Carlisle Companies Inc. (CSL)：虚拟路演纪要

研报英文原文证据摘录

Equity Research

20 August 2026 | 8:30PM EDT

Carlisle Companies Inc. (CSL): Notes from the Virtual Road

Today, we hosted virtual investor meetings with Carlisle’s CEO Chris Koch, CFO Kevin

Zdimal, and VP of Investor Relations Mehul Patel. In addition to current operating

conditions, the conversation focused on the path to the Vision 2030 target of $40 of

EPS vs our 2026 adj. estimate of $21.25, including investments in innovation and

customer service, upside to profitability from these efforts, synergies and ongoing

cost controls, and capital allocation. As management executes on these initiatives,

we believe the company is well-positioned to drive long-term value creation. This

includes a disciplined approach to capital allocation focusing on projects,

investments, and M&A that meet a high threshold for ROIC and can deliver tangible

benefits to customers and upside to the stock over time. In our view, the portfolio

transformation over the last decade, while supporting growth in the dividend and

share buybacks is evidence of this. As key operational initiatives come through, we

believe CSL can effectively compete to win share, expand margins, and deliver cash

generative returns. Given this, we see upside to our 2026 and out-year estimates and

maintain our Buy rating (on the CL).

Susan Maklari

+1(212)357-3906 |

Goldman Sachs & Co. LLC

Charles Perron-Piche, CFA

Goldman Sachs & Co. LLC

Rhea Bhatia

Goldman Sachs India SPL

Galilee Best

Goldman Sachs & Co. LLC

We highlight the following key takeaways:

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Re-roof Demand Intact Despite Macro Headwinds: The first half of the year

came in line with management’s expectations. CCM volumes were better than

forecasts as they included modest pull forward ahead of a third price increase.

This reflects the resiliency of underlying re-roof activity as building owners and

operators are able to delay, but not fully postpone, a replacement. As Carlisle

continues to invest in value-add products and customer service, we model

3Q/4Q CCM sales up 7% and 8% YOY, respectively.

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New Products Drive Value Creation and Positive Mix: Carlisle is on track to

launch 10-12 new products this year, with half completed. The development

…