North America Environmental Services: Getting a Grip(pin) on Waste & Water Tech

Research evidence excerpt

North America Environmental Services: Getting a Grip(pin) on Waste & Water Tech

Barclays | North America Environmental Services

Badger Meter, Inc. (BMI / BMI)

Stock Rating: UNDERWEIGHT

Industry View: POSITIVE

Closing Price: USD 120.24 (21-May-2026)

Rating and Price Target Chart - USD (as of 21-May-2026)

Currency=USD

Jul-2023 Jan-2024 Jul-2024 Jan-2025 Jul-2025 Jan-2026

Closing Price Target Price Rating Change

Source: IDC, Barclays Research

Link to Barclays Live for interactive charting

Publication Closing Price* Rating Adjusted Price

Date Target

17-Apr-2026 152.29 110.00

28-Jan-2026 164.41 136.00

07-Jan-2026 177.03 Underweight 157.00

Source: Bloomberg, Barclays Research

*This is the closing price referenced in the publication, which may not be

the last available closing price at the time of publication.

Historical stock prices and price targets may have been adjusted for stock

splits and dividends.

J: Barclays Bank PLC and/or an affiliate is a liquidity provider and/or trades regularly in the securities by Badger Meter, Inc. and/or in any related

derivatives.

Valuation Methodology: Our $110 PT is based on an 14.0x multiple applied to cumulative 2Q27-1Q28E adj. EBITDA, plus net cash.

Risks which May Impede the Achievement of the Barclays Research Valuation and Price Target: Key risks for the water tech space include the

pace of overall economic growth, which is closely linked to demand in several key direct or indirect end markets (e.g., construction, government

entities, and industrial manufacturing), a rapidly evolving market for technology requiring constant innovation to remain competitive, and potential

regulatory changes impacting demand for products/services. For BMI, upside risks include faster-than-expected adoption of AMI technology, market