were hyping up for energy security.
Future performance will be based on how deep you think this recession is going to go. A downturn in global travel will hit their bottom line hard, but they are a core UK defence co. and the best military aero engine manufacturer outside the US so they should actually benefit from global instability like Ukraine escalating or a Sino-Taiwan war.
Been riding them since they were sub-100 just after COVID. I sold most at 430 and the rest at 811 last month (smug), but bought back in at 740. I'll probably get more if they get below 550 for any length of time. It's a small part of my portfolio, happy to just sit on them for now as I just like them for being a rare UK non-finance co doing genuinely excellent stuff. I often see their R&D investment doing good work out and about in academia where I work.