Weekly Widget: The Feedback loop. What we are hearing from our US investor meetings

研报英文原文证据摘录

Weekly Widget: The Feedback loop. What we are hearing from our US investor meetings

Idea

June 26, 2026 04:00 AM GMT

Morgan Stanley & Co. International plc+MCapital Goods | Europe Max R Yates

Equity Analyst

Weekly Widget: The Feedback Max.Yates@morganstanley.comSara Chemello +44 20 7425-1917

Research Associate

Sara.Chemello@morganstanley.com +44 20 7425-2931

loop. What we are hearing from

Capital Goods

Europe

Industry View In-Lineour US investor meetings

Our meetings with US investors this week focused on a

relatively narrow group of Electrification names, but now with

more questions / debate around the duration of the AI / DC

trade. ENR remains well held, with conviction still relatively high.

Siemens AG saw the most incremental interest this trip.

Key Takeaways

From our US investor meetings, the focus remained on AI / DC exposed names,

but with more debate now on the 'duration' of the theme vs prior trips.

ENR still is the best held stock in our coverage by US investors. Despite recent

share price volatility, conviction in the name was still relatively high.

Siemens AG interest was higher than we would have anticipated, as we met a mix

of holders and those doing work. Siemens is viewed as a Physical AI winner.

Schneider preferred to Legrand. Still some two way debate on Schneider around

management change and execution, which is holding some investors back.

What surprised us. 1) few questions on underweight ideas, 2) low Atlas / Epiroc

interest at current valuations, 3) more Weir owners in US than we realized.

Backdrop. This week, we have been in the US for investor meetings, primarily

discussing (1) Our recent work on Gas turbine / Engine supply demand and our

preference for Siemens Energy (OW) over Wartsila (UW) in this end market, and (2)