Vertiv: Investor day: faster markets & more outgrowth

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Vertiv: Investor day: faster markets & more outgrowth

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Vertiv

Investor day: faster markets & more

outgrowth

Maintain Rating: BUY | PO: 440.00 USD | Price: 322.63 USD

2030 targets above Street 20 May 2026

We attended Day 1 of Vertiv’s investor event in South Carolina. Management raised the Equity

medium-term revenue guide by 800bp to 20-22% CAGR and adj. operating margin target

by 200bp to ~27+%. This was well above consensus 2030 estimates. Management Andrew Obin Research Analyst

highlighted converged infrastructure and service offerings, both of which are margin BofAS

accretive. Day 2 will focus on new products and innovation. Management also reaffirmed +1andrew.obin@bofa.com646 855 1817

full-year 2026 guidance. We maintain our Buy rating given Vertiv’s market position in David Ridley-Lane, CFA

data centers and FCF trajectory. Research Analyst

BofAS

Medium-term organic revenue target now 20-22% +1david.ridleylane@bofa.com646 855 2907

Vertiv updated its forecast for the data center infrastructure market (~85% of revenue) Devin Leonard

to 18-20% CAGR (2025-30E) and non-data center markets at ~3%. This drives overall Research Analyst BofAS

16-18% market CAGR. Vertiv’s revenue guidance assumes ~400bp of market outgrowth +1 646 855 3698

versus 2-3pts as before. For reference, the Nov. ’24 guidance was 12-14% revenue devin.leonard@bofa.com

CAGR (2024-29E) based on 9-12% market outlook.

2030 margin target goes up to ~27+% Stock Data

Management is assuming a similar 31-32% incremental margin as from Nov. ’24

framework but applying a faster revenue ramp through 2030. This suggests potential Price 322.63 USD

upside risk to our 2027-2028 estimates, as we assume a 28% incremental margin Price Objective 440.00 USD

(2025-28E). Date Established 15-May-2026