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1、Global Industrials GroupBuilding Technology and AutomationMarket Primer Summer 20232Houlihan Lokeys Dedicated Coverage of the Building Technology and Automation SectorDear Clients and Friends,Houlihan Lokey is pleased to present its Building Technology and Automation primer for summer 2023.We have i

2、ncluded prevalent sector trends and industry insights to help you stay ahead in our dynamic and constantly evolving industry.We hope you find this update to be informative and that it serves as a valuable resource in staying abreast of the market.If there is additional content you would find useful

3、for future updates,please dont hesitate to call or email us with your suggestions.We look forward to staying in touch with you.Regards,Selected Building Technology and Automation TransactionsShevon Newman DirectorBuilding ProductsNew YorkSNewmanHL.com 212.497.7878Michael MorabitoManaging DirectorSec

4、tor LeadNew YorkMMorabitoHL.com212.497.7966Dave FlemingDirectorBuilding ProductsNew YorkDavid.FlemingHL.com 212.497.7941Frank MerkelManaging DirectorIndustrial TechnologyFrankfurtFrank.MerkelHL.com+49(0)69 204 34 6462Roman DebaldDirectorBuilding TechnologyFrankfurtRDebaldHL.com+49(0)69 25 624 6148a

5、portfolio company ofhas been acquired bySellside Advisorhas been acquired bySellside Advisoran operating subsidiary of has been acquired bySellside Advisora subsidiary ofhas been acquired bySellside Advisorhas soldtoSellside Advisor*a portfolio company ofhas been acquired bySellside Advisora portfol

6、io company ofhas been acquired bySellside Advisorhas acquiredBuyside Advisor*Selected transactions were executed by Houlihan Lokey professionals while at other firms acquired by Houlihan Lokey or by professionals from a Houlihan Lokey joint venture company.Tombstones included herein represent transa

7、ctions closed from 2017 forward.David BrockManaging DirectorBuilding ProductsLondonDBrockHL.com +44(0)20 7747 7583Global Industrials Coveragehas been acquired bySellside Advisor*DoorBirdhas been acquired byASSA ABLOYSellside Advisorhas divestedSituational Intelligence SolutionstoSellside Advisor3Abo

8、ut Our FirmKey Facts and FiguresOur Ranking by ServiceNo.1 Global M&A Advisor for Transactions Under$1 BillionLeading Capital Markets AdvisorNo.1 Global M&A Fairness Opinion Advisor Over the Past 25 Years1,000+Annual Valuation EngagementsNo.1 Global Restructuring Advisor1,500+Transactions Completed

9、Valued at More Than$3.0 Trillion CollectivelyCorporate FinanceFinancial RestructuringFinancial and Valuation Advisory2,000+CLIENTS SERVEDANNUALLY313MANAGINGDIRECTORS(1)2,000TOTAL FINANCIALPROFESSIONALS36LOCATIONSWORLDWIDE$1.8BREVENUE(3)$6BMARKET CAPITALIZATION(2)2022 Global Distressed Debt&Bankruptc

10、yRestructuring RankingsAdvisorDeals1Houlihan Lokey582PJT Partners Inc303Lazard294Rothschild&Co255Moelis&Co21Source:Refinitiv.1998 to 2022 Global M&A Fairness Advisory RankingsAdvisorDeals1Houlihan Lokey1,2322JP Morgan1,0303Duff&Phelps,A Kroll Business9384Morgan Stanley7255BofA Securities Inc710Sourc

11、e:Refinitiv.Announced or completed transactions.2022 M&A Advisory RankingsGlobal Transactions Under$1 BillionAdvisorDeals1Houlihan Lokey3812Rothschild&Co3693JP Morgan2174Lazard2065Goldman Sachs&Co203Source:Refinitiv.Excludes accounting firms and brokers.Houlihan Lokeys Industrials Group combines ext

12、ensive industry relationships with substantial experience to offer a broad array of M&A advisory,capital raising,restructuring,and financial and valuation advisory services to the industrials industry.Based on the number of transactions and according to data provided by Refinitiv,Houlihan Lokey was

13、ranked the No.1 M&A advisor for all U.S.industrials transactions in 2022,maintaining its consistent ranking for the past eight years.*Source:Refinitiv(previously Thomson Reuters).2017 ranking excludes transactions under$5 million.Learn More About OurIndustrials Group Industry Coverage2022 M&A Adviso

