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Carrier (CARR)

Stock Price: $17.07 Market Cap: 14.7B Enterprise Value: 17.8B Thesis: While Carrier trades at a heavy discount to its peers, it has a lot going for it. Unlike its peers, Carrier is a growing diversified HVAC, refrigeration, & security solutions manufacturing. In the long-run, it has established a quality reputation despite its concentrated customer base, and it’s an ideal outsourcer. Despite headwinds from the cyclical peak in installation to its large debt burden (which can become a permanent issue), Carrier continues to benefit from secular trends in the current COVID-19 environment, and beyond.
Positive Developments During COVID-19 Carrier Global should benefit from wholesale centers, airports, and hospitals adopting HVAC and chiller products amid the pandemic. Carrier’s Commercial Refrigeration provided natural refrigerant systems for METRO AG, a European wholesale center operator. This agreement involves CCR installing high-efficiency remote cabinets and cold-room equipment …

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