ECL: 2Q Set-Up Fairly Symmetric, w/ Bulls Now Offering CoolIT Strategy the Benefit of the Doubt

研报英文原文证据摘录

ECL: 2Q Set-Up Fairly Symmetric, w/ Bulls Now Offering CoolIT Strategy the Benefit of the Doubt

Chemicals

Specialties - Market Weight

ECOLAB INC. (ECL) July 15, 2026

ECL: 2Q Set-Up Fairly Symmetric, w/ Bulls Now Offering Rating:

CoolIT Strategy the Benefit of the Doubt Peer Perform

Price:

$269.75

The Wolfe Byte Price Target:

We adjust #s to reflect recently articulated CoolIT dilution in ‘26, offset by better NA

price/cost dynamics (benefit of doubt on surcharges), and higher Hi-Tech Water View ECL Model

View Comp Tablegrowth rates (particularly ‘27/‘28). We remain constructive on Pest and LS, offset

by muted Inst'l volumes. Company Information

52-Week Range $246 - $308

Market Cap. (MM) $75,918

ECL (Peer Perform): Fairly Favorable Set-Up vs. Apr Fears, But Now Well Enterprise Value (MM) $85,303

Understood: We're modestly constructive into the 2Q print, but sense post Shares Out. (MM) 281.4

Avg. Value Traded (MM) $230.24

constructive intra-qtr rhetoric, the buy-side is well aware results should be solid. SI% of Float 1.4%

There is slightly less concern re: (i.) input cost inflation, (ii.) 2H consumer pressures

(albeit Lodging still appears a bit sluggish), and (iii.) the CoolIT integration - but overall Price Performance

YTD LTM

dynamics seem fairly balanced. It's clear that hi-tech water (as a theme) is building ECL 3% 1%

momentum - but sense the buy-side is already offering adequate credit within NTM S&P 500 10% 20%

est's. It's our sense that '27/'28 est's are now in a "good place", but seek support 320

310from the macro to identify any further upside - we'll closely monitor Hi-Tech Water,

LS (revenue momentum + margins) and Pest as pockets for potential upside. It's our 300290

expectation 2H Inst'l trends will still be "touch n' go". 280270