February 28, 2024

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Investment briefing

Investors running money in equities this year should consider the industrials sector as a starting point in top-down security selection in our firm opinion.

Our findings from Q3 2023 earnings illustrate the industrials

Segment Description
Energy Solutions Provides services for energy transition markets, focusing on asset decarbonization, renewable fuels, hydrogen, and more.
Urban Solutions Offers EPC and project management services to infrastructure, advanced technologies, life sciences, and mining.
Mission Solutions Specializes in technical solutions for U.S. and other governments, with a focus on nuclear security and waste management.
Other Engaged in researching, developing, licensing, and commercializing small modular reactor technology.

Market multiple Implied
14x P/E forward 17x P/E forward
Value gap: 21.5%