Recent Insider Transactions • May 20
Executive VP & CFO recently sold €8.3m worth of stock On the 11th of May, William George sold around 5k shares on-market at roughly €1,666 per share. This transaction amounted to 13% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €19m. William has been a net seller over the last 12 months, reducing personal holdings by €12m. Announcement • Apr 24
Comfort Systems USA, Inc. Increases Quarterly Dividend, Payable on May 26, 2026 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.80 per share, which is a $0.10 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on May 26, 2026 to stockholders of record at the close of business on May 15, 2026. Announcement • Apr 18
Comfort Systems USA, Inc. to Report Q1, 2026 Results on Apr 23, 2026 Comfort Systems USA, Inc. announced that they will report Q1, 2026 results After-Market on Apr 23, 2026 Announcement • Apr 11
Comfort Systems USA, Inc., Annual General Meeting, May 18, 2026 Comfort Systems USA, Inc., Annual General Meeting, May 18, 2026. Location: the houstonian, 111 north post oak lane, texas 77024, houston United States Announcement • Feb 20
Comfort Systems USA, Inc. Increases Quarterly Dividend, Payable on March 17, 2026 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.70 per share, which is a $0.10 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on March 17, 2026 to stockholders of record at the close of business on March 6, 2026. Announcement • Feb 13
Comfort Systems USA, Inc. to Report Q4, 2025 Results on Feb 19, 2026 Comfort Systems USA, Inc. announced that they will report Q4, 2025 results After-Market on Feb 19, 2026 Announcement • Oct 18
Comfort Systems USA, Inc. to Report Q3, 2025 Results on Oct 23, 2025 Comfort Systems USA, Inc. announced that they will report Q3, 2025 results After-Market on Oct 23, 2025 Announcement • Jul 25
Comfort Systems USA, Inc. Increases Quarterly Dividend, Payable on August 25, 2025 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.50 per share, which is a $0.05 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on August 25, 2025 to stockholders of record at the close of business on August 14, 2025. Announcement • Jul 19
Comfort Systems USA, Inc. to Report Q2, 2025 Results on Jul 24, 2025 Comfort Systems USA, Inc. announced that they will report Q2, 2025 results After-Market on Jul 24, 2025 Announcement • Apr 25
Comfort Systems USA Declares Quarterly Dividend, Payable on May 27, 2025 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.45 per share, which is a $0.05 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on May 27, 2025 to stockholders of record at the close of business on May 16, 2025. Announcement • Apr 19
Comfort Systems USA, Inc. to Report Q1, 2025 Results on Apr 24, 2025 Comfort Systems USA, Inc. announced that they will report Q1, 2025 results After-Market on Apr 24, 2025 Announcement • Apr 09
Comfort Systems USA, Inc., Annual General Meeting, May 16, 2025 Comfort Systems USA, Inc., Annual General Meeting, May 16, 2025. Location: the st. regis houston, 1919 briar oaks lane, texas 77027, houston United States Announcement • Feb 21
Comfort Systems USA, Inc. Declares Quarterly Dividend on Common Stock, Payable on March 21, 2025 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.40 per share, which is a $0.05 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on March 21, 2025 to stockholders of record at the close of business on March 10, 2025. Announcement • Feb 15
Comfort Systems USA, Inc. to Report Q4, 2024 Results on Feb 20, 2025 Comfort Systems USA, Inc. announced that they will report Q4, 2024 results at 4:00 PM, US Eastern Standard Time on Feb 20, 2025 Valuation Update With 7 Day Price Move • Nov 08
Investor sentiment improves as stock rises 15% After last week's 15% share price gain to €410, the stock trades at a forward P/E ratio of 27x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 389% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €414 per share. Recent Insider Transactions • Nov 01
Independent Chairman recently sold €4.3m worth of stock On the 30th of October, Franklin Myers sold around 12k shares on-market at roughly €359 per share. This transaction amounted to 10% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €4.5m. This was Franklin's only on-market trade for the last 12 months. Declared Dividend • Oct 28
Third quarter dividend of US$0.35 announced Shareholders will receive a dividend of US$0.35. Ex-date: 14th November 2024 Payment date: 25th November 2024 Dividend yield will be 0.3%, which is lower than the industry average of 2.9%. Payout Ratios Payout ratio: 8%. Cash payout ratio: 6%. Reported Earnings • Oct 25
