HS-全球-投资策略-智能建筑进一步投资以推动有机增长和并购-2020.3-90页.pdf
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1、Disclosures&Disclaimer:This report must be read with the disclosures and the analyst certifications inthe Disclosure appendix,and with the Disclaimer,which forms part of it.Click here to vote2020 Institutional Investor surveyVoting opens 2nd March 3rd April 2020 If you value our service and insights
2、,please vote II Research has acquired the Extel surveyEquitiesGlobalMarch 2020By:Edward Perry,Sean McLoughlin and Puneet GargSmart BuildingsFurther investment to drive organicgrowth and M&AInvestment in Smart Buildings continues to drive top-line organic growth across our coverage.Now,M&A is also a
3、factorThree key factors drive adoption:improved returns on automation platforms;an ever greater focus on sustainability;user comfortOur analysis indicates Schneider Electric(Buy,TP EUR105 from EUR100)remains the greatest beneficiary of this trend.We upgrade Assa Abloy(TP to SEK205 from SEK200)and do
4、rmakaba(TP to CHF555 from CHF575)to Hold from Reduce.Adjust our target prices for all other stocks.We cut 2020e earnings across the board on COVID-19 impact and include scenario analysis for all companiesSP OTLIGHT每日免费获取报告1、每日微信群内分享7+最新重磅报告;2、每日分享当日华尔街日报、金融时报;3、每周分享经济学人4、行研报告均为公开版,权利归原作者所有,起点财经仅分发做内
5、部学习。扫一扫二维码关注公号回复:研究报告加入“起点财经”微信群。1 Equities Global March 2020 Smart Buildings:Further investment drives both organic growth and M&A In our fourth major report on Smart Buildings we look through the temporary disruption caused by COVID-19,albeit we reflect both the direct and indirect impact of the v
6、irus through cuts to our 2020 base case earnings estimates.This continues a thematic series on Smart Buildings that started in March 2018 and(1)updates our proprietary analysis on the organic growth contribution from this theme to our relevant Cap Goods coverage;(2)provides a deep dive into three ke
7、y drivers underpinning the greater adoption of Smart Buildings,including an intensifying focus on sustainability and environmental regulation;and(3)analyses how rapid growth in this area is now starting to drive M&A across the Smart Building value chain.An exciting,yet underappreciated,growth theme
8、We continue to believe the greater adoption of Smart Buildings is one of the most exciting,yet underappreciated,themes within the Cap Goods universe.Our forecasts for the relevant companies in this report now anticipate close to zero organic revenue growth in 2020 due to the COVID-19 outbreak,so our
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