"TOP 5" Focus Items Going into Investor Day.

研报英文原文证据摘录

"TOP 5" Focus Items Going into Investor Day.

Updated TAM & $/MW Content: Vertiv has sequentially raised its

served market disclosure at every other of its past Investor Day events,

from ~$45.5B (2023) to ~$52B (2024), with $/MW content at $2.75–

3.5M and cloud/colo growth at 15–17%. We expect another step-up to

$/MW range of $4M/MW+ at the high-density end. We think this is

supported by industry rack densities migrating from ~25–50kW

averages today to 100–350kW by 2027 and 350–500kW+ by 2029 ,

introducing meaningful incremental content per MW from liquid cooling

(CDUs, manifolds, fluid management), 800V DC power conversion

(with product launches scheduled for H2:26 ), behind-the-meter / "bring

your own power" infrastructure, and converged solutions like OneCore

(scalable to 2GW in 12.5MW blocks), SmartRun, and PowerNexus that

capture more wallet share per project. We expect management to

provide higher cloud/colo subsegment growth assumptions, collectively

positioning the company to sustain above-market growth even as the

underlying TAM accelerates.

Services — The Underappreciated Lever: Services contributes ~18-

20% of revenue mix and is operating with a field force approaching

5,000 engineers, up from ~4,000 a year ago, with management

consistently describing services as accretive to overall margins and a

"uniquely strong competitive advantage”. We expect VRT to provide

details on their services growth target as the equipment-to-services

flywheel inflects on the back of the $15B backlog and a rapidly

expanding installed base. The PurgeRite acquisition is the centerpiece

of the services build-out, deepening fluid management capabilities for

liquid-cooled deployments, with Strategic Thermal Labs and the

pending ThermoKey adding cold-plate validation and EMEA heat