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    Vladimir Bystricky • Citigroup

    Vladimir Bystricky's questions to nVent Electric PLC (NVT) leadership

    Vladimir Bystricky's questions to nVent Electric PLC (NVT) leadership • Q1 2025

    Question

    Vladimir Bystricky asked for a breakdown of the increased CapEx guidance between the Avail acquisition and core business investments. He also inquired about the reason for the sales growth divergence between the Americas segments of System Protection and Electrical Connections.

    Answer

    CFO Gary Corona explained that the majority of the increased CapEx is for the core business to support growth, particularly in data solutions, though it also includes CapEx for the Avail acquisition. CEO Beth Wozniak attributed the segment sales divergence primarily to differing year-over-year comparisons, as Systems Protection had very strong growth in the prior-year quarter while Electrical Connections was weaker.

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    Vladimir Bystricky's questions to nVent Electric PLC (NVT) leadership • Q4 2024

    Question

    Vladimir Bystricky asked if specific core technology platforms were being prioritized for M&A. He also inquired about visibility into the timing of liquid cooling deliveries and whether customer design changes were causing material shifts in demand.

    Answer

    Chair and CEO Beth Wozniak explained that the M&A strategy overlays its technology platforms with high-growth verticals, seeking a flywheel effect from acquiring differentiated products that can be scaled. Regarding liquid cooling, she stated there are no material shifts in timing, noting that general awareness and interest are increasing. Activity is high with both existing customers scaling up and new customers testing solutions, which is reflected in the growing backlog.

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    Vladimir Bystricky's questions to nVent Electric PLC (NVT) leadership • Q3 2024

    Question

    Vladimir Bystricky asked about the timing of converting mid-single-digit order growth into revenue, given the more modest Q4 guidance. He also requested details on the backlog visibility for the newly acquired Trachte business.

    Answer

    CEO Beth Wozniak explained that the order book contains a mix of short-cycle business and longer-term backlog, with Q4 caution reflecting distributor inventory management amid macro uncertainty. For Trachte, she noted a strong backlog provides good visibility into 2025, with some orders extending out a full year. CFO Sara Zawoyski added that the Enclosures segment is on track for strong mid-single-digit growth for the full year.

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    Vladimir Bystricky's questions to IDEX Corp (IEX) leadership

    Vladimir Bystricky's questions to IDEX Corp (IEX) leadership • Q1 2025

    Question

    Vladimir Bystricky of Citigroup inquired about a large project win for the recently acquired Mott business, asking if the opportunity is repeatable. He also asked if there was evidence of customers pulling forward orders ahead of tariffs.

    Answer

    CEO Eric Ashleman described the Mott project, a wastewater filtration solution for a dairy farm, as an 'outstanding reference case' that is 'right down the fairway' of the acquired technology's core strategy, suggesting it is repeatable. Regarding customer behavior, he noted that while they looked for it, any pre-buying ahead of tariffs was modest, estimated by CFO Abhi Khandelwal to be around $6 million to $8 million.

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    Vladimir Bystricky's questions to IDEX Corp (IEX) leadership • Q4 2024

    Question

    Vladimir Bystricky of Citigroup Inc. questioned what assumptions were made in the 2025 guidance regarding potential tariff impacts and what customer feedback indicates about this uncertainty. He also asked about the M&A funnel, specifically the mix of proprietary versus competitive targets and which business areas might see larger deals.

    Answer

    CEO Eric Ashleman stated that no material tariff impacts are factored into the guidance due to policy uncertainty. He emphasized that IDEX's localized 'in-region, for-region' manufacturing model, supply chain diversification, and pricing power on differentiated products provide significant mitigation. Regarding M&A, Ashleman confirmed a strong focus on proprietary deals, which have comprised about 80% of recent transactions, with a continued interest in areas complementary to the HST and material science platforms. CFO Abhishek Khandelwal added that the company's balance sheet has the capacity to support this M&A strategy while maintaining its investment-grade rating.

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    Vladimir Bystricky's questions to IDEX Corp (IEX) leadership • Q4 2024

    Question

    Vladimir Bystricky of Citigroup Inc. questioned what assumptions were made in the 2025 guidance regarding potential tariff impacts and customer sentiment in the current uncertain environment. He also asked for an update on capital deployment, specifically the M&A funnel's mix of proprietary versus competitive targets and where larger deal opportunities might exist.

    Answer

    CEO Eric Ashleman responded that no material tariff impacts are included in the guidance due to policy uncertainty, but emphasized that IDEX's localized production model provides a natural hedge. He noted the company has also diversified its supply chain and relies on product differentiation for pricing power. On M&A, Ashleman stated the focus remains on proprietary deals, targeting an 80% rate, particularly in spaces complementary to HST and material science. CFO Abhi Khandelwal affirmed that the company has the balance sheet capacity to support M&A while maintaining its investment-grade rating.

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    Vladimir Bystricky's questions to IDEX Corp (IEX) leadership • Q3 2024

    Question

    Vladimir Bystricky from Citigroup asked for more detail on the dynamics in the FMT segment's energy business, which softened during the quarter. He also requested color on geographic trends for FMT's day-rate orders, particularly the differences between domestic and international markets.

