Valmont Industries: Investor Day: Valmont Positioned at the Center of the Grid Buildout, PT to $600

研报英文原文证据摘录

Valmont Industries: Investor Day: Valmont Positioned at the Center of the Grid Buildout, PT to $600

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

17 June 2026

Valmont Industries Overweight

VMI, VMI US

Investor Day: Valmont Positioned at the Center of the Price (16 Jun 26):$556.51

Grid Buildout, PT to $600 ▲Price Target (Dec-27):$600.00 Prior (Dec-26):$520.00

We attended Valmont's Investor Day and came away positive on the 2029 financial

targets of $5.4bn in sales and $35 in adj. EPS, and the detailed roadmap CEO Avner North America Small and Mid Cap

IndustrialsApplbaum and team outlined for Utility. With Utility and Coatings driving the

growth trajectory, an Agriculture upswing could provide material upside to Tomohiko Sano AC

estimates, while operating initiatives spanning automation and technology (1-212) 622-1099

tomohiko.sano@jpmorgan.com

advancements offer additional levers for margin improvement toward the ~17%

operating income target. We continue to favor the name and maintain the company Ethan Coyle

(1-212) 270-0613

on our Analyst Focus List, while raising our price target to $600 (from $520). ethan.coyle@jpmchase.com

• $35 EPS by 2029: Valmont's Organic Path to 16.4% Earnings CAGR: Brendan Shea, CFA

Valmont outlined a clear path to $35 adj. EPS by 2029E (from ~$19 in 2025, (1-212) 622-0770

brendan.shea@jpmorgan.com

representing a ~16.4% CAGR) on net sales of $5.4bn (~7.1% CAGR from ~

Liam Glass

$4.1bn). The EPS bridge comprises ~$10 from utility growth ($1bn

(1-212) 464-5541

incremental sales), ~$4 net from strengthening Infrastructure and Agriculture liam.glass@jpmorgan.com

($300M incremental sales), and ~$2 from share repurchases. Operating J.P. Morgan Securities LLC

margins are expected to expand from 13.1% to 17.0% and ROIC from 17.6%

to 21.0%.