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US Industrials: EPG Conference | Macro to Micro

Sector Analysis: 29 May 2018, 4:47 AM ET - We attended the 3-day Electrical Products Group conference in FL last week, which featured a host of Industrial firms. The macro and end-market tone was distinctly positive.  In this report we highlight key takeaways on over 15 credits.

US Cap Goods: Event Risk = Sector Underperformance

IG Note: 21 Mar 2018, 5:23 AM ET - The Capital Goods Index has been the worst performing sector on an excess return basis year-to-date. Sector returns severely lagged the Index in January with GE and UTX being notable underperformers to date.
Focused

JCI: Power Solutions in Play

IG Note: 12 Mar 2018, 9:44 PM ET - We had been flagging JCI as a credit with high event risk. Now JCI is joining other Industrials under pressure by putting Power Solutions under strategic review. We maintain our Underperform until we obtain more capital structure clarity.

US Strategy: Tariffs as Repricing Event?

Strategy Analysis: 01 Mar 2018, 9:40 PM ET - The market has been building in very low odds of a trade war event, a NAFTA withdrawal, or a significant escalation of tit-for-tat trade retaliations on a broader scale.  The odds-makers just got a fresh load of input.
Focused

US Industrial 2018 Outlook: Conglomerate Conundrum

Sector Analysis: 21 Jan 2018, 9:58 PM ET - Against the backdrop of a generally favorable global demand environment, event risk is the key 2018 credit concern for the conglomerate peer group. We focus on this topic and revisit our credit recommendations for more than two dozen firms.

Industrials Earnings Blitz: IR, ROK, TEL

Earnings Note: 26 Jul 2017, 11:38 AM ET - In this earning blitz, we highlight the key takeaways from earnings releases across the Industrials today that include Ingersoll-Rand, Rockwell Automation, and TE Connectivity.

Johnson Controls: Scott Safety Sold to 3M for $2B

IG Note: 16 Mar 2017, 12:36 PM ET - JCI continues to transform its portfolio and will now use some asset proceeds for merger related debt reduction. Meanwhile, 3M continues to leverage up with the Scott Safety acquisition being its second largest to date.

Trump, Trade, Germany, and the EU

Strategy Analysis: 08 Mar 2017, 11:15 PM ET - The Trump team focuses on a bilateral deal with Germany distinct from the EU and sets the stage for more tension. We frame the US-Germany trade deficit for 2016 at the industry level.  Trade edges ahead of the Fed as a risk variable?

Johnson Controls: Marketing Euro-Denominated Debt

IG Note: 08 Mar 2017, 5:01 PM ET - JCI is expected to tap the European debt capital markets. Hence, we recap recent developments at the credit and offer our Relative Value thoughts ahead of potential issuance.

Johnson Controls: 1Q17 | Starting Its Next Chapter

Earnings Note: 01 Feb 2017, 5:16 PM ET - Although JCI’s organic revenue trends got off to a slow start in fiscal 1Q17, it was an active quarter on the capital structure front. We maintain our Market perform on the credit.

US Industrials 2017 Outlook: Anything But Boring

Sector Outlook: 19 Jan 2017, 5:28 AM ET - In this US Industrial 2017 Outlook, we discuss macro trends, sector fundamentals, and provide credit summaries for over 20 Industrial IG debt issuers. We also maintain our Underperform recommendation on Capital Goods.

November 2016 US Company Recommendation Changes

US Company Recommendation Changes: 01 Dec 2016, 6:00 AM ET - Our monthly report provides executive summaries for the forty-two company recommendation changes made on US companies during the month of November.

CreditSights 12th Annual European Conference

Announcement: 29 Nov 2016, 8:54 PM ET - Download our Conference Mobile App for our upcoming event on Friday 9th December 2016.

Johnson Controls: Announces Debt Exchange Offering

Worth Watching: 28 Nov 2016, 7:08 PM ET - Johnson Controls (Baa1/BBB+) is launching a large scale debt exchange offer to existing JCI Inc. and Tyco International Finance S.A. ("TIFSA") bondholders with matching coupons and maturities as we recently foreshadowed. The exchange will expir ..
Focused

Johnson Controls: 4Q16 – Shift to Market perform

Worth Watching: 08 Nov 2016, 2:17 PM ET - Johnson Controls (Baa1/BBB+) reported 4Q16 results that concluded a very busy stretch in management's efforts to become a multi-industrial company. The merger with Tyco was completed on September 2 and the spin-off of Adient took place on Octo ..
Focused

Industrials: Sector Update & 3Q16 Preview

Sector Analysis: 17 Oct 2016, 5:16 AM ET - In this report we update end-market color, highlight areas of focus during 3Q16 earnings season, discuss potential capital market activity, and feature some credits to watch such as CAT, DE, ETN, GE, JCI, PNR, UTX, and XYL.

Industrials: Relative Value Across the Pond

Sector Analysis: 10 Aug 2016, 10:52 PM ET - In this report we focus on relative value across the A-tier Industrial/Capital Goods universe in the US and Europe while also highlighting high level takeaways from the recent earnings season.
Focused

Tyco: 3Q16 Last Standalone Quarter

Worth Watching: 31 Jul 2016, 9:21 PM ET - Tyco (A3▼/BBB+*) reported 3Q16 sales and earnings that were just slightly ahead of expectations during its final stretch as a standalone company. Tyco's earnings call was rather uneventful ahead of its September merger with JCI. Sales for the q ..

Johnson Control: 3Q16 Results and Adient Preview

Earnings Note: 21 Jul 2016, 2:57 PM ET - JCI reported solid 3Q16 results, lifted guidance and brushed off Brexit concerns. We highlight the details and offer more of our thoughts on Adient prior to its October spin-off.

May 2016 US Company Recommendation Changes

US Company Recommendation Changes: 31 May 2016, 11:48 PM ET - Our monthly report provides executive summaries for the fifteen company recommendation changes made on US companies during the month of May.

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