Third quarter 2024 earnings released: EPS: US$4.10 (vs US$2.94 in 3Q 2023) Third quarter 2024 results: EPS: US$4.10 (up from US$2.94 in 3Q 2023). Revenue: US$1.81b (up 32% from 3Q 2023). Net income: US$146.2m (up 39% from 3Q 2023). Profit margin: 8.1% (up from 7.6% in 3Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 7.7% p.a. on average during the next 3 years, compared to a 4.7% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 36% per year but the company’s share price has increased by 71% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 25
Comfort Systems USA, Inc. Declares Quarterly Dividend, Payable on November 25, 2024 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.35 per share, which is a $0.05 increase from the Company’s most recent dividend, on Company’s common stock. The dividend is payable on November 25, 2024 to stockholders of record at the close of business on November 14, 2024. Announcement • Oct 19
Comfort Systems USA, Inc. to Report Q3, 2024 Results on Oct 24, 2024 Comfort Systems USA, Inc. announced that they will report Q3, 2024 results After-Market on Oct 24, 2024 Buy Or Sell Opportunity • Oct 04
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 27% to €368. The fair value is estimated to be €303, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 26% over the last 3 years. Earnings per share has grown by 34%. Revenue is forecast to grow by 24% in 2 years. Earnings are forecast to grow by 33% in the next 2 years. Valuation Update With 7 Day Price Move • Sep 06
Investor sentiment deteriorates as stock falls 15% After last week's 15% share price decline to €275, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 350% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €303 per share. Recent Insider Transactions • Aug 19
CEO, President & Director recently sold €4.5m worth of stock On the 14th of August, Brian Lane sold around 15k shares on-market at roughly €299 per share. This transaction amounted to 7.0% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Brian has been a net seller over the last 12 months, reducing personal holdings by €16m. Declared Dividend • Jul 29
Second quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 12th August 2024 Payment date: 23rd August 2024 Dividend yield will be 0.4%, which is lower than the industry average of 2.9%. Payout Ratios Payout ratio: 9%. Cash payout ratio: 7%. Reported Earnings • Jul 26
Second quarter 2024 earnings released: EPS: US$3.75 (vs US$1.94 in 2Q 2023) Second quarter 2024 results: EPS: US$3.75 (up from US$1.94 in 2Q 2023). Revenue: US$1.81b (up 40% from 2Q 2023). Net income: US$134.0m (up 93% from 2Q 2023). Profit margin: 7.4% (up from 5.4% in 2Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 8.5% p.a. on average during the next 3 years, compared to a 4.9% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 34% per year but the company’s share price has increased by 65% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 26
Comfort Systems USA, Inc. Declares Quarterly Dividend, payable on August 23, 2024 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.30 per share on Comfort Systems USA, Inc. common stock. The dividend is payable on August 23, 2024 to stockholders of record at the close of business on August 12, 2024. New Risk • Jul 25
New minor risk - Share price stability The company's share price has been volatile over the past 3 months. It is more volatile than 75% of German stocks, typically moving 6.8% a week. This is considered a minor risk. Share price volatility indicates the stock is highly sensitive to market conditions or economic conditions rather than being sensitive to its own business performance, which may also be inconsistent. It also increases the risk of potential losses in the short term as the stock tends to have larger drops in price more frequently than other stocks. Currently, the following risks have been identified for the company: Minor Risks Share price has been volatile over the past 3 months (6.8% average weekly change). Significant insider selling over the past 3 months (€3.5m sold). Recent Insider Transactions • Jun 10
Independent Director recently sold €991k worth of stock On the 5th of June, Vance Tang sold around 3k shares on-market at roughly €285 per share. This transaction amounted to 30% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €1.1m. Insiders have been net sellers, collectively disposing of €35m more than they bought in the last 12 months. Board Change • Jun 02
