The Corporate Restructuring Report-nVent Electric Plc (NVT) Update
On April 30, 2018, nVent Electric Plc (NYSE:NVT) was spun off from its parent company, Pentair Plc (NYSE:PNR). In our note dated April18, 2018, we had a positive view on NVT and continue to remain bullish on its prospects. nVent is a pure play electrical business with industry leading brands, attrative margin profile and strong cash flows. nVent noted that its key verticals are all expected to grow in low- to mid-single digits, which should support revenue growth. The company reported solid 1Q18 results and in particular, we are enthused by the growth at Enclosures segment (+12% in 1Q18) and signs of improvement in Thermal Management segment (+2% in 1Q18). While w expect material inflation to continue, it is likely to be offset by accelerating productivity and moderate pricing headwinds. In our view, NVT is undervalued.
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