There's no better way to quiet doubters than to consistently execute well, and despite challenges from stressed supply chains and some volatility in end-market conditions, Acuity Brands (NYSE:AYI) has been executing rather well, surpassing expectations on multiple occasions since my last update on the shares about two years ago.
AYI shares are up more than 75% since that last article, handily outperforming the average industrial stock and other industrials with significant non-residential exposure like Allegion (ALLE), Carrier (CARR), Hubbell (HUBB), Johnson Controls (JCI), and Trane (TT). Even with that strong performance, I wouldn't necessarily say that the shares are getting their full due, as they still appear undervalued on both cash flow and margin/return-driven EBITDA.
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