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 3 experienced directors. 6 highly experienced directors. Independent Director Rhoman Hardy was the last director to join the board, commencing their role in 2023. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Recent Insider Transactions • May 21
Independent Director recently sold €1.1m worth of stock On the 16th of May, Herman Bulls sold around 4k shares on-market at roughly €310 per share. This transaction amounted to 8.5% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €4.6m. Insiders have been net sellers, collectively disposing of €34m more than they bought in the last 12 months. Recent Insider Transactions • May 10
Independent Director recently sold €1.1m worth of stock On the 7th of May, Darcy Anderson sold around 4k shares on-market at roughly €320 per share. This transaction amounted to 8.0% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €4.6m. Insiders have been net sellers, collectively disposing of €32m more than they bought in the last 12 months. Buy Or Sell Opportunity • May 09
Now 21% overvalued after recent price rise Over the last 90 days, the stock has risen 47% to €324. The fair value is estimated to be €269, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 25% over the last 3 years. Earnings per share has grown by 30%. Revenue is forecast to grow by 30% in 2 years. Earnings are forecast to grow by 40% in the next 2 years. Declared Dividend • Apr 29
First quarter dividend of US$0.30 announced Shareholders will receive a dividend of US$0.30. Ex-date: 10th May 2024 Payment date: 24th May 2024 Dividend yield will be 0.3%, which is lower than the industry average of 2.9%. Payout Ratios Payout ratio: 9%. Cash payout ratio: 6%. Announcement • Apr 27
Comfort Systems USA, Inc. Increases Quarterly Dividend, Payable on May 24, 2024 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.30 per share, which is a $0.05 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on May 24, 2024 to stockholders of record at the close of business on May 13, 2024. Reported Earnings • Apr 26
First quarter 2024 earnings released: EPS: US$2.70 (vs US$1.60 in 1Q 2023) First quarter 2024 results: EPS: US$2.70 (up from US$1.60 in 1Q 2023). Revenue: US$1.54b (up 31% from 1Q 2023). Net income: US$96.3m (up 68% from 1Q 2023). Profit margin: 6.3% (up from 4.9% in 1Q 2023). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.3% p.a. on average during the next 3 years, compared to a 4.1% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 30% per year but the company’s share price has increased by 62% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Apr 21
Comfort Systems USA, Inc. to Report Q1, 2024 Results on Apr 25, 2024 Comfort Systems USA, Inc. announced that they will report Q1, 2024 results After-Market on Apr 25, 2024 Announcement • Apr 09
Comfort Systems USA, Inc., Annual General Meeting, May 17, 2024 Comfort Systems USA, Inc., Annual General Meeting, May 17, 2024, at 11:00 Central Standard Time. Location: The Houstonian 111 North Post Oak Lane United States Agenda: To elect the ten directors nominated by the board to serve until the next annual meeting; to ratify the appointment of Deloitte & Touche LLP, independent auditors, as the Company's auditors for 2024; and to approve, by stockholder non-binding advisory vote, the compensation paid by the Company to its named executive officers. Recent Insider Transactions • Feb 29
Independent Director recently sold €2.6m worth of stock On the 26th of February, Vance Tang sold around 10k shares on-market at roughly €261 per share. This transaction amounted to 44% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €19m more than they bought in the last 12 months. Upcoming Dividend • Feb 29
Upcoming dividend of US$0.25 per share Eligible shareholders must have bought the stock before 07 March 2024. Payment date: 19 March 2024. Payout ratio is a comfortable 9.4% and this is well supported by cash flows. Trailing yield: 0.3%. Lower than top quartile of German dividend payers (5.2%). Lower than average of industry peers (4.0%). Declared Dividend • Feb 26
Fourth quarter dividend of US$0.25 announced Shareholders will receive a dividend of US$0.25. Ex-date: 7th March 2024 Payment date: 19th March 2024 Dividend yield will be 0.3%, which is lower than the industry average of 2.9%. Payout Ratios Payout ratio: 9%. Cash payout ratio: 7%. Buy Or Sell Opportunity • Feb 24
Now 24% overvalued after recent price rise Over the last 90 days, the stock has risen 39% to €252. The fair value is estimated to be €204, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 23% over the last 3 years. Earnings per share has grown by 27%. Revenue is forecast to grow by 20% in 2 years. Earnings are forecast to grow by 16% in the next 2 years. Reported Earnings • Feb 23