14、ry Rankings All U.S.Industrials TransactionsAdvisorDeals1Houlihan Lokey352Lincoln International333Goldman Sachs&Co263Stout265Benchmark International255Jefferies LLC25Source:Refinitiv.Excludes accounting firms and brokers.160+Dedicated Industrials Group bankers 75Completed Industrials Group M&A/priva

15、te placement transactions in CY22$2BIn disclosed financing deals in CY22(1)As of March 31,2023.Excludes corporate managing directors.(2)As of May 2023.(3)LTM ended March 31,2023.4Sources:CB Insights,Frost&Sullivan,Industry Participant Investor Relations Reports,Memoori.Building Technology and Automa

16、tionMarket OverviewKey QuestionTakeawayWhat Is It?The building technology and automation market encompasses a wide range of systems and devices that are designed to make commercial buildings more energy efficient,secure,and convenient Houlihan Lokey defines this TAM to include building services,HVAC

17、 equipment,intelligent building solutions,automation controls,security,and fire and life safety systemsWhy Does It Matter?Growing emphasis on government sustainability initiatives and energy savings requirements Smart building technology reduces energy usage and costs by optimizing HVAC,lighting,and

18、 other systems based on occupancy,weather conditions,and other factors Smart building technology also enhances occupant comfort,productivity,and safety,ultimately creating more efficient and profitable buildings through data analytics,uniformed control systems,and automationWhat Trends Are We Seeing

19、?How Does It Impact Decision-Makers?Valuations remain high in the sector,particularly companies that are focused on sustainability and energy-efficiency solutions due to the robust demand The building technology and automation market is also highly fragmented,with key conglomerates acquiring smaller

20、 players in the space to expand their offerings and increase their market positionWhat Makes the Sector Attractive for Buyers?Growing Market:The building technology and automation market is expected to continue growing in the coming years as companies and building owners seek to improve energy effic

21、iency,enhance building security and safety,and optimize building operationsConsolidation Opportunities:Highly fragmented,with many small-and medium-sized players operating in different segments ripe for a roll-up/buy-and-build strategy to combine automation,service,and controls offeringsRecurring Re

22、venue:Several companies in the market are shifting from selling products to offering services(particularly in the HVAC systems market),driving recurring revenue for industry operators$328BTAM6.5%20212030E CAGR40%of GHG From Buildings$80BMarket for the IoT in Smart BuildingsIncreased Building Complex

23、ity and Greater Emphasis on DataFocus on SustainabilityGrowing Awareness for Safe and Secure Workplaces$31BInvested in Startup Smart Building Companies Since 2015 5Sources:Industry participant investor presentations.Market Overview CAGR:6.5%Attractive Market With Significant Upside for GrowthBuildin

24、g Technology and Automation Addressable Market($in B)$328B Houlihan Lokey defines the building technology and automation TAM to include building services,HVAC/healthy air equipment,intelligent building solutions,security,fire,and building automation controls solutions The building technology and aut

25、omation market is forecasted to grow at 6.5%CAGR through the next decade,driven by:Smart buildings and the growing need for increasingly integrated,complex,and data-driven controls and technology Focus on operating healthier buildings,including uptake in fire and security infrastructure investment E

26、mphasis on decarbonization and favorable government initiatives impacting market uptakeTransportationSportsData CenterGovernmentHealthcareEducationCommercialIndustrial4.5%3.5%8.5%3.5%5.5%4.5%4.5%3.5%Uplift fromsustainability,intelligent and healthy building trendsHVAC,Controls,Fire,and Security Serv

27、ices Market($in B;CAGRs in 20212024)Large and fragmented market is poised for growth through a focus on decarbonization and healthy building investment over the next decadeBuilding Technology and Automation Sector Today$42$38$20$15$12$11$7$3$328.0$578.0 2021A2030EServices46%HVAC Equipment36%Intellig

28、ent Building Solutions8%Security5%Fire3%Building Technology and Automation2%6Key Trends Driving Sector Demand TodayKey Trend#1:Demand for increasingly integrated,complex,and data-driven controls and technology in smart buildings(I/III)Convergence of IoT and automation controls technology has created

29、 a significant opportunity forvalue creation and a bona fide demand in the marketplaceHistorically,building data has been siloed and difficult to aggregate the multiple data points from security,access control,energy usage,etc.,in a modular and integrated fashionNow,customers are demanding smart bui

30、lding software that consolidates,collects,and analyzes various disparate data points in order to visualize contextual data and drive actionable insights to improve building efficiencyCentralized InterfaceSingle Pane of GlassActionable InsightsDisparate Data and Lack of Comprehensive InsightTime-Cons

