Peter Costa • Mizuho Financial Group

Question 1

Peter Costa's questions to Hubbell Inc (HUBB) leadership • Q3 2024

Oct 29, 2024

Question

Speaking for Brett Linzey, Peter Costa of Mizuho Financial Group asked for an update on the BEAD program's impact and any associated political risk, as well as the current state of the M&A pipeline.

Answer

Executive Daniel Innamorato stated that BEAD funding is not expected to be a meaningful contributor until later in 2025. CFO William Sperry described the M&A pipeline as 'robust,' with opportunities of various sizes, noting that higher-multiple targets are justified by their strong growth and margin profiles.

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Question 2

Peter Costa's questions to Allegion PLC (ALLE) leadership • Q3 2024

Oct 24, 2024

Question

Peter Costa, on for Brett Linzey, asked about the progress and trends in building out Allegion's international specification writing capabilities. He also inquired if the sunsetting of ESSER funding has impacted demand in the education vertical.

Answer

CEO John Stone explained that building international spec-writing capabilities is a strategic investment and currently in its 'early innings,' supported by acquisitions like Boss Door Controls and new talent. Regarding education funding, he stated that ESSER was not a significant tailwind for Allegion's products, so its conclusion is not a material headwind. He emphasized that school safety remains a high priority, with demand supported by strong municipal bond issuance.