Full year 2023 earnings released: EPS: US$9.03 (vs US$6.85 in FY 2022) Full year 2023 results: EPS: US$9.03 (up from US$6.85 in FY 2022). Revenue: US$5.21b (up 26% from FY 2022). Net income: US$323.4m (up 32% from FY 2022). Profit margin: 6.2% (up from 5.9% in FY 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 9.0% p.a. on average during the next 2 years, compared to a 4.2% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 27% per year but the company’s share price has increased by 64% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 23
Comfort Systems USA, Inc. Declares Quarterly Dividend, Payable on March 19, 2024 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.25 per share on Comfort Systems USA, Inc. common stock. The dividend is payable on March 19, 2024 to stockholders of record at the close of business on March 8, 2024. Announcement • Feb 16
Comfort Systems USA, Inc. to Report Q4, 2023 Results on Feb 22, 2024 Comfort Systems USA, Inc. announced that they will report Q4, 2023 results After-Market on Feb 22, 2024 Announcement • Jan 02
Comfort Systems USA, Inc. entered into a definitive agreement to acquire Summit Industrial Construction, LLC. Comfort Systems USA, Inc. entered into a definitive agreement to acquire Summit Industrial Construction, LLC on January 2, 2024. The transaction is expected to close in the first quarter of 2024. Recent Insider Transactions • Nov 14
Independent Director recently sold €864k worth of stock On the 9th of November, William Sandbrook sold around 5k shares on-market at roughly €173 per share. This transaction amounted to 28% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €6.7m. Insiders have been net sellers, collectively disposing of €16m more than they bought in the last 12 months. Upcoming Dividend • Nov 08
Upcoming dividend of US$0.25 per share at 0.5% yield Eligible shareholders must have bought the stock before 15 November 2023. Payment date: 27 November 2023. Payout ratio is a comfortable 9.4% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (4.0%). Recent Insider Transactions • Nov 02
Independent Director recently sold €395k worth of stock On the 31st of October, Vance Tang sold around 2k shares on-market at roughly €173 per share. This transaction amounted to 9.1% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €6.7m. Insiders have been net sellers, collectively disposing of €20m more than they bought in the last 12 months. Valuation Update With 7 Day Price Move • Nov 02
Investor sentiment improves as stock rises 17% After last week's 17% share price gain to €171, the stock trades at a forward P/E ratio of 20x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 333% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €148 per share. Announcement • Oct 28
Comfort Systems USA, Inc. Increases Quarterly Dividend, Payable on November 27, 2023 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.25 per share, or a rate of $1.00 per share on an annualized basis, which is a $0.025 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on November 27, 2023 to stockholders of record at the close of business on November 16, 2023. Reported Earnings • Oct 27
Third quarter 2023 earnings released: EPS: US$2.94 (vs US$1.72 in 3Q 2022) Third quarter 2023 results: EPS: US$2.94 (up from US$1.72 in 3Q 2022). Revenue: US$1.38b (up 23% from 3Q 2022). Net income: US$105.1m (up 71% from 3Q 2022). Profit margin: 7.6% (up from 5.5% in 3Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 6.5% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 20
Comfort Systems USA, Inc. to Report Q3, 2023 Results on Oct 26, 2023 Comfort Systems USA, Inc. announced that they will report Q3, 2023 results After-Market on Oct 26, 2023 Announcement • Sep 29
Comfort Systems Usa, Inc. Announces Appointment of Rhoman J. Hardy to Its Board of Directors Comfort Systems USA, Inc. announced the appointment of Rhoman J. Hardy to its Board of Directors. Mr. Hardy brings to the Board added depth of experience technically and operationally as well as meaningful executive and board-level management expertise. Mr. Hardy, age 54, founded HardLine Consulting LLC in July 2022, providing expertise in strategy and leadership to companies focused on energy, technical services, and infrastructure. Prior to then, he served in various leadership positions with Shell USA, Inc., having most recently served as Senior Vice President, Shell Chemicals and Products, for the