- CECO Environmental is a diverse company serving the global pollution control industry with three business segments: Energy Solutions (65% of revenue), Industrial Solutions (25%), and Fluid Handling Solutions (10%).
- The company is pursuing an acquisition strategy to expand into standard and configured products and the aftermarket, which have higher margins. This includes the recent purchase of GRC for $24M, increasing its addressable market size.
- CECO is shifting its strategic focus to shorter cycle products like fluid handling, parts, and services to improve performance and stability. Its backlog implies fruitful revenue conversion in 2022, though margins are expected to increase further as the shift is realized.
Delivering major projects in government presentation,
Joanna Lewis & Chris Battersby,
London
23rd June 2016
The APM Benefits Summit.
APM Benefits Management SIG.
Quantifying the Benefits of Meteorological services presentation, Claire Ross, London 23 June 2016
The APM Benefits Summit.
APM Benefits Management SIG.
Sitra commissioned Ecofys to describe the science-based targets methodology and to provide information about the process. This report explains why and how companies can set their own science-based emission reduction targets and show the benefits at company level. In connection to this report, two leading Finnish companies have demonstrated, how the process works and what kind of benefits they have gained by setting science-based targets.
Delivering major projects in government presentation,
Joanna Lewis & Chris Battersby,
London
23rd June 2016
The APM Benefits Summit.
APM Benefits Management SIG.
Quantifying the Benefits of Meteorological services presentation, Claire Ross, London 23 June 2016
The APM Benefits Summit.
APM Benefits Management SIG.
Sitra commissioned Ecofys to describe the science-based targets methodology and to provide information about the process. This report explains why and how companies can set their own science-based emission reduction targets and show the benefits at company level. In connection to this report, two leading Finnish companies have demonstrated, how the process works and what kind of benefits they have gained by setting science-based targets.
This presentation contains major highlights of Union Budget 2015-2016. it mainly focus on the secondary sector. it also contain details regarding Make In India and Swach Bharath.
James Magness from CDP presented the results of an investor research titled "Linking emissions-related metrics to earnings for global chemical companies" at an event organised by Finsif, CDP and Sitra on 25 August 2015. The theme of the event was "Managing climate risk in investments".
2020.11.20 Inovacijų forumo „Europos Naujasis Žaliasis kursas – galimybė Lietuvai tapti globaliu tvarių medinių pastatų gamybos ir eksporto centru“ prezentacija.
Analysis of indian two wheeler industry 2014Prateek Dixit
Indian 2-Wheeler market is considered to be the biggest emerging markets, attracting all the industry leaders across the globe want the slice of the pie, Lets understand how current players are holding up against the international giants.
The slide presentation used at the Analyst Day presetation at the Ritz-Carlton in Dallas. The slides contain information about the Mariner East 1 & 2 pipelines and Sunoco's estimates of when those projects will be operational.
Capital Expenditure Survey 2003
Capital spending continues to decline in nearly all industries, continuing a
trend that began in the mid-1990s when manufacturing productivity began
to increase markedly. The continuing uncertainty in most economies has
put pressure on manufacturers to cut spending, resulting in a steady decline
for several years now despite increasing revenues. Helping to fuel the
cost-cutting fire are the mega-mergers between industrial giants that have
racked up billions in savings as companies increase their manufacturing
economies of scale and eliminate duplicate functions.
ARC’s CapEx index tracks capital expenditures, total revenue, total assets,
EBIT, and return on assets (ROA) for 56 companies in 10 target industries,
representing $2.4 trillion in annual revenue. Companies in the index
generate revenue from most global markets and many
spread their manufacturing around the globe. Of the 56
companies, 64 percent have their headquarters in North
America, 27 percent in Europe, and 9 percent in Asia.
Acquisition analysis of Terex corporation by ZoomlionRajat Ranjan
• Evaluated the proposed acquisition of Terex Corporation by Zoomlion Heavy Industries as Buy-side adviser and won Runner’s up prize in the Valuation contest.
• Performed equity valuation and built fully integrated cash flow models for 5-year projections utilizing (i) Comparable Company Analysis (ii) DCF (iii) Precedent transactional analysis.
• Prepared a full report and presented the analysis with the recommended bid price range for the acquisition, with emphasis on the deal rationale, synergies, cost savings, qualitative factors.
Given the myriad challenges faced by the industry today, natural gas local distribution companies can benefit from assessing business performance through benchmarking to help identify performance gaps and improvement opportunities. ScottMadden has a low-cost approach to providing this information to its clients, as described in our Natural Gas Benchmarking document. The objective of this review is to provide high-level financial and operating comparisons that will help company management identify potential opportunities for improvement.