31、uming Data Analytics ProcessLimited Connectivity and Integration ToolsSource:Memoori.Before:Data SilosAfter:All Building Data ConsolidatedBenefits of Integrated IoT Building Software Stacks$25B$34B$70B2021202420307Key Trends Driving Sector Demand Today(cont.)Sources:Industry participant investor pre

32、sentations.Intelligent Buildings Solutions MarketCAGR:12%+$25BAccelerating Technology Adoption Drives Market UptickHow Is This Being Achieved?Key Trend#1:Demand for increasingl y integrated,complex,and data-driven controls and technology in smart buildings(II/III)A27%B26%C21%D13%E9%F4%Market by New

33、TechnologiesAEdge and Communication DevicesOptimized method of cloud computing systems in whichdata is performed at the“edge”of the network;edgedevices help transmit data to the central network at higherspeeds with heightened privacy and reliabilityBEnergy and Operational ManagementEnergy tracking a

34、nd optimization software for thermal,water,electrical,storage,and carbon;allows buildingowners to optimize the performance of buildings to meetthe needs of occupantsCIntegration Software and ServicesDesign and implementation services that connectapplication functionality and data with existing or pl

35、annedIT building infrastructureDCloud/IoT-Based Remote Monitoring and DiagnosticsIoT-based remote monitoring gives businesses the toolsto understand the condition of equipment and itscomponents with sensors to transmit precise data back tothe cloud;this allows companies to increase efficiencyand per

36、form any predictive maintenance on equipmentESpace Optimization and AnalyticsSpace optimization technology helps manage clean air,energy,sustainability,comfort,and costs for buildingowners and managers through continuous data ingestionand monitoringFOccupant Experiential/Value-Added ApplicationsOccu

37、pant experience technology allows owners andtenants to receive feedback on occupant behavior andspace utilization patterns to improve the comfort,convenience,and collaboration of knowledge workersABCDEFAdoption of New TechnologiesSoftware OverlaysImproved Building Management Services8Key to LinesThe

38、 Business EnterpriseUser ExperienceSecurityLighting and SignageFacilitiesEnergyKey to SymbolsTechnology/Service TypeData ExchangeSmart Home Data InterchangeSmart City Data InterchangeKey Trends Driving Sector Demand Today(cont.)IoT in Smart Commercial BuildingsKey Trend#1:Demand for increasingl y in

39、tegrated,complex,and data-driven controls and technology in smart buildings(III/III)Technology stacks within commercial buildings are complexbona fide demand exists to consolidate and integrate all these disparate systems to drive building efficiency Source:Memoori.Click to Expand9Key Trends Driving

40、 Sector Demand Today(cont.)Key Trend#2:Heightened demand for fire,life,safety,and security systems to promote“healthy”buildingsPost-pandemic focus on operating“healthy”buildings will require significant investment in both thefire life and safety(FLS)and security products verticals$80BGlobal market f

41、or the IoT in smart commercial buildingsMegatrends Driving Sustainable GrowthIncreased Government Fire RegulationAwareness for Health and Safety in WorkplaceDemand forConnected Building Security$6B+Global under-protected residential fire safety market within five years90%+Building occupants believe

42、touchless access has a significant impact on the health and safety of a building$12BIn building damages due to fires per year in the U.S.alone$18BSecurity Products Market$10BFire Products Market7%CAGR 20212026(1)4%CAGR 20222030(2)AI and cloud-based product shift Heighted demand for cybersecurity off

43、ering to combat cyber attacks Rise in crime,terrorism,and infrastructure challenges Wireless networking and edge services integration Increased building activities in high-growth verticals(i.e.,data centers)requiring fire systems or R&R of existing infrastructure and implementation of new technologi

44、es Stringent and growing fire safety regulatory complianceSecurity TrendsFLS TrendsSources:Industry participant investor presentations,Memoori,Grandview Research.(1)Representative of global security products market growth(outside of commercial buildings).(2)Representative of total U.S.fire protectio

45、n system market.Global Ductless HVAC54%Chiller Addressable Market17%NA Residential HVAC13%VRF10%Industrial Refrigeration3%NA Unitary Rooftops3%Requires an 80%reduction in emissions intensity over the next 30 years for largemultifamily and commercial buildings,with annual fines beginning in 2024 andi

