2025-06-16-花旗集团-维谛技术有限公司（VRT）_维谛技术控股公司（VRT.N）_强劲的数据中心基础设施需求推动每股收益上升轨迹_13页_653kb

Vertiv Holdings Co (VRT.N) Research Summary

Key Points

• Recommendation: Citigroup maintains a "Buy" rating due to robust AI/data center infrastructure demand, potential margin expansion, and strategic capital deployment.
• Growth: Strong multi-year demand drivers from AI/data center market, expected 14% CAGR through 2030; key opportunities in Americas and APAC regions; collaboration with NVIDIA enhances liquid cooling solutions.
• Margin: Target unadjusted operational margin of 25% by 2029, supported by improved execution and pricing power, despite N-T tariff headwinds easing from US-China discussions.
• Capital Deployment: Plans for accretive acquisitions and/or share repurchases to drive earnings growth, with $12.5bn available for 2025-2029.
• Valuation: Target price raised from $98 to $130 (17.1% expected share price return), EV/EBITDA multiple increased from 16x to 21x.
• Risks: Lingering supply chain/logistics challenges, inflation, slower European AI infrastructure build-out, and reduced Telecom revenue exposure.