For more information, please visit www.scottmadden.com.
This presentation contains major highlights of Union Budget 2015-2016. it mainly focus on the secondary sector. it also contain details regarding Make In India and Swach Bharath.
James Magness from CDP presented the results of an investor research titled "Linking emissions-related metrics to earnings for global chemical companies" at an event organised by Finsif, CDP and Sitra on 25 August 2015. The theme of the event was "Managing climate risk in investments".
2020.11.20 Inovacijų forumo „Europos Naujasis Žaliasis kursas – galimybė Lietuvai tapti globaliu tvarių medinių pastatų gamybos ir eksporto centru“ prezentacija.
Analysis of indian two wheeler industry 2014Prateek Dixit
Indian 2-Wheeler market is considered to be the biggest emerging markets, attracting all the industry leaders across the globe want the slice of the pie, Lets understand how current players are holding up against the international giants.
The slide presentation used at the Analyst Day presetation at the Ritz-Carlton in Dallas. The slides contain information about the Mariner East 1 & 2 pipelines and Sunoco's estimates of when those projects will be operational.
Capital Expenditure Survey 2003
Capital spending continues to decline in nearly all industries, continuing a
trend that began in the mid-1990s when manufacturing productivity began
to increase markedly. The continuing uncertainty in most economies has
put pressure on manufacturers to cut spending, resulting in a steady decline
for several years now despite increasing revenues. Helping to fuel the
cost-cutting fire are the mega-mergers between industrial giants that have
racked up billions in savings as companies increase their manufacturing
economies of scale and eliminate duplicate functions.
ARC’s CapEx index tracks capital expenditures, total revenue, total assets,
EBIT, and return on assets (ROA) for 56 companies in 10 target industries,
representing $2.4 trillion in annual revenue. Companies in the index
generate revenue from most global markets and many
spread their manufacturing around the globe. Of the 56
companies, 64 percent have their headquarters in North
America, 27 percent in Europe, and 9 percent in Asia.
Acquisition analysis of Terex corporation by ZoomlionRajat Ranjan
• Evaluated the proposed acquisition of Terex Corporation by Zoomlion Heavy Industries as Buy-side adviser and won Runner’s up prize in the Valuation contest.
• Performed equity valuation and built fully integrated cash flow models for 5-year projections utilizing (i) Comparable Company Analysis (ii) DCF (iii) Precedent transactional analysis.
• Prepared a full report and presented the analysis with the recommended bid price range for the acquisition, with emphasis on the deal rationale, synergies, cost savings, qualitative factors.
Given the myriad challenges faced by the industry today, natural gas local distribution companies can benefit from assessing business performance through benchmarking to help identify performance gaps and improvement opportunities. ScottMadden has a low-cost approach to providing this information to its clients, as described in our Natural Gas Benchmarking document. The objective of this review is to provide high-level financial and operating comparisons that will help company management identify potential opportunities for improvement.
For more information, please visit www.scottmadden.com.
Given the myriad challenges faced by the industry today, natural gas local distribution companies can benefit from assessing business performance through benchmarking to help identify performance gaps and improvement opportunities. ScottMadden has a low-cost approach to providing this information to its clients, as described in our Natural Gas Benchmarking document. The objective of this review is to provide high-level financial and operating comparisons that will help company management identify potential opportunities for improvement.
For more information, please visit www.scottmadden.com.
15th Annual William Blair Investment Banking Case CompetitionRobertNahigian
Our team served as sell side advisors by. deriving the intrinsic value of fictitious company using four valuation methods to create a cohesive slide deck that defined the firm’s market position.
We further examined the industrial filtration industry and proposed multiple potential strategic acquirers and financial sponsors.
This review provides a high-level financial and operating comparisons that will help company management identify potential opportunities for improvement.
PwC Advisory Case Competition, 2nd place team
• Competed against 50 teams
• Identified strategic solutions for Baker Hughes to respond to the volatility of oil prices to improve profitability over the next 5 years
The 3 Percent Solution: Driving Profits Through Carbon ReductionsAaron Sobel
A new report from WWF and CDP—The 3% Solution: Driving Profits Through Carbon Reductions—helps U.S. businesses chart a new path forward. This path is tremendously profitable, practical and helps curb climate change.
