Financials Trane Technologies plc London S.E.

Equities

0Y2S

IE00BK9ZQ967

Electrical Components & Equipment

Market Closed - London S.E. Other stock markets 08:58:00 10/05/2024 pm IST			5-day change	1st Jan Change
88.17 ^USD	0.00%		-72.43%	-63.87%

07/05	Trane Technologies plc Provides Earnings Guidance for the Full Year 2024	CI
02/05	JPMorgan Adjusts Price Target on Trane Technologies to $300 From $247	MT

Valuation

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Capitalization ¹	31,677	34,857	47,990	38,712	55,501	75,144	-	-
Enterprise Value (EV) ¹	35,947	36,839	50,673	42,328	59,186	78,461	77,464	76,474
P/E ratio	23 x	41.2 x	33.9 x	22.2 x	27.4 x	31.8 x	28.6 x	25.6 x
Yield	1.59%	1.46%	1.17%	1.59%	-	0.98%	1.06%	1.13%
Capitalization / Revenue	1.91 x	2.8 x	3.39 x	2.42 x	3.14 x	3.91 x	3.68 x	3.46 x
EV / Revenue	2.17 x	2.96 x	3.58 x	2.65 x	3.35 x	4.09 x	3.79 x	3.52 x
EV / EBITDA	13.7 x	19.2 x	21.4 x	15.7 x	18.6 x	21.6 x	19.8 x	18 x
EV / FCF	21.6 x	28.6 x	37.1 x	34.9 x	28.3 x	33.2 x	29.4 x	27.1 x
FCF Yield	4.63%	3.5%	2.69%	2.86%	3.53%	3.01%	3.41%	3.68%
Price to Book	4.44 x	5.49 x	7.8 x	6.48 x	8.02 x	10.3 x	8.91 x	7.83 x
Nbr of stocks (in thousands)	2,38,317	2,40,125	2,37,540	2,30,307	2,27,557	2,26,352	-	-
Reference price ²	132.9	145.2	202.0	168.1	243.9	332.0	332.0	332.0
Announcement Date	29/01/20	05/02/21	31/01/22	02/02/23	01/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net sales ¹	16,599	12,455	14,136	15,992	17,678	19,203	20,417	21,729
EBITDA ¹	2,620	1,918	2,364	2,694	3,184	3,637	3,915	4,250
EBIT ¹	2,234	1,641	2,069	2,379	2,888	3,276	3,556	3,871
Operating Margin	13.46%	13.17%	14.63%	14.88%	16.34%	17.06%	17.42%	17.81%
Earnings before Tax (EBT) ¹	1,742	1,288	1,791	2,172	2,567	3,010	3,305	3,672
Net income ¹	1,411	854.9	1,444	1,756	2,024	2,385	2,625	2,904
Net margin	8.5%	6.86%	10.21%	10.98%	11.45%	12.42%	12.86%	13.36%
EPS ²	5.770	3.520	5.960	7.570	8.890	10.45	11.62	12.98
Free Cash Flow ¹	1,665	1,289	1,365	1,212	2,089	2,364	2,638	2,818
FCF margin	10.03%	10.35%	9.66%	7.58%	11.82%	12.31%	12.92%	12.97%
FCF Conversion (EBITDA)	63.56%	67.18%	57.76%	45%	65.6%	65%	67.39%	66.3%
FCF Conversion (Net income)	118.04%	150.75%	94.55%	69.01%	103.21%	99.11%	100.49%	97.04%
Dividend per Share ²	2.120	2.120	2.360	2.680	-	3.237	3.514	3.739
Announcement Date	29/01/20	05/02/21	31/01/22	02/02/23	01/02/24	-	-	-

