US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Call today ..."

研报英文原文证据摘录

US Electrical Equipment & Multi-Industry "EE/MI Morning Note - Call today ..."

Global Research

11 June 2026ab

US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - Call today at 11 am, NVT,

Machine Tools Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

REMINDER- We're hosting our weekly UBS Industrials call today at 11am ET, where +1-201-352 1410

we'll discuss what's most top of mind for the sector. Click here to register for the call.

Neal Burk

NVT- Early thoughts on 2Q (and beyond) neal.burk@ubs.com

We expect 2Q results and forward commentary to be supportive of our positive thesis on +1-212-713 4066

NVT shares. Specifically, we anticipate organic sales growth of 25%+ year over year, Pratap Singh

organic order growth above that (30%+), and progress on margins. Shares trade at 31x Analyst

NTM P/E, a 25% premium to the XLI that we think is reasonable on its face (NVT's pratap-za.singh@ubs.com

growth should sustainably eclipse that of the broader industrial sector) but is likely a +1-212-821 3112

narrower premium in reality, given scope for positive earnings revisions. Zachary Walljasper

Associate Analyst

Growth rates in NVT's data center orders can be lumpy, but we think that an 80% year zachary.walljasper@ubs.com

over year increase in 2Q is a reasonable projection. This would put NVT in line with +1-212-713 9829

overall hyperscaler capex, which over time has been a directional indicator of order

growth with the exception of NVT's outsized strength in 3Q25 (we estimate orders up

nearly 300% vs hyperscaler capex +75%). If our 2Q projection is correct, it would mean

a 2-year increase in orders of 150%, comparable to +145% in 1Q based on our math.

The major capacity expansions and component sourcing needed to meet