The Point for North America

Research evidence excerpt

The Point for North America

HON and Siemens are our preferred automation-exposed names and remain well

positioned to benefit from what appears to be a sustainable automation

investment cycle. Productivity gains, operating efficiency, and improved product

quality are primary drivers underpinning automation investments according to the

survey, with a broader agreement that labor inflation/shortage along with global

supply chain constraints/delays/tariff uncertainty have further strengthened the

case for automation.

Andrew Kaplowitz | Martin Wilkie | Piyush Avasthy

Vontier Corporation (VNT.N) - Good “Value Stock” Potential at VNT

After traveling with VNT Management, we think VNT’s organic growth/margin

expansion story should begin to inflect in 2H26, and with significant capital

deployment (in the form of buybacks) ongoing and a relatively inexpensive

valuation (low double digit free cash flow yield), we see opportunity to invest in

VNT for longer term investors. Organic revenue comparisons remain difficult for

VNT’s Q2, but we think core C-Store/retail fueling markets look healthy and

comparisons get easier in 2H26. Combined with solid retail fueling/C-Store

markets and VNT’s ongoing push to sell unified payments, which should allow for

greater penetration into customer wallets, as well as a significant “self-help” focus

in the form of a significant cost-out program, we do see earnings momentum

picking up over time. In the meantime, management seems “aggressive” regarding

ongoing share repurchases that should further support the stock.

Andrew Kaplowitz

SLB (SLB.N) - Digital Day - What's Driving the Skepticism?

SLB hosted their Digital Day yesterday during which they explained the layers of

their offering, detailed their contracting models and provided 2030 forecasts for