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
How to get verified on Coinbase Account?_.docxBuy bitget
t's important to note that buying verified Coinbase accounts is not recommended and may violate Coinbase's terms of service. Instead of searching to "buy verified Coinbase accounts," follow the proper steps to verify your own account to ensure compliance and security.
US Economic Outlook - Being Decided - M Capital Group August 2021.pdfpchutichetpong
The U.S. economy is continuing its impressive recovery from the COVID-19 pandemic and not slowing down despite re-occurring bumps. The U.S. savings rate reached its highest ever recorded level at 34% in April 2020 and Americans seem ready to spend. The sectors that had been hurt the most by the pandemic specifically reduced consumer spending, like retail, leisure, hospitality, and travel, are now experiencing massive growth in revenue and job openings.
Could this growth lead to a “Roaring Twenties”? As quickly as the U.S. economy contracted, experiencing a 9.1% drop in economic output relative to the business cycle in Q2 2020, the largest in recorded history, it has rebounded beyond expectations. This surprising growth seems to be fueled by the U.S. government’s aggressive fiscal and monetary policies, and an increase in consumer spending as mobility restrictions are lifted. Unemployment rates between June 2020 and June 2021 decreased by 5.2%, while the demand for labor is increasing, coupled with increasing wages to incentivize Americans to rejoin the labor force. Schools and businesses are expected to fully reopen soon. In parallel, vaccination rates across the country and the world continue to rise, with full vaccination rates of 50% and 14.8% respectively.
However, it is not completely smooth sailing from here. According to M Capital Group, the main risks that threaten the continued growth of the U.S. economy are inflation, unsettled trade relations, and another wave of Covid-19 mutations that could shut down the world again. Have we learned from the past year of COVID-19 and adapted our economy accordingly?
“In order for the U.S. economy to continue growing, whether there is another wave or not, the U.S. needs to focus on diversifying supply chains, supporting business investment, and maintaining consumer spending,” says Grace Feeley, a research analyst at M Capital Group.
While the economic indicators are positive, the risks are coming closer to manifesting and threatening such growth. The new variants spreading throughout the world, Delta, Lambda, and Gamma, are vaccine-resistant and muddy the predictions made about the economy and health of the country. These variants bring back the feeling of uncertainty that has wreaked havoc not only on the stock market but the mindset of people around the world. MCG provides unique insight on how to mitigate these risks to possibly ensure a bright economic future.
Financial Assets: Debit vs Equity Securities.pptxWrito-Finance
financial assets represent claim for future benefit or cash. Financial assets are formed by establishing contracts between participants. These financial assets are used for collection of huge amounts of money for business purposes.
Two major Types: Debt Securities and Equity Securities.
Debt Securities are Also known as fixed-income securities or instruments. The type of assets is formed by establishing contracts between investor and issuer of the asset.
• The first type of Debit securities is BONDS. Bonds are issued by corporations and government (both local and national government).
• The second important type of Debit security is NOTES. Apart from similarities associated with notes and bonds, notes have shorter term maturity.
• The 3rd important type of Debit security is TRESURY BILLS. These securities have short-term ranging from three months, six months, and one year. Issuer of such securities are governments.
• Above discussed debit securities are mostly issued by governments and corporations. CERTIFICATE OF DEPOSITS CDs are issued by Banks and Financial Institutions. Risk factor associated with CDs gets reduced when issued by reputable institutions or Banks.
Following are the risk attached with debt securities: Credit risk, interest rate risk and currency risk
There are no fixed maturity dates in such securities, and asset’s value is determined by company’s performance. There are two major types of equity securities: common stock and preferred stock.
Common Stock: These are simple equity securities and bear no complexities which the preferred stock bears. Holders of such securities or instrument have the voting rights when it comes to select the company’s board of director or the business decisions to be made.
Preferred Stock: Preferred stocks are sometime referred to as hybrid securities, because it contains elements of both debit security and equity security. Preferred stock confers ownership rights to security holder that is why it is equity instrument
<a href="https://www.writofinance.com/equity-securities-features-types-risk/" >Equity securities </a> as a whole is used for capital funding for companies. Companies have multiple expenses to cover. Potential growth of company is required in competitive market. So, these securities are used for capital generation, and then uses it for company’s growth.
Concluding remarks
Both are employed in business. Businesses are often established through debit securities, then what is the need for equity securities. Companies have to cover multiple expenses and expansion of business. They can also use equity instruments for repayment of debits. So, there are multiple uses for securities. As an investor, you need tools for analysis. Investment decisions are made by carefully analyzing the market. For better analysis of the stock market, investors often employ financial analysis of companies.
