Ecolab: The "Pick-And-Shovel" Play Of The Data Center Boom

2025-12-30 07:38:51 ET

I believe that the recent shift of the business model of Ecolab Inc. ( ECL ) is making the company very attractive, shifting from a safe defensive company to a strong compounder participating in the infrastructure rally induced by AI capex trends. At first glance, the company can seem to be expensive because the market is still pricing it as a leader of the hygiene and water treatment market, but I expect its growing participation in the data center cooling and microelectronics industry to be a driver of valuation growth....

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