JCI - Johnson Controls: A Mediocre Player In A Strong Neighborhood

2024-04-08 03:49:21 ET

Summary

• Johnson Controls is a focused business on building solutions, but its earnings multiple is stuck in the high-teens due to underwhelming growth.
• The company transformed its business in 2018 by selling its Power Solutions business and focusing on building technologies and HVAC solutions.
• Sales growth has been disappointing, as there are risks to the 2024 outlook.

Last summer, I concluded that Johnson Controls ( JCI ) was building further on a focused business. Being an integrated player in building solutions, which includes an indirect channel based global products business, as well as direct channel based building solutions business, the company provides an integrated suite of solutions and products offered to its clients across the globe....

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