CSW Industrials 4Q Results: One Small Step for MARS, One Giant Leap for CSW

研报英文原文证据摘录

CSW Industrials 4Q Results: One Small Step for MARS, One Giant Leap for CSW

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

27 May 2026

CSW Industrials Overweight

CSW, CSW US

4Q Results: One Small Step for MARS, One Giant Leap Price (26 May 26):$279.59

for CSW Price Target (Dec-26):$350.00

After a strong quarter that beat expectations across nearly every metric and North America Small and Mid Cap

delivered record revenue and adj. EBITDA, CSW shares swung sharply intraday, Industrials

opening +7% before closing flat. We believe the quarter underscores Tomohiko Sano AC

management's ability to drive resilient, above-market growth, highlighted by (1-212) 622-1099

Aspen's double-digit growth, ahead-of-plan MARS synergies, and a return to tomohiko.sano@jpmorgan.com

organic growth in CS. We reiterate our Overweight rating and maintain CSW as our Ethan Coyle

top pick in Building Products for 2026. (1-212) 270-0613

ethan.coyle@jpmchase.com

• 4Q Record Results: Return to Organic Growth: Management delivered Brendan Shea, CFA

record revenue and adjusted EBITDA, fueled by recent acquisitions, and (1-212) 622-0770

acknowledged improving end market demand with strong order activity in brendan.shea@jpmorgan.com

March and April. While no specific organic growth guidance was given for Liam Glass

FY27, the tone was cautiously optimistic, emphasizing operational resilience, (1-212) 464-5541

liam.glass@jpmorgan.com

synergy realization, and cross-selling ability. Results beat across the board with J.P. Morgan Securities LLC

greater organic and inorganic growth, alongside margin expansion, all ahead

of consensus expectations.

• Raising Estimates: PT Maintained at $350: We are raising our FY27 adj. Key Changes (FYE Mar)