46、ncreasing in 2030 for exceeding emissions capsThe countrys coalition agreement states that by 2025,all newly installed heatingsystems must operate with at least 65%renewable energyU.S.government plans to cut greenhouse gas emissions in half by 203010Key Trends Driving Sector Demand Today(cont.)Key T

47、rend#3:HVAC/healthy air optimization and sustainability focus(I/II)Benefits of HVAC OptimizationAs governments and companies increasingly focus on decarbonization/ESG initiatives,buildingsplay a critical role in reducing greenhouse emissionsBuildings account for nearly 40%of greenhouse gas emissions

48、;HVAC optimization will play a critical rolefor building managers to decrease energy costs while also hitting sustainability targetsIncreased demand/investment in the space for software and low-emission heating equipment to maximizebuilding efficiency50%+of S&P 500 companies have committed to CO2emi

49、ssions targets$117BHVAC Market by Segment$240BMarket by 2035 for decarbonization solutions with HVAC as key technologyImproved HVAC System Run TimeDecreased Carbon FootprintEnhanced Energy Efficiency and Lower CostImproved Air Quality and Healthier BuildingsNYC Local Law 97Germany and EUU.S.Governme

50、ntSelected Laws Driving ActionSources:Industry participant investor presentations.11Key Trends Driving Sector Demand Today(cont.)Key Technology in Space:IoT-Connected Heat Pumps082002220232024North AmericaAsiaEuropeEU target is to halve 1990 carbon emissions by 2030

51、and net zero by 2050,with Germany,France,and DenmarkleadingEU Green Deal and flagship program“EU renovation wave”will drive growthwith regulation revision and incentivesChina has committed to carbonemissions peak before 2030 and to netzero by 2060Strong demand for heat pumps,fromdistrict heating to

52、residentialNAhas steadily been increasing regulations,with heat pumps growing 3x faster than boilers over the past fiveyearsInflation Reduction Act expected to bea major driver of heat pump uptick in theU.S.CAGR 1820CAGR 2024Key Messages11%8%12%10%15%9%5%5%891011121314TotalSources:BSRIA global heat

53、pump industry,industry particpant estimates,McKinsey&Company.Global Heat Pump MarketHVAC HeadwindsHeat Pump AdvantagesOpportunities12Heat pumps are currently only 35%of new heating unit sales but are estimated to grow to 90%by 2050Global implementation of heat pumps have the potential to reduce GHG

54、emissions by 3 gigatons per year($in B)Heat pumps drasticallyimprove energyefficiency and reducecosts and emissionsIoT sensors and room-by-room temperaturecontrol augment positivespend and tractionfurtherHVAC incurs high energy costs due to extensive usageHVAC generates the bulk of GHG emissions for

55、 buildings(40%)Key T r end#3:HVAC/h eal th y ai r op ti m i z ati on and su stai nab i l i ty fo cu s(II/I I)12Carrier Announces Plans to Divest F&S DivisionSelected Press CommentaryRecent News ArticlesEquity Research Commentary“Investors argue a potential breakup would drive a higher valuation mult

56、iple for the HVAC business,a playbook that worked successfully for Trane Technologies following the Ingersoll Rand spin-off.Fire&Security peers currently trade at 9.1x 2023 EV/EBITDA.To be clear,potential AFFF liability within Fire&Security creates uncertainty around valuation.However,Carriers expos

57、ure is fundamentally different from 3M and other fluoro-chemistry manufacturers.”BofA Global Research,April 10,2023“Relevant F&S sale comps,including Stanleys Security business and Chubb,point to an EV/EBITDA multiple in the mid-teens.The resultant value of F&S using a 15x EV/EBITDA multiple is$9.5

58、billion,a relatively large price tag,which could limit the number of suitors with enough balance sheet capacity to fund a deal(particularly given private equity tends to be active in this space and financing tightness/high interest rates are now limiting PE transaction activity).”Deutsche Bank,April

59、 13,2023“We believe that investors would applaud a divestiture of Fire&Security,as it would position Carrier as a more focused HVAC pure-play.Overall,we believe this divestiture makes sense,as roughly 75%of Fire&Security revenues are in products,many of which are commoditized,in our view.By our roug

60、h back-of-the-envelope estimates,a sale would be modestly dilutive assuming a 13.8x EBITDA multiple,which is a roughly 20%takeout premium to our SOP for the Fire&Security segment,a 23%tax rate,and the proceeds were used on buybacks.For a spinoff,the business could trade at 11.5x EV/EBITDA and be 15%