U.S. Gulf Coast from December 2018 until his retirement in May 2022 and General Manager, Shell Geismar Chemical Site, from June 2015 to December 2018. Mr. Hardy first joined Shell in 1988. Mr. Hardy is a director with HF Sinclair and an operating partner with Bernhard Capital. Mr. Hardy also serves on the board of the following non-profit organizations: Baton Rouge General Hospital System and Louisiana State University Foundation. He is a graduate of Louisiana State University with a B.S. in Electrical Engineering and Rice University with an Executive MBA. Mr. Hardy has a background in engineering and offers extensive technical and operational expertise as well as experience in executive management and service as a director on a public company board. Recent Insider Transactions • Sep 15
Independent Director recently sold €1.3m worth of stock On the 12th of September, William Sandbrook sold around 8k shares on-market at roughly €175 per share. This transaction amounted to 29% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €6.7m. Insiders have been net sellers, collectively disposing of €21m more than they bought in the last 12 months. Recent Insider Transactions • Sep 01
CEO, President & Director recently sold €6.7m worth of stock On the 29th of August, Brian Lane sold around 40k shares on-market at roughly €169 per share. This transaction amounted to 16% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. This was Brian's only on-market trade for the last 12 months. Recent Insider Transactions • Aug 13
Senior VP & Chief Accounting Officer recently sold €873k worth of stock On the 8th of August, Julie Shaeff sold around 5k shares on-market at roughly €165 per share. This transaction amounted to 25% of their direct individual holding at the time of the trade. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €11m more than they bought in the last 12 months. Upcoming Dividend • Aug 09
Upcoming dividend of US$0.23 per share at 0.4% yield Eligible shareholders must have bought the stock before 16 August 2023. Payment date: 28 August 2023. Payout ratio is a comfortable 9.8% and this is well supported by cash flows. Trailing yield: 0.4%. Lower than top quartile of German dividend payers (4.8%). Lower than average of industry peers (4.0%). Announcement • Jul 27
Comfort Systems USA, Inc. Declares Quarterly Dividend, Payable on August 28, 2023 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.225 per share, which is a $0.025 increase from the Company’s most recent dividend, on company common stock. The dividend is payable on August 28, 2023 to stockholders of record at the close of business on August 17, 2023. Reported Earnings • Jul 27
Second quarter 2023 earnings released: EPS: US$1.94 (vs US$1.17 in 2Q 2022) Second quarter 2023 results: EPS: US$1.94 (up from US$1.17 in 2Q 2022). Revenue: US$1.30b (up 27% from 2Q 2022). Net income: US$69.5m (up 65% from 2Q 2022). Profit margin: 5.4% (up from 4.2% in 2Q 2022). The increase in margin was driven by higher revenue. Revenue is forecast to grow 6.4% p.a. on average during the next 3 years, compared to a 3.0% growth forecast for the Construction industry in Germany. Over the last 3 years on average, earnings per share has increased by 23% per year but the company’s share price has increased by 55% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 23
Comfort Systems USA, Inc. to Report Q2, 2023 Results on Jul 26, 2023 Comfort Systems USA, Inc. announced that they will report Q2, 2023 results After-Market on Jul 26, 2023 Upcoming Dividend • May 10
Upcoming dividend of US$0.20 per share at 0.5% yield Eligible shareholders must have bought the stock before 17 May 2023. Payment date: 29 May 2023. Payout ratio is a comfortable 10% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (3.6%). Reported Earnings • Apr 28
First quarter 2023 earnings released: EPS: US$1.60 (vs US$2.41 in 1Q 2022) First quarter 2023 results: EPS: US$1.60 (down from US$2.41 in 1Q 2022). Revenue: US$1.17b (up 33% from 1Q 2022). Net income: US$57.2m (down 34% from 1Q 2022). Profit margin: 4.9% (down from 9.8% in 1Q 2022). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 9.2% p.a. on average during the next 2 years, compared to a 2.4% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 24% per year but the company’s share price has increased by 56% per year, which means it is tracking significantly ahead of earnings growth. Upcoming Dividend • Mar 02
Upcoming dividend of US$0.17 per share at 0.5% yield Eligible shareholders must have bought the stock before 09 March 2023. Payment date: 21 March 2023. Payout ratio is a comfortable 8.2% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (4.7%). Lower than average of industry peers (4.1%). Valuation Update With 7 Day Price Move • Mar 01
