IMI plc (IMI · LSE)
The Valves Keeping Energy Flowing
IMI makes the valves, pumps and precision components that control the flow of liquids, gases and air inside power stations, factories, hospital equipment and data centre cooling systems.
Bull case for IMI plc
Growing Energy Demand And Decarbonisation
More than half of sales tie to rising energy use, including nuclear, gas and power plants.
Small Part But Critical For Clients
Its components cost customers little but are integral to their business, supporting pricing and repeat servicing work.
A Compounding Machine
Its unique operating playbook has lifted margins across business lines, while excess cash funds buybacks, dividends and small acquisitions.
Bear case for IMI plc
Tied To Big Project Cycles
Power, gas and factory investment moves in waves; a pause slows new equipment orders.
Factory Spending Can Stall
Its shorter-cycle automation products swing with manufacturing confidence, which has been patchy.
Growth Needs Deals To Work
Part of the plan relies on buying small businesses, and integrations do not always pay off.