US Electrical Equipment & Multi-Industry "EE/MI Morning Note - MOD incoming ..."

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US Electrical Equipment & Multi-Industry "EE/MI Morning Note - MOD incoming ..."

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US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - MOD incoming,

GWW price, HVAC Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

MOD incoming- Modine will report its fiscal 4Q results today after market close and the +1-201-352 1410

conference call is tomorrow, May 27th, at 10am ET. We expect another positive quarter

Neal Burk

for KPIs including strong revenue growth (led by data center) and sequential margin

expansion as Modine further expands its manufacturing capacity. 1Q reporting from neal.burk@ubs.com

data center peers has set a high bar, but we think results will likely support further upside +1-212-713 4066

to the equity value, underpinned by outsized earnings growth at a still-discounted

Pratap Singh

valuation. For F Y27, Our expectation is for 26% sales growth and 50% EBITDA growth

next fiscal year. For the quarter, we model consolidated EBITDA $149 million. This is pratap-za.singh@ubs.com

ahead of consensus ($144 million) and assumes 150% year over year growth in data +1-212-821 3112

center revenues… bringing annualized data center revenues to $1.5 billion and

Zachary Walljasper

suggesting upside to Modine's FY28 target. We expect margins to step up sequentially, Associate Analyst

and model consolidated EBITDA margin of 15.8%, up from 14.9% in the previous zachary.walljasper@ubs.com

quarter led by expansion in the Climate segment (i.e., data center margins getting +1-212-713 9829

better).

GWW pricing showing stabilization- Our US MRO Distributor price monitor shows

GWW price stabilizing in April and May, at a rate similar rate to the first quarter (> Access

Dataset).