Investor sentiment improves as stock rises 19% After last week's 19% share price gain to €138, the stock trades at a forward P/E ratio of 21x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 258% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €184 per share. Reported Earnings • Feb 24
Full year 2022 earnings released: EPS: US$6.85 (vs US$3.95 in FY 2021) Full year 2022 results: EPS: US$6.85 (up from US$3.95 in FY 2021). Revenue: US$4.14b (up 35% from FY 2021). Net income: US$245.9m (up 72% from FY 2021). Profit margin: 5.9% (up from 4.7% in FY 2021). The increase in margin was driven by higher revenue. Revenue is forecast to grow 5.2% p.a. on average during the next 2 years, compared to a 2.6% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 26% per year but the company’s share price has increased by 45% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Feb 17
Comfort Systems USA, Inc. to Report Q4, 2022 Results on Feb 22, 2023 Comfort Systems USA, Inc. announced that they will report Q4, 2022 results at 4:00 PM, US Eastern Standard Time on Feb 22, 2023 Buying Opportunity • Dec 30
Now 21% undervalued Over the last 90 days, the stock is up 9.6%. The fair value is estimated to be €137, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 12% over the last 3 years. Earnings per share has grown by 25%. Revenue is forecast to grow by 17% in 2 years. Earnings is forecast to grow by 6.4% in the next 2 years. Board Change • Nov 16
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Independent Director Cindy Wallis-Lage was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Upcoming Dividend • Nov 09
Upcoming dividend of US$0.15 per share Eligible shareholders must have bought the stock before 16 November 2022. Payment date: 28 November 2022. Payout ratio is a comfortable 8.5% and this is well supported by cash flows. Trailing yield: 0.5%. Lower than top quartile of German dividend payers (5.0%). Lower than average of industry peers (4.1%). Recent Insider Transactions • Nov 02
Independent Director recently sold €1.2m worth of stock On the 31st of October, Darcy Anderson sold around 10k shares on-market at roughly €123 per share. This transaction amounted to 17% of their direct individual holding at the time of the trade. In the last 3 months, there was an even bigger sale from another insider worth €2.3m. Insiders have been net sellers, collectively disposing of €13m more than they bought in the last 12 months. Announcement • Oct 29
Comfort Systems USA, Inc. Provides Revenue Guidance for the Fourth Quarter of 2022 Comfort Systems USA, Inc. provided revenue guidance for the fourth quarter of 2022. For the quarter, the company expects double-digit same-store revenue growth, although there are more variables than usual. Reported Earnings • Oct 27
Third quarter 2022 earnings released: EPS: US$1.72 (vs US$1.28 in 3Q 2021) Third quarter 2022 results: EPS: US$1.72 (up from US$1.28 in 3Q 2021). Revenue: US$1.12b (up 34% from 3Q 2021). Net income: US$61.5m (up 33% from 3Q 2021). Profit margin: 5.5% (down from 5.6% in 3Q 2021). The decrease in margin was driven by higher expenses. Revenue is forecast to grow 5.3% p.a. on average during the next 3 years, compared to a 3.4% growth forecast for the Construction industry in Europe. Over the last 3 years on average, earnings per share has increased by 25% per year but the company’s share price has increased by 35% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Oct 27
Comfort Systems USA, Inc. Declares Quarterly Dividend, Payable on November 28, 2022 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.15 per share, which is a $0.01 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on November 28, 2022 to stockholders of record at the close of business on November 17, 2022. Announcement • Oct 21
Comfort Systems USA, Inc. to Report Q3, 2022 Results on Oct 26, 2022 Comfort Systems USA, Inc. announced that they will report Q3, 2022 results After-Market on Oct 26, 2022 Recent Insider Transactions • Aug 16
Independent Director recently sold €801k worth of stock On the 11th of August, Herman Bulls sold around 8k shares on-market at roughly €100 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €8.1m more than they bought in the last 12 months. Upcoming Dividend • Aug 10
Upcoming dividend of US$0.14 per share Eligible shareholders must have bought the stock before 17 August 2022. Payment date: 29 August 2022. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.5%). Lower than average of industry peers (4.0%). Valuation Update With 7 Day Price Move • Aug 03
