2025-06-09-Jefferies-英格索兰（IR）_路演思考_与管理层的会议_8页_143kb

Ingersoll Rand Equity Research Summary

• Rating & Price: Jefferies assigns a "Buy" rating with a current price of $83.46 and a price target of $100.00, representing a +20% upside.

• Key Management Discussions: The company addressed services revenue growth targets, with plans to reach $1B in service revenue by 2027 from $300mn in 2024. Tariff costs, including China tariffs and steel/aluminum tariffs, are expected to be passed through with minimal earnings impact but potential margin pressure. Longer-term focus includes recurring service contracts with high margins, and medium-term goals for 35% EBITDA margins as integration of IRx and ILC Dover progresses.

• Company Overview: Ingersoll Rand provides mission-critical technologies in air, fluid, energy, and medical solutions across four segments: Industrial Technologies & Services, Precision & Science Technologies, High Pressure Solutions, and Specialty Vehicle Technologies. The company operates globally with a large service technician base and diverse product portfolio.

• Valuation & Risks: Valuation employs EV/Sales and EV/EBITDA multiples based on historical peer performance. Key risks are economic downturns, tariff volatility, and challenges in implementing growth strategies.

• Recent Developments: Strong order growth in Q1 2025 supported by global markets, particularly in ITS and PST segments. M&A activity is robust, with 8 businesses under LOI, aimed at enhancing regional manufacturing footprints for cost stability. The company also has an $1bn share repurchase plan.

• Analyst View: Positive outlook from Jefferies analysts, citing the recent price pullback as a buying opportunity, with emphasis on long-term service growth as a key catalyst. Medium-term margin improvement potential exists through operational efficiencies and footprint consolidation.

For detailed information, refer to the full report, including analyst certifications and risk disclosures.