Resideo (P&S) Analyst Day: Showcasing What The Market Has Overlooked

研报英文原文证据摘录

Resideo (P&S) Analyst Day: Showcasing What The Market Has Overlooked

y in 2027, Pro- e = Morgan Stanley Research estimates

Quarterly EPS ($)

IQ Services), some of which are incremental opportunities for standalone REZI.

2026e 2026e 2027e 2027e

Quarter 2025 Prior Current Prior Current

Taken together, today's details on brand equity, vertical integration, FCF, etc. help

Q1 0.63 - 0.65a - 0.81

show why Resideo (P&S) is well-positioned as a standalone business. Q2 0.66 - 0.73 - 0.83

Q3 0.89 - 0.86 - 0.83

Q4 0.50 - 0.88 - 0.91

For more detailed MS views on the Resideo (REZI) tax-free spin-off of ADI Global

e = Morgan Stanley Research estimates, a = Actual Company reported data

(ADIG) and what to expect for tomorrow's ADI Investor Day, please see here:

Resideo Technologies Inc: Execute, And They Should Come

Uncovering the what the market has not previously fully appreciated. We walk

away from today's Resideo (Products and Solutions) Investor Day presentation with

a greater appreciation for the completeness of the business, namely (1) the

revamped Products and Solution portfolio, and focus on a technology platform/

leveraging software development to intertwine previously disparate endpoints, (2)

the robustness of REZI's supply chain/manufacturing capabilities and emphasis on

vertical integration, (3) and strength of REZI's installer/professional relationships.

Furthermore, the financial outlook that management provided today was solidly

Morgan Stanley does and seeks to do business with

ahead of our expectations, with 4-5% revenue growth and 400bps of gross/EBITDA companies covered in Morgan Stanley Research. As a result,

investors should be aware that the firm may have a conflict ofmargin expansion driving ~9% annual Adj. EBITDA growth through 2030 vs. MSe at