巴克莱-美股-机械与建筑业-美国机械与建筑业建筑业的未来-2020.3.9-47页.pdf
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1、Equity Research 9 March 2020 FOCUS Barclays Capital Inc.and/or one of its affiliates does and seeks to do business with companies covered in its research reports.As a result,investors should be aware that the firm may have a conflict of interest that could affect the objectivity of this report.Inves
2、tors should consider this report as only a single factor in making their investment decision.PLEASE SEE ANALYST CERTIFICATION(S)AND IMPORTANT DISCLOSURES BEGINNING ON PAGE 39.Restricted-Internal U.S.Machinery&Construction The Future of Construction:A Long-Awaited Overhaul to an Industry That Needs I
3、t Construction is in the top third of U.S.industries by fragmentation and top decile in broader industrials/materials.Its also among the most inefficient globally and 2.5-3.5x less efficient than manufacturing and mining,similarly old industries.Stakeholders from all ends of the market have deployed
4、 significant resources helping to disrupt,improve,and increase efficiency in this fragmented industry.In construction machinery,large OEMs are buying smaller startups and have their own venture arms(e.g.,CAT&DE).Construction tech transactions by count are up 3.5x in the past five years,up 50%in M&A,
5、and up 25%in VC investment funding.Construction has long been an industry that has avoided digital technology.Why?Its likely a combination of an older workforce,slim profit margins for investment(low-to mid-single digits on E&C,high-single to low-double digits for machinery),and job protection.Only
6、30%of projects in the construction industry completed within 10%of planned cost and schedule.An executive from Kiewit(not covered)said to us:“We need to adopt tech into our business or our businesses will die.”This report walks through the progress that machinery,engineering,architectural,and contra
7、cting companies are making today and identifies software companies ahead of the pack.Companies like Caterpillar and Deere,due to their large installed base and vast service network,are best positioned to evolve in a deeper data and technological world,but the pace of investment needs to increase for
8、 them and peers.Machine quality is improving and could save the operator significant dollars over the total life of the machine.In total,we get to a 25%cost savings from integration of technology on a machine to total cost of ownership(TCO).The largest contributor to TCO savings is lower unit idle h
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