US Multis: Feedback from our initiation (Automation + Other Industrials) - EMR, ROK, HON, PH, MMM, OTIS

Research evidence excerpt

US Multis: Feedback from our initiation (Automation + Other Industrials) - EMR, ROK, HON, PH, MMM, OTIS

1 July 2026

U.S. Multi Industry & Electrical Equipment

US Multis: Feedback from our initiation (Automation + Other

Industrials) - EMR, ROK, HON, PH, MMM, OTIS

We initiated coverage on US multi-industrials in early June 2026. This note summarizes Varun Govindaraj

+1 917 344 8543 key themes, sentiment, and feedback that we are hearing from investors on automation

varun.govindaraj@bernsteinsg.com and other industrial names. A separate note was published on feedback for data center /

HVAC names that can be viewed here. Our full initiation document can also be viewed here.

Specialist Sales

EMR: Largely positive sentiment. Management has delivered on adjusted EPS numbers Steve Song

+1 917 344 8401 over the last few quarters and margins have continued to grow. 4 - 7% organic growth /

steve.song@bernsteinsg.com 30% EBITA targets seem plausible to investors. Some frustration on AspenTech / worries

that it has AI risk but we’re not concerned and believe there is a solid moat.

ROK: Positive sentiment on management and company from investors, but rich valuation

is keeping some fresh money out of the trade. Needs double digit organic growth to justify

the multiple which hard for us to see materializing even with reshoring / capex tailwinds.

High expectations that margins will continue to expand (and we believe this will play out).

We think the company just needs a few quarters to catch up to the stock.

HON: Sentiment leans neutral to slightly negative (with pockets investors like). Building

Automation and Forge seen largely positively. Some debate on PA&T; we’re bearish on

refining capex more structurally but a minority of investors tell us they believe we’ll see