Badger Meter Investor Day Takeaways: Dripping with Opportunity; Reiterate Overweight

研报英文原文证据摘录

Badger Meter Investor Day Takeaways: Dripping with Opportunity; Reiterate Overweight

J P M O R G A N North America Equity Research

22 May 2026

Badger Meter Overweight

BMI, BMI US

Investor Day Takeaways: Dripping with Opportunity; Price (21 May 26):$120.24

Reiterate Overweight Price Target (Dec-26):$160.00

Clean Energy, Power Infrastructure,

We attended Badger Meter's first-ever Investor Day in New York City yesterday. and Sustainable Investing

For the first time, management provided granular building blocks to its HSD AC Michael G Fairbanks

growth algorithm, introduced formal 2030 financial targets that we view as (1-212) 622-4908

credible and ahead of muted Street expectations, and articulated a TAM that has michael.fairbanks@jpmchase.com

tripled to $15bn on the back of approximately $400mm in acquisitions since 2021. Mark Strouse, CFA

The FY26 outlook of approximately flat y/y organic revenue was reaffirmed, with (1-212) 622-8244

management characterizing 1H26 as a short pause rather than a structural break, mark.w.strouse@jpmorgan.com

and the 2H26 project ramp appearing on track. Overall, we view the Investor Day Anna Zhu

as incrementally positive and reinforcing our Overweight thesis. We are slightly (1-212) 622-0012

raising our estimates to better align with the company's new financial targets. Our anna.zhu@jpmorgan.com

J.P. Morgan Securities LLC

Dec 26 PT remains $160. We continue to believe BMI is an attractive long-term

core holding and that current trading levels represent an attractive entry point.

Key Changes (FYE Dec)

• 2030 Targets Align with Prior Messaging but Ahead of Muted Street Adj. EBITDA - 27E ($ mn) Prev212 Cur225 6.2%Δ

Expectations. BMI introduced a formal five-year financial framework