In today’s briefing:
- Generac Holdings Inc.: Initiation of Coverage – Acquisition-Led Growth & Innovation
- Generac Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Growatt Technology Pre-IPO – Refiling Updates – Still Running Strong
- Mytilineos – Renewables to drive EBITDA above €1bn/year
- Parker-Hannifin Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Rockwell Automation Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- W.W. Grainger Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
Generac Holdings Inc.: Initiation of Coverage – Acquisition-Led Growth & Innovation
- This is our first report on a renowned energy technology player, Generac Holdings.
- Sales of C&I products climbed significantly, with strong core sales growth across all domestic channels and all overseas areas.
- We initiate coverage on the stock of Generac Holdings Inc. with a ‘Hold’ rating.
Generac Holdings Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Generac Holdings is a major energy technology player with a reasonable amount of debt on its balance sheet and showing ongoing growth in its commercial and industrial product categories.
- Its weaker residential product sales have been a point of concern for the management.
- Sales of C&I products have climbed significantly, with strong core sales growth across all domestic channels and all overseas areas.
Growatt Technology Pre-IPO – Refiling Updates – Still Running Strong
- Growatt Technology (1833969D CH) is looking to raise about US$1bn in its upcoming Hong Kong IPO.
- Growatt Technology is a global distributed energy solution provider, specializing in sustainable energy generation, storage and consumption, as well as energy digitalization.
- In our previous notes, we looked at the company’s past performance, peer comparison and shared our thoughts on valuation. In this note, we will talk about its refiling updates.
Mytilineos – Renewables to drive EBITDA above €1bn/year
We are raising our earnings estimates for Mytilineos and increasing our valuation 29% from €28/share to €36/share. Cyclical factors helped earnings acceleration in 2022, but we see underlying organic growth (particularly in Energy) resetting earnings to €1bn/year from FY24. Mytilineos is simplifying its story around two key activities in a roughly 70/30 earnings mix: Energy (renewables, generation and natural gas supply) and Metallurgy (aluminium smelting). Its renewables business is particularly well positioned to benefit from European policy initiatives.
Parker-Hannifin Corporation: Detailed Credit Analysis & Financial Strength Evaluation Report
- Parker-Hannifin Corporation is among the market leader in motion and control technologies across the globe.
- Parker-Hannifin has also benefited from a positive net impact of the aircraft Wheel and Brake sale and the Meggitt acquisition.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
Rockwell Automation Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- Rockwell Automation is a major provider of digital transformation and industrial automation solutions across the world.
- Its backlog orders continue to increased sequentially with order cancellation rates staying in the low single digits as per recent results.
- Baptista Research looks to evaluate the different credit strengths and credit risks of the company as well as a line-by-line analysis of the financial statements of the company for the past four years.
W.W. Grainger Inc.: Detailed Credit Analysis & Financial Strength Evaluation Report
- W.W.
- Grainger, Inc is among the major global distribution players of MRO materials and other related products and services.
- The management has continued to invest in its strategic objectives and its margin profile appears strong.
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