Investor sentiment improved over the past week After last week's 15% share price gain to €103, the stock trades at a forward P/E ratio of 18x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 203% over the past three years. Recent Insider Transactions • Aug 02
Independent Director recently sold €246k worth of stock On the 29th of July, Pablo Mercado sold around 2k shares on-market at roughly €99.44 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €7.3m more than they bought in the last 12 months. Reported Earnings • Jul 28
Second quarter 2022 earnings released: EPS: US$1.17 (vs US$0.91 in 2Q 2021) Second quarter 2022 results: EPS: US$1.17 (up from US$0.91 in 2Q 2021). Revenue: US$1.02b (up 43% from 2Q 2021). Net income: US$42.2m (up 28% from 2Q 2021). Profit margin: 4.2% (down from 4.6% in 2Q 2021). The decrease in margin was driven by higher expenses. Over the next year, revenue is forecast to grow 8.9%, compared to a 9.1% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 22% per year but the company’s share price has increased by 33% per year, which means it is tracking significantly ahead of earnings growth. Announcement • Jul 28
Comfort Systems USA, Inc. Declares Quarterly Dividend, Payable on August 29, 2022 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.14 per share on Comfort Systems USA, Inc. common stock. The dividend is payable on August 29, 2022 to stockholders of record at the close of business on August 18, 2022. Announcement • Jul 22
Comfort Systems USA, Inc. to Report Q2, 2022 Results on Jul 27, 2022 Comfort Systems USA, Inc. announced that they will report Q2, 2022 results After-Market on Jul 27, 2022 Valuation Update With 7 Day Price Move • Jun 18
Investor sentiment deteriorated over the past week After last week's 16% share price decline to €72.00, the stock trades at a forward P/E ratio of 12x. Average forward P/E is 11x in the Construction industry in Europe. Total returns to shareholders of 65% over the past three years. Simply Wall St's valuation model estimates the intrinsic value at €119 per share. Recent Insider Transactions • Jun 08
Independent Director recently sold €161k worth of stock On the 6th of June, Vance Tang sold around 2k shares on-market at roughly €86.34 per share. This was the largest sale by an insider in the last 3 months. Insiders have been net sellers, collectively disposing of €7.0m more than they bought in the last 12 months. Upcoming Dividend • May 06
Upcoming dividend of US$0.14 per share Eligible shareholders must have bought the stock before 13 May 2022. Payment date: 27 May 2022. Payout ratio is a comfortable 8.8% and this is well supported by cash flows. Trailing yield: 0.6%. Lower than top quartile of German dividend payers (4.1%). Lower than average of industry peers (3.5%). Reported Earnings • Apr 28
First quarter 2022 earnings released: EPS: US$2.41 (vs US$0.73 in 1Q 2021) First quarter 2022 results: EPS: US$2.41 (up from US$0.73 in 1Q 2021). Revenue: US$885.2m (up 32% from 1Q 2021). Net income: US$86.8m (up 228% from 1Q 2021). Profit margin: 9.8% (up from 4.0% in 1Q 2021). The increase in margin was driven by higher revenue. Over the next year, revenue is forecast to grow 14%, compared to a 6.0% growth forecast for the industry in Germany. Over the last 3 years on average, earnings per share has increased by 19% per year and the company’s share price has also increased by 19% per year. Announcement • Apr 28
Comfort Systems USA, Inc. Declares Quarterly Dividend, Payable on May 27, 2022 Comfort Systems USA, Inc. announced that its board of directors declared a quarterly dividend of $0.14 per share, which is a $0.01 increase from the Company’s most recent dividend, on Comfort Systems USA, Inc. common stock. The dividend is payable on May 27, 2022 to stockholders of record at the close of business on May 16, 2022. Board Change • Apr 27
Insufficient new directors There is 1 new director who has joined the board in the last 3 years. The company's board is composed of: 1 new director. 2 experienced directors. 7 highly experienced directors. Independent Director Cindy Wallis-Lage was the last director to join the board, commencing their role in 2021. The company’s insufficient board refreshment is considered a risk according to the Simply Wall St Risk Model. Announcement • Apr 22
Comfort Systems USA, Inc. to Report Q1, 2022 Results on Apr 27, 2022 Comfort Systems USA, Inc. announced that they will report Q1, 2022 results After-Market on Apr 27, 2022 
