GGG - Carlisle Isn't Flashy But Has Some Dependable Multiyear Growth Drivers

• Carlisle didn't distance itself from sell-side expectations as much as some multi-industrials, but the underlying performance was still quite good with 21% organic revenue growth and positive operating leverage.
• CCM offers a higher-quality multiyear growth story driven by aging roofs from the non-residential construction boom two decades ago and the greening of commercial and institutional buildings.
• CIT should see significant leverage to a multiyear commercial aviation recovery, while CFT could use more internal improvements, including a richer underlying product mix.
• Carlisle isn't especially cheap on an absolute basis, but relative to how other multi-industrials are trading, there's a relative value argument to be made.

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