ITRI - Itron Appears To Be Powering Up For Growth
- Itron had a challenging 2020 and provided weaker revenue growth guidance for 2021, but Q4 bookings were strong and support growth acceleration in 2022.
- Recent utility grid failures highlight the need for investment into automation and edge intelligence, particularly in demand response, and that plays into some of Itron's strengths (and highest-margin offerings).
- I expect Itron to ride the grid upgrade/automation trend to 7% long-term revenue growth and double-digit FCF margins, a significant upward inflection from the trailing 10 years.
- If Itron can achieve those growth and margin targets, the shares offer attractive long-term potential at this price.
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Itron Appears To Be Powering Up For Growth