61、17%dilutive,assuming roughly 2.0 x leverage.RBC Capital Markets,April 11,202313Smart Building Investment TrendsSources:Memoori,CB Insights.Equity Funding ActivityRepresentative Investments and TransactionsSchneider Electric Investing 40 Million in New Smart Factory in HungarySchneider Electric,the l

62、eader in the digital transformation of energy management and industrial automation,broke ground on its new smart factory in Dunavecse,Hungary$3,833$2,451$2,557$5,171$5,2682852632362732800250300$0$1,000$2,000$3,000$4,000$5,000$6,000200212022Amount of funding($M)Number of dealsHo

63、neywell Invests in Energy-as-a-Service Market Leader Redaptive to Drive Private Sector Energy ContractingHoneywell(NASDAQ:HON)today announced a strategic investment in Redaptive,which will accelerate a collaboration to bring energy-as-a-service capabilities to private sector-owned commercial and ind

64、ustrial buildingsJLL Acquires Proptech Company HankThe AI-powered platform will help JLL clients operate more sustainably with improved energy efficiency,air quality,and tenant comfortSiemens Agrees to Buy U.S.Digital-Twin Software From EcoDomusSiemens has signed a deal to acquire the digital-twin s

65、oftware from U.S.-based smart-building design company EcoDomusNRG Acquires VivintNRG acquires Vivint Smart Home for$2.8 billion;the acquisition furthers NRGs consumer-focused growth strategy and expands the combined companies market reachCarrier Plots Separation of Fire UnitCarrier Global Corp.is wo

66、rking on a plan to sell or spin off its Fire&Security business segment,which accounts for about 17%of the air-conditioning companys sales,according to people familiar with the matterSince 2015,total capital invested in startups in the global smart building space amounted to morethan$31 billion.In th

67、e past two years,it reached unprecedented levels,with$5.9 billion beinginvested in 2022 alone$114$143$164$184$132$52$75$167$110$161$217$357$195$213$178$142$86 Q1 2019Q3 2019Q1 2020Q3 2020Q1 2021Q3 2021Q1 2022Q3 2022Q1 2023The outlook for the commercial real estate market remains mixed,as macro headw

68、inds,a general pullback in broader investments,and the impact of rising rates on real estate exposed the sectorCommercial real estate has fallen by 15%since property prices peaked a year agoCommercial Property Price Index as of 05/4/2023(1)Commercial Property Prices Down From Last Years ReboundOffic

69、e Demand Slows Beyond Typical SeasonalityU.S.Net Absorption and Completions as of Q1 2023(s.f.in M)and Vacancy Rates(%)(2)Q1 negative net absorption of 16.5 million square feet marked the weakest quarter for office demand in two yearsCommercial Real Estate Investment Volume Continues to Fall Through

70、 Q1 2023Americas Commercial Real Estate Investment Volume($B)(2)High interest rates,tight credit conditions,and a worsening economic outlook were largely the main factors driving decreases in investment volume in 2022 and early 2023(2)Key Subsegment Trends:Commercial Real Estate123(1)Green Street.(2

71、)CBRE.14131.3516011%12%13%14%15%16%17%18%(40)(30)(20)(10)0102030Q12019Q22019Q32019Q42019Q12020Q22020Q32020Q42020Q12021Q22021Q32021Q42021Q12022Q22022Q32022Q42022Q12023Net Absorption(L)Completions(L)Vacancy Rate(R)Construction technology adoption,while early,continues to expand and is drawi

72、ng significant investor/strategic capitalConstruction spend is projected to keep growing,despite macroeconomic factorsCertain end markets,like infrastructure,will be spurred by government spending initiativesConstruction Is a Large Portion of Global Economic Activity and Continues to GrowU.S.Constru

73、ction Industry Spending as of March 2023(Index:Mar.2019=1)(1)Construction Hiring/Job Openings Continue to Outpace Labor Supply1Reducing project costs2Eliminating/lowering errors in all stages of the construction process3Improving efficiency,accelerating project timelines4Increasing ESG compliance5In

74、creasing cost savings overall from applying tech to construction projects that are$500BTechnology Solutions Will Create Significant ROI in the Construction Sector(2)This is driving the need for greater technology adoption;job openings have grown by 29%since January 2020Job Openings in Construction a