    Answer

    CEO Eric Ashleman explained the energy softness was due to a combination of market pressures, such as a warm winter impacting downstream demand, and a difficult year-over-year comparison as the company was processing significant backlog a year ago. Regarding geography, he stated that North America is leading growth, Europe is stable but lagging, India is very strong, and China is trailing but still positive for IDEX.

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    Vladimir Bystricky's questions to IDEX Corp (IEX) leadership • Q3 2024

    Question

    Vladimir Bystricky from Citigroup asked for details on the softening energy market within the FMT segment and for a geographic breakdown of the stability observed in day-rate orders.

    Answer

    CEO Eric Ashleman explained that the energy softness was partly due to tough year-over-year comparisons from clearing a large backlog and partly due to market pressures like a warm winter. Regarding geography, he noted that North America is leading growth, Europe is stable but lagging, India is strong but small, and China is trailing but still positive for IDEX due to its targeted market approach.

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    Vladimir Bystricky's questions to ITT Inc (ITT) leadership

    Vladimir Bystricky's questions to ITT Inc (ITT) leadership • Q1 2025

    Question

    Vladimir Bystricky of Citigroup Inc. questioned the potential risk to Saudi Arabian investments and the basis for confidence in Motion Technologies' (MT) outperformance.

    Answer

    CEO Luca Savi stated there is no change in customer tone from Saudi Arabia, with energy-related orders continuing to grow, bolstered by market share gains from strong local execution. Regarding MT, he affirmed confidence in achieving 400-500 basis points of market outperformance for the year, citing secured platform wins and a strong near-term order book.

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    Vladimir Bystricky's questions to ITT Inc (ITT) leadership • Q4 2024

    Question

    Vladimir Bystricky asked about the expected conversion rate of the $1.6 billion backlog within 2025 and questioned the materiality of the Boeing production ramp-up to the CCT segment's growth outlook.

    Answer

    CEO Luca Savi explained that the backlog is more long-term, with projects in the IP segment having a 2-3 year execution timeline; he estimated IP's sales coverage for 2025 is over 40%. CFO Emmanuel Caprais noted that while the Boeing business is meaningful (~$10M revenue/quarter), the overall aerospace business is still expected to be down low-single-digits in 2025. Strength in defense and industrial connectors is expected to drive CCT's 4-5% growth.

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    Vladimir Bystricky's questions to ITT Inc (ITT) leadership • Q3 2024

    Question

    Vladimir Bystricky asked about the future path for margins, given that legacy businesses are already at or above long-term targets, and inquired about the timing and profitability of the recent $50 million project win in Saudi Arabia.

    Answer

    CFO Emmanuel Caprais indicated that new margin targets will likely be released in the first half of 2025 and expects legacy margins to continue improving next year. CEO Luca Savi confirmed the $50 million project win is profitable due to strong local execution and localization, with revenue to be recognized over the next 2-3 years. Caprais added that this timeline is typical for large projects.

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    Vladimir Bystricky's questions to Illinois Tool Works Inc (ITW) leadership

    Vladimir Bystricky's questions to Illinois Tool Works Inc (ITW) leadership • Q1 2025

    Question

    Vladimir Bystricky inquired about ITW's pricing strategy to offset tariff impacts, its effect on the overall 2025 pricing outlook, and whether the company's approach to margin protection has changed. He also asked about contingency plans for a potential economic slowdown and the company's recession playbook.

    Answer

    President and CEO Christopher O'Herlihy explained that the strategy is to offset tariffs with appropriate pricing, aiming for an EPS-neutral or better outcome. He emphasized that pricing decisions are decentralized to the 84 divisions, which leverage product differentiation. Regarding a recession, O'Herlihy stated ITW would stay invested in growth initiatives, utilizing its flexible cost structure and enterprise initiatives to protect margins, similar to its 'win the recovery' strategy during the pandemic.

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    Vladimir Bystricky's questions to Mirion Technologies Inc (MIR) leadership

    Vladimir Bystricky's questions to Mirion Technologies Inc (MIR) leadership • Q1 2025

    Question

    Vladimir Bystricky questioned the underlying demand trends in China's medical market, the longevity of the investment cycle in the existing nuclear fleet, and the strategic rationale behind the OncoSpace acquisition.

    Answer

    CEO Tom Logan attributed the recent slowdown in China's medical market to the country's anti-corruption programs but noted Mirion's cautious planning has helped mitigate the impact. He expressed strong optimism about the nuclear fleet, stating it's 'still early days' for a long-term capital investment cycle driven by compelling economic incentives for plant operators. Regarding OncoSpace, Logan and CFO Brian Schopfer described it as a small, proprietary, and strategically important deal with a creative, low-upfront-cash structure that enhances their SunCHECK software platform.

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    Vladimir Bystricky's questions to Mirion Technologies Inc (MIR) leadership • Q4 2024

    Question

    Vladimir Bystricky of Citigroup questioned the potential risk of reimbursement changes affecting the nuclear medicine business and asked for an update on the timing and gating factors for the previously announced $300-$400 million pipeline of large orders.

    Answer

    CEO Tom Logan stated that the company does not see a risk from reimbursement changes, noting that recent CMS code approvals for theranostics have actually created positive momentum. Regarding the large order pipeline, Logan reiterated that the opportunities are expected to materialize over the next year, the pipeline has broadened, and Mirion has not lost any of the potential deals, though the timing for large projects remains inherently difficult to predict.

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