Buy Or Sell Opportunity • Jun 19
Now 32% overvalued after recent price rise Over the last 90 days, the stock has risen 68% to €284. The fair value is estimated to be €215, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 49% per annum over the same time period. Recent Insider Transactions • Jun 03
President of Climate Solutions recently sold €9.3m worth of stock On the 1st of June, Eric McGinnis sold around 38k shares on-market at roughly €245 per share. This transaction amounted to 56% 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 €18m more than they bought in the last 12 months. Buy Or Sell Opportunity • Jun 01
Now 26% overvalued after recent price rise Over the last 90 days, the stock has risen 26% to €247. The fair value is estimated to be €196, however this is not to be taken as a sell recommendation but rather should be used as a guide only. Revenue has grown by 8.4% over the last 3 years. Earnings per share has declined by 10%. For the next 3 years, revenue is forecast to grow by 22% per annum. Earnings are also forecast to grow by 49% per annum over the same time period. Reported Earnings • May 27
Full year 2026 earnings released: EPS: US$2.26 (vs US$3.50 in FY 2025) Full year 2026 results: EPS: US$2.26 (down from US$3.50 in FY 2025). Revenue: US$3.18b (up 23% from FY 2025). Net income: US$121.5m (down 34% from FY 2025). Profit margin: 3.8% (down from 7.1% in FY 2025). Revenue is forecast to grow 20% p.a. on average during the next 2 years, compared to a 5.5% growth forecast for the Building industry in Europe. Tillkännagivande • May 27
Modine Manufacturing Company Provides Earnings Guidance for the Fiscal Year 2027 Modine Manufacturing Company provided earnings guidance for the fiscal year 2027. For the year, the company expects Net sales growth between 20% and 35%. Tillkännagivande • May 13
Modine Manufacturing Company to Report Q4, 2026 Results on May 26, 2026 Modine Manufacturing Company announced that they will report Q4, 2026 results After-Market on May 26, 2026 Tillkännagivande • Apr 14
Modine Announces Promotion of Art Laszlo to President of Data Centers Segment, Effective April 1, 2026 Modine has announced the promotion of Art Laszlo to President, Data Centers, effective April 1. Mr. Laszlo will lead the newly created Data Centers segment, which was formerly part of the Climate Solutions segment. Eric McGinnis will continue to lead the remainder of the Climate Solutions segment until his previously announced planned retirement. The company will report these two segments with first quarter fiscal 2027 results. The Performance Technologies segment also will continue to be reported as a separate segment until its spin-off later this calendar year as part of the previously announced transaction with Gentherm. Mr. Laszlo is responsible for driving growth and profitability in Modine's highly strategic Data Centers business, further strengthening its position as a leading provider of innovative cooling solutions to the world's leading data center operators. Mr. Laszlo joined Modine in 2022 and has since held a series of progressively senior leadership roles. Before Modine, he served as President, Advanced Flow Solutions at IDEX, where he focused on the downstream oil and gas sector. Prior to IDEX, he held leadership positions at General Electric, Brunswick Corporation, Mars Incorporated and General Motors. Buy Or Sell Opportunity • Mar 17
Now 21% undervalued Over the last 90 days, the stock has risen 63% to €174. The fair value is estimated to be €218, however this is not to be taken as a buy recommendation but rather should be used as a guide only. Revenue has grown by 6.5% over the last 3 years, while earnings per share has been flat. Revenue is forecast to grow by 53% in 2 years. Earnings are forecast to grow by 416% in the next 2 years. New Risk • Feb 07
New minor risk - Earnings quality The company has large one-off items impacting its financial results. One-off items were 49% of the size of the rest of the company's trailing 12-month earnings before tax. This is considered a minor risk. One-off items are incomes or expenses that the company does not expect to repeat in future periods. Examples include profits from the sale of a business or expenses from a restructuring or legal settlements. If the company's reported statutory earnings include a large proportion of one-off items it means they may be an unreliable indicator of its true business performance as the earnings were skewed by these incomes or expenses. Currently, the following risks have been identified for the company: Major Risks Debt is not well covered by operating cash flow (18% operating cash flow to total debt). Share price has been highly volatile over the past 3 months (11% average weekly change). Minor Risks Large one-off items impacting financial results. Profit margins are more than 30% lower than last year (3.4% net profit margin). Reported Earnings • Feb 05
Third quarter