Exploring Abhay Bhutada’s Views After Poonawalla Fincorp’s Collaboration With...beulahfernandes8
The financial landscape in India has witnessed a significant development with the recent collaboration between Poonawalla Fincorp and IndusInd Bank.
The launch of the co-branded credit card, the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card, marks a major milestone for both entities.
This strategic move aims to redefine and elevate the banking experience for customers.
how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
The Evolution of Non-Banking Financial Companies (NBFCs) in India: Challenges...beulahfernandes8
Role in Financial System
NBFCs are critical in bridging the financial inclusion gap.
They provide specialized financial services that cater to segments often neglected by traditional banks.
Economic Impact
NBFCs contribute significantly to India's GDP.
They support sectors like micro, small, and medium enterprises (MSMEs), housing finance, and personal loans.
What website can I sell pi coins securely.DOT TECH
Currently there are no website or exchange that allow buying or selling of pi coins..
But you can still easily sell pi coins, by reselling it to exchanges/crypto whales interested in holding thousands of pi coins before the mainnet launch.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and resell to these crypto whales and holders of pi..
This is because pi network is not doing any pre-sale. The only way exchanges can get pi is by buying from miners and pi merchants stands in between the miners and the exchanges.
How can I sell my pi coins?
Selling pi coins is really easy, but first you need to migrate to mainnet wallet before you can do that. I will leave the telegram contact of my personal pi merchant to trade with.
Tele-gram.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Currently pi network is not tradable on binance or any other exchange because we are still in the enclosed mainnet.
Right now the only way to sell pi coins is by trading with a verified merchant.
What is a pi merchant?
A pi merchant is someone verified by pi network team and allowed to barter pi coins for goods and services.
Since pi network is not doing any pre-sale The only way exchanges like binance/huobi or crypto whales can get pi is by buying from miners. And a merchant stands in between the exchanges and the miners.
I will leave the telegram contact of my personal pi merchant. I and my friends has traded more than 6000pi coins successfully
Tele-gram
@Pi_vendor_247
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
where can I find a legit pi merchant onlineDOT TECH
Yes. This is very easy what you need is a recommendation from someone who has successfully traded pi coins before with a merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi network coins and resell them to Investors looking forward to hold thousands of pi coins before the open mainnet.
I will leave the telegram contact of my personal pi merchant to trade with
@Pi_vendor_247
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
5. Segment Overview
2020 revenues by solutions
Energy
Industrial
Liquid
65%
25%
10%
Total
Revenue
$ 316 M
2020 revenues by specific product offerings
Source: Company data
6. Strategy Overview
Acquisition strategy for future expansion
Expansion into Standard
and Configured Products
and After Market
Purchase
Price of
~$24M
GRC had
revenue of
~12M in 2021
Increases
market size
to $600M
from $200M
2020 revenues by company segments
After Market
margins are
40–50%
Source: Company data and public filings
7. Industry Overview
We foresee significant growth opportunities within the industry in future years.
Expected World Energy
Consumption
Air Purification Equipment Manufacturing Annual
Revenue Growth
Outlook 2021-2026
Source: Refinitiv, U.S. Energy Information Administration, IBIS World
$7.2B Industry
By 2026
8. Shareholders
Board Of Directors –
9 Members
Executive
Management – 8
Members
Compensation
Committee – 3
Members Nominations and
Governance
Committee – 3
Members
Audit Committee – 3
Members
Q1 2022 ESG reporting is likely to boost scores
Source: Refinitiv Source: Team Analysis
10. The Asset-Light Model Solidifies Competitive Position
Outsourcing 75% of manufacturing does not affect competitive efficiency output
Source: Team Analysis
11. A Fixed Cost Structure Improves Shareholder Return Over Time
6.83x
lower
Implications to
investors
Less PP&E leads to less capital expenditures than peers... ...increasing return to shareholders via buybacks...
...driven by paying down debt over time with low capex
Source: Team Analysis
Source: Company Data, Team Analysis
13. Strategic Shift Into Short Cycle to Improve Performance
Engineering
Studies
Replacements & Retrofits
Parts & Service
Aftermarket products bring stability in CECO's cashflow
Benefits of Short
Cycle Product
Process
Source: Team Analysis
19. Core
segment
of
Pollution
Control
Peer Group
Market Cap
(mUSD)
EV/Sales
(TTM)
Industrials &
Fluid
Fuel Tech
Inc.
