IMI (AO) | Buy | Efficiency Day: Energy-backed growth with data-centre upside

研报英文原文证据摘录

IMI (AO) | Buy | Efficiency Day: Energy-backed growth with data-centre upside

tion demand, especially combined-cycle

gas power and potentially nuclear.

Key takeaways

Energy is now the clearest lens for IMI. More than 60% of the group is supported by energy-related demand, split between Process

Automation exposure to energy demand/security and Climate Control exposure to energy efficiency. This positions IMI as more than a

general industrial, with relevance across power availability, efficiency and transition-related investment.

Climate Control has a strong efficiency argument in buildings. IMI’s products represent a small share of total building system cost, but

can have a meaningful impact on energy efficiency, particularly through hydronic balancing, smart valves, actuators and connected

control solutions. Demand is supported by energy-cost savings, regulation and retrofit activity, especially in Europe.

Process Automation remains the highest-quality part of the portfolio. The business is focused on severe-service applications rather than

a broad commodity valve supply. IMI typically provides mission-critical valves in harsh operating environments, where uptime, safety

and reliability matter most, supporting pricing power and customer stickiness.

Aftermarket is the key structural margin driver in Process Automation. The business is already more than 60% aftermarket, with scope to

move towards around two-thirds over time. New construction creates the installed base, but the long-term value comes from spares,

upgrades, retrofits and servicing, with aftermarket gross margins materially above new construction.

Power, nuclear and LNG remain central medium-term opportunities. IMI is well-positioned in combined-cycle gas power, LNG and