Managing Director and Senior Equity Research Analyst at D.A. Davidson
Mike Shlisky is a Managing Director and Senior Equity Research Analyst at D.A. Davidson, specializing in industrials, mobile equipment, specialty vehicles, alternative transportation, and industrial technology, with coverage extending to over 60 publicly traded companies. He has delivered standout returns, including a top rating generating over 639% annualized return, and holds a recent overall analyst success rate near 53% with an average return of 6.7%, according to third-party research platforms. Shlisky began his career in 1999 and previously served as Senior Equity Research Analyst at Colliers Securities, with earlier roles at Seaport Global Securities and J.P. Morgan, before joining D.A. Davidson in July 2021. He holds a BS from NYU Stern and an MBA from Duke’s Fuqua School of Business, and is FINRA-registered with recognized research credentials in his sectors.
Inquired about the impact of tariff concerns on customer order timing and the basis for the optimistic second-half outlook for the parcel vehicle business.
The company stated they have not seen customer orders being pulled forward due to tariff concerns. The positive outlook for the second half is based on an observed increase in quoting activity from parcel customers, and these quotes include delivery timing.
Inquired about the comparative growth outlook for Aebi Schmidt, the sustainability of the high FVS margins achieved in Q4, and the company's strategy for managing potential aluminum tariffs.
Executives believe the Aebi Schmidt merger will accelerate infrastructure-related growth but declined to give specific comparative forecasts. They affirmed that the low double-digit FVS margins are sustainable due to operational efficiencies. Regarding tariffs, the company has a mitigation strategy involving supply chain diversification and potential price increases.
Inquired about the Specialty Vehicles (SV) segment's order softness despite high chassis production, the long-term (2026) EBITDA outlook for Blue Arc, and the recent performance and mix of non-Blue Arc EV upfits in the FVS segment.
The company is seeing a slight, temporary softening in SV service body demand, with slightly elevated dealer inventories, but remains confident for 2025. The 2026 Blue Arc outlook is dependent on customers building out their charging infrastructure, which is currently gating adoption. The mix of non-Blue Arc EV upfits is currently flat, holding market share and trending toward similar volumes as last year (around 3,000 units).
Inquired about potential one-time costs related to the ITU acquisition, whether ITU opens doors to new chassis providers, and the expected timing for a recovery in the motorhome business.
No material one-time integration costs are expected for the ITU acquisition. The deal provides capabilities for larger vehicles and customization but not necessarily up to Class 8. The motorhome business is expected to remain soft through 2024, with a potential recovery in 2025.