44 0.74x
Advanced
Emissions
Solutions
127 0.73x
Air
Nederman
Holding
767 1.8x
Biorem Inc 27 1.0x
RV Implied Target Price: USD 7.70 Current
Price: $6.29
Target Price:
$7.78
Football Field Projection
Relative Valuation further confirms our BUY recommendation
Source: Team Analysis
Source: Team Analysis
20. • Demand for short-cycle products /
aftermarket services healthier than
expected.
• More strategic and successful M&A
deals help increase market share
globally
• Demand for short-cycle products worse
than expected with an unsuccessful
decoupling from the energy market
• Incongruent synergies with acquired
companies resulting in realized impairment
losses with a stagnating market share
Price Target:
$8.19
(26.19% Upside) Price Target:
$7.13
(9.94% Upside)
Scenario Analysis highlights true upside
Source: Team Analysis
21. • Decoupling from energy industry
Backlog cancellation risk
Subcontractor risk
Post-acquisitions integration risk
Commodity risk
Exposure to the
energy industry
Interest rate risk
Innovation risk
Fragmented
industry risk
High
Likelihood
High Impact
Mitigating Measures
• Creation of an integration team
• Historically low cancellation rates
No high impact and high likelihood risks identified
Source: Team Analysis
23. Appendices – Industry Overview
• SWOT Analysis:
STRENGTHS
• Asset-light model with fixed cost structure
• Diverse product portfolio
• Geographical footprint
• Broad customer base
WEAKNESS
• Goodwill and intangible concentration
• Fixed contract prices in inflationary environment
• Subcontractor dependency
• Energy industry exposure
OPPORTUNITIES
• Regulation in industrial emissions
• ESG ratings attracting new share holders
• Developing markets industrial growth
• Increasing expenditure in infrastructure
THREATS
• Failing to integrate new acquisitions into current product mix.
• High Interest rates increasing cost of borrowing.
• Industry cutting cost in air filtration services to decrease spending in
high inflation environment.
• Third-party manufacturing leading to substandard quality.
• Porters’ Five Forces
24. Appendices – Company specific info
Announce Date Target Name Acquirer Name Seller Name Total Value (mil.) Payment Type
6/4/20 Environmental Integrated Solutions Ltd
CECO Environmental Corp 10.3 Cash
10/29/2018 Jiangyin Zhongli Industrial Technology Co Ltd
Jiangsu Zhongli
Environmental Technology
Co ltd
CECO Environmental Corp N/A Undisclosed
4/2/18 Strobic Air Corp Cincinnati Fan & Ventilator Co Inc
CECO Environmental Corp N/A Undisclosed
3/1/18 Keystone Filter Porvair PLC CECO Environmental Corp N/A Cash
5/4/15 PMFG Inc CECO Environmental Corp 150.22 Cash or Stock
11/5/14 Jiangyin Zhongli Industrial Technology Co Ltd
CECO Environmental Corp 1.15 Cash
11/4/14 Emtrol LLC CECO Environmental Corp 38 Cash and Stock
9/30/2014 SAT Technology Inc CECO Environmental Corp N/A Undisclosed
8/14/2014 HEE Environmental Engineering LLC CECO Environmental Corp N/A Undisclosed
4/22/2013 Met-Pro Corp CECO Environmental Corp 158.72 Cash or Stock
3/4/13 Aarding Thermal Acoustics BV CECO Environmental Corp 41.37 Cash and Stock
1/22/2013 Adwest Technologies Inc CECO Environmental Corp N/A Undisclosed
8/4/08 Flextor Inc CECO Environmental Corp N/A Cash
8/4/08 AVC Specialists Inc CECO Environmental Corp N/A Cash
2/21/2008 Fisher-Klosterman Inc CECO Environmental Corp 16 Cash and Stock
11/1/07 GMD Environmental Technologies IncCECO Environmental Corp N/A Cash
1/9/07 Effox Inc CECO Environmental Corp Hammond Kennedy Whitney & Co Inc
7.5 Cash
2/2/06 HM White Inc CECO Environmental Corp N/A Undisclosed
6/22/2005 Manufacturing & corporate office Trademark Property Co CECO Environmental Corp 8 Undisclosed
9/7/99 Kirk & Blum Manufacturing Co/The CECO Environmental Corp 30 Cash
9/7/99 KBD/Technic Inc CECO Environmental Corp N/A Cash
3/30/1998 Integrated Facilities Management CECO Environmental Corp N/A Cash
A list of previous
acquisitions