CARR - Carrier: Cyclical Low-Growth Business With High Debt
Introduction
Carrier Global (CARR) is one of the three companies that were formed in April from the separation of United Technologies. Since they started trading, Carrier shares have risen by more than 30% in under 2 months.
The company has three divisions - HVAC (Heating, Ventilation & Air Conditioning), Refrigeration, and Fire & Security, with the majority (56%) of its EBIT from HVAC:
Each division further consists of a number of different segments. HVAC is split approx. 60/40 between Commercial HVAC and Residential HVAC. Refrigeration is roughly two-thirds transport refrigeration and one-third