¹USD in Million²USD

Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December	2021 Q4	2022 Q1	2022 Q2	2022 Q3	2022 Q4	2023 Q1	2023 Q2	2023 Q3	2023 Q4	2024 Q1	2024 Q2	2024 Q3	2024 Q4	2025 Q1	2025 Q2
Net sales ¹	3,569	3,356	4,190	4,372	4,074	3,666	4,705	4,883	4,424	4,216	5,108	5,225	4,693	4,430	5,419
EBITDA ¹	525.4	461.5	785.5	809.1	637.8	542.4	926.8	954.4	760.7	706.1	1,034	1,055	829.6	766.4	1,097
EBIT ¹	446.9	384.9	707.3	728.8	558.1	472.4	848.5	879.2	688.4	639.6	943.6	964.1	739.9	674.4	1,020
Operating Margin	12.52%	11.47%	16.88%	16.67%	13.7%	12.89%	18.04%	18.01%	15.56%	15.17%	18.47%	18.45%	15.77%	15.22%	18.83%
Earnings before Tax (EBT) ¹	394.6	331.5	653.1	665	522.4	389.8	766.4	796.3	614.8	550.7	876.5	896.7	685.3	625.4	966.6
Net income ¹	325.8	260.2	509.3	547.9	439.1	307.1	586.2	626.3	504.3	436.3	695	709.9	536.9	494.7	765.8
Net margin	9.13%	7.75%	12.15%	12.53%	10.78%	8.38%	12.46%	12.83%	11.4%	10.35%	13.61%	13.59%	11.44%	11.17%	14.13%
EPS ²	1.350	1.130	2.160	2.380	1.910	1.350	2.570	2.740	2.230	1.920	3.044	3.115	2.373	2.190	3.400
Dividend per Share ²	0.5900	0.6700	0.6700	0.6700	0.6700	0.7500	-	0.7500	-	0.8400	0.8094	0.8237	0.8374	0.8977	0.8946
Announcement Date	31/01/22	04/05/22	03/08/22	02/11/22	02/02/23	03/05/23	02/08/23	01/11/23	01/02/24	30/04/24	-	-	-	-	-

¹USD in Million²USD

Estimates

Balance Sheet Analysis

Fiscal Period: December	2019	2020	2021	2022	2023	2024	2025	2026
Net Debt ¹	4,270	1,982	2,683	3,616	3,685	3,317	2,319	1,330
Net Cash position ¹	-	-	-	-	-	-	-	-
Leverage (Debt/EBITDA)	1.63 x	1.033 x	1.135 x	1.342 x	1.157 x	0.912 x	0.5924 x	0.3129 x
Free Cash Flow ¹	1,665	1,289	1,365	1,212	2,089	2,364	2,638	2,818
ROE (net income / shareholders' equity)	19.6%	15.8%	22.7%	28.4%	30.8%	32.6%	33.1%	31.5%
ROA (Net income/ Total Assets)	7.35%	5.61%	7.97%	9.72%	10.8%	12.3%	12.6%	13%
Assets ¹	19,203	15,249	18,109	18,071	18,737	19,421	20,816	22,279
Book Value Per Share ²	29.90	26.40	25.90	25.90	30.40	32.10	37.20	42.40
Cash Flow per Share ²	7.850	5.900	6.550	6.400	10.40	12.30	13.50	15.30
Capex ¹	254	146	223	291	301	346	353	377
Capex / Sales	1.53%	1.17%	1.58%	1.82%	1.7%	1.8%	1.73%	1.74%
Announcement Date	29/01/20	05/02/21	31/01/22	02/02/23	01/02/24	-	-	-

¹USD in Million²USD

Estimates

EPS & Dividend

Year-on-year evolution of the PER

Year-on-year evolution of the Yield

Change in Enterprise Value/EBITDA

Ratings for Trane Technologies plc

Trading Rating

Investor Rating

ESG Refinitiv

More Ratings

Analysts' Consensus

Sell

Buy

Mean consensus

OUTPERFORM

Number of Analysts

Last Close Price

332 USD

Average target price

310.4 USD

Spread / Average Target

-6.50%

Consensus

EPS Revisions

Estimates Revisions

Quarterly earnings - Rate of surprise

Company calendar

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