US Electrical Equipment & Multi-Industry: EE/MI Morning Note - Atlas Copco, Electricity demand, Macro

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US Electrical Equipment & Multi-Industry: EE/MI Morning Note - Atlas Copco, Electricity demand, Macro

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US Electrical Equipment & Multi-Industry Equities

AmericasEE/MI Morning Note - Atlas Copco, Electricity

demand, Macro Industrial, Diversified

Amit Mehrotra

Analyst

amit.mehrotra@ubs.com

Atlas Copco read to IR- Yesterday Atlas Copco reported organic order growth of +1-201-352 1410

19% year over year in its Compressor Technique segment (link). As shown in Figure 1,

Neal Burk

orders in this business are historically highly correlated with orders in Ingersoll Rand's key

IT&S segment. We wouldn't expect Ingersoll orders in 2Q to inflect nearly to the same neal.burk@ubs.com

extent as ATCO's, given its order beat was driven by Gas and Process, while orders for +1-212-713 4066

Industrial compressors (more relevant read to IR) improved year over year but were

Pratap Singh

sequentially stable in volume terms. Overall though we see this as an indication that

demand trends for IR's compressors are at least stable, and could accelerate in the pratap-za.singh@ubs.com

coming months to be more in line with positive trends we've seen in PMIs. We think the +1-212-821 3112

7% increase in IR's share price yesterday was interesting, and suggests improving

Zachary Walljasper

sentiment on IR given its discounted valuation and potential for improving demand Associate Analyst

trends. zachary.walljasper@ubs.com

+1-212-713 9829

PJM auction indicates strong electricity demand, US generation continues

steady growth - Earlier this week, the Pennsylvania-New Jersey-Maryland

Interconnection (PJM) auction for '28/'29 was cleared at the maximum allowed price of

$325/MW.