1、Electrical Equipment&Multi-IndustryDistributors-Market UnderweightMulti-Industry-Market WeightEE/MI Earnings Mash-Up:AME,ETN,GTES,GWW,IR,RRX,VNTAugust 1,2024 The Wolfe ByteWith the deepest respect for your inbox,we return to the Mash-Up format as we process post-earnings updatesfor AME,ETN,GTES,GWW,

2、IR,RRX,and VNT.See pages 12-15 for full summaries with estimate and PT changesand pages 65-67 for links to the latest models/transcripts.ETN(LINK):ETN found itself in the red(2.3%)despite a beat and raise to its FY24 guide that puts it well on track toachieve$11 EPS this year.Outperformance remains

3、led by Electrical Americas,but investors will also be happy to seethe low end of FCF guidance tick up by$0.2bn(now$3.4-3.6bn)in light of heavy WC and capex commitments.Overall,earnings momentum continues to move higher,with backlog metrics ticking the box in a quarter with little controversy.Our 3Q2

4、4e increases from$2.74 to$2.83,with our FY24e raising from$10.57 to$10.78.ETN now trades at 25x2025e Street EPS,and keeping valuation at a 10%premium to our derated EE/MI coverage is reflected in our updatedYE24 PT falling from$326 to$317.AME(LINK):After a core miss and a rare cut to top-line guidan

5、ce,AME ended the day down 8.3%(among the worstperformers in our coverage).Post cuts at both the top and bottom line,we feel comfortable with the new guide.Despitetop-line weakness,EIG continues to perform well from a margin perspective;EMG continues to struggle all-around,though,with OEM de-stocking

6、 expected to continue through the remainder of the year.We cut our FY24 EPS estimatesby 1.4%to$6.77 and have a fair value range of$138-199.GWW(LINK):Following a 2Q beat and clip to the high-end of the FY24 range,GWW(-3.5%)was the top performingdistributor in our group today.Softer macro assumptions