smart grid智能电网报告.pdf

文档介绍：North America United States
TMT Emerging technology

8 February 2009
Industry Update
pany Smart Grid Update
Top picks
ESCO Technologies (), Buy

DistribuTECH, stimulus panies featured
ESCO Technologies (), Buy
2008A 2009E 2010E
earnings EPS (USD)
Carter B Shoop, CFA Bheeshm Chaudhary P/E (x)
EV/EBITDA (x)
Research Analyst Research Associate
Itron (), Hold
([phone] ([phone]A 2008E 2009E
@ @
EPS (USD)
P/E (x)
Industry outlook remains promising despite NT uncertainties EV/EBITDA (x)
Echelon (), Hold
Following DistribuTECH, senate negotiations on the stimulus bill and earnings 2008A 2009E 2010E
from several smart panies last week, we believe the outlook for EPS (USD) - - –
smart panies remains encouraging longer-term. That said, we P/E (x) –––
continue to believe that investor enthusiasm around the impact of the stimulus EV/EBITDA (x) –––
Badger Meter (), Hold
needs to be tempered and mend investors take a more measured outlook 2008A 2009E 2010E
on the sector over the next several months. Reiterate Buy on ESCO and Holds on EPS (USD)
P/E (x)
Global Markets Research Itron, Echelon and Badger.
EV/EBITDA (x)
DistribuTECH 2009 recap
Our key conclusion from DistribuTECH was that private smart panies'
momentum is accelerating. In addition to Silver works' announcement
that it won Pepco, conversations with several contacts suggested that the 'short
lists' for major smart grid projects are being increasingly dominated by private
companies. Other key takeaways include 1) the traditional metering market is
slowing down in the US and internationally faster than previously anticipated (-ive
for Itron), 2) Itron’s lack of AMI meters