Risk Reward Update

Research evidence excerpt

Not for redistribution without written consent of Morgan Stanley

M

Update

August 7, 2026 09:07 PM GMT

Gates Industrial Corporation PLC | North America

Morgan Stanley & Co. LLC

Christopher Snyder, CFA

Equity Analyst

Risk Reward Update

Gates Industrial Corporation PLC (GTES.N, GTES US)

What’s Changed

Multi-Industry | United States of America

Gates Industrial Corporation PLC (GTES.N)

From

To

Price Target

$28.00

$30.00

Bull Case

$36.00

$38.00

Base Case

$28.00

$30.00

Bear Case

$18.00

$22.00

Updated Components

EPS

Investment Thesis

Bull Base Bear Scenarios

Stock Rating

Industry View

Price target

Shr price, close (Aug 7, 2026)

52-Week Range

Fiscal Year Ending

EPS ($)**

Prior EPS ($)**

Equal-weight

Attractive

$30.00

$28.25

$30.28-20.90

12/25 12/26e 12/27e 12/28e

1.52

1.64

1.58

1.89

1.88

2.08

2.06

Unless otherwise noted, all metrics are based on Morgan Stanley ModelWare

framework

** = Based on consensus methodology

e = Morgan Stanley Research estimates

Risk Reward for Gates Industrial Corporation PLC (GTES.N) has

been updated

Reason for change

Updating for earnings and rolling forward estimates.

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Research. Investors should consider Morgan Stanley

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decision.