GE Aerospace (GE -0.73%) trades at 33.6 times Wall Street estimates for 2025 earnings. That valuation might seem excessive, but it's crucial to note GE delivers an essential product (commercial airplane engines are its most important revenue generator) in a business with incredibly high barriers to entry, and GE is the leading player in it.Here's why the stock deserves a premium rating.A long tail of earnings in placeSelling airplane engines isn't really a profitable business, as engines are typically sold ...