75、s of 4/1/23(K)(1)Key Subsegment Trends:Construction123(1)FRED.(2)Procore Initial Public Offering Prospectus.15383K02004006000.81.01.21.41.61.82.0Mar-19Sep-19Mar-20Sep-20Mar-21Sep-21Mar-22Sep-22Mar-23Total ConstructionTotal ResidentialTotal CommercialTotal InfrastructureNov 2021:$1.2T Infrastructure

76、Bill PassedPublic Markets OverviewMedian TEV/EBITDAThree-Year Indexed Stock Price Performance1612.9x 14.0 x 13.0 x 12.8x 13.1x 11.3x Building Technology and AutomationHealthy Air and ControlsSecurity Products and Solutions2023E2024E0%20%40%60%80%100%120%Building Technology and AutomationHealthy Air

77、and ControlsSecurity Products and Solutions69%21%57%Source:S&P Capital IQ.Note:All data as of May 30,2023.Public ComparablesBuilding Technology and Automation($in millions,except per-share prices)($in millions,except per-share prices)($in millions,except per-share prices)Source:S&P Capital IQ.Note:A

78、ll data as of May 30,2023.Building Technology and AutomationHealthy Air and ControlsSecurity Products and Solutions17LTMTEV/Company Name Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA Siemens Aktien

79、gesellschaft$166.9697.3%$132,325$181,395$80,919$11,88414.7%3.7x2.2x2.1x15.3x11.2xHoneywell International Inc.$194.5588.0%$129,460$142,934$35,954$8,38223.3%1.5x4.0 x3.8x17.1x14.9xSchneider Electric S.E.$175.4298.6%$98,082$111,927$36,423$6,80418.7%1.9x3.1x2.9x16.5x14.2xJohnson Controls International p

80、lc$61.6888.6%$42,319$53,352$26,093$3,32312.7%3.0 x2.0 x1.9x16.1x12.8xCarrier Global Corporation$41.7584.9%$34,854$41,197$21,040$2,88013.7%2.1x2.0 x1.8x14.3x11.3xSmartRent,Inc.$3.5553.9%$708$504$196($72)N/MN/M2.6x2.0 xN/MN/MMean:16.6%2.5x2.6x2.4x15.8x12.9xMedian:14.7%2.1x2.4x2.1x16.1x12.8xLTMTEV/Comp

81、any Name Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA Daikin Industries,Ltd.$191.1095.2%$55,939$58,165$28,497$4,00314.0%0.5x2.0 x2.0 x14.5x13.6xTrane Technologies plc$166.5884.9%$37,989$42,144$16,

82、302$2,73116.8%1.5x2.6x2.4x15.4x13.8xCarrier Global Corporation$41.7584.9%$34,854$41,197$21,040$2,88013.7%2.1x2.0 x1.8x14.3x11.3xLennox International Inc.$280.9795.3%$9,975$11,818$4,754$75715.9%2.4x2.5x2.4x15.6x14.1xMean:15.1%1.6x2.3x2.2x15.0 x13.2xMedian:15.0%1.8x2.3x2.2x15.0 x13.7xLTMTEV/Company Na

83、me Stock Price%of 52 Week High Equity Value Enterprise Value Revenue EBITDA EBITDA Margin Net Debt/EBITDA LTM Revenue NTM Revenue LTM EBITDA NTM EBITDA Motorola Solutions,Inc.$285.0395.2%$47,804$53,318$9,391$2,63428.0%2.1x5.7x5.4x20.2x18.7xCanon Inc.$25.0698.6%$25,454$27,666$29,511$4,36214.8%0.1x0.9

84、x0.9x6.3x6.3xASSA ABLOY AB(publ)$22.4490.8%$24,931$27,488$11,611$2,00117.2%1.3x2.4x2.2x13.7x11.2xDelta Electronics,Inc.$10.2196.9%$26,514$27,106$12,833$1,98815.5%(0.4x)2.1x1.9x13.6x12.4xAllegion plc$107.0886.7%$9,417$11,387$3,471$77122.2%2.6x3.3x3.1x14.8x13.0 xdormakaba Holding AG$456.9288.5%$1,909$

85、2,722$3,094$33810.9%2.4x0.9x0.9x8.0 x6.7xIdentiv,Inc.$7.3643.3%$169$153$114$10.7%(19.6x)1.3x1.2xN/M27.8xMean:15.6%(1.6x)2.4x2.2x12.8x13.7xMedian:15.5%1.3x2.1x1.9x13.7x12.4xDisclaimer 2023 Houlihan Lokey.All rights reserved.This material may not be reproduced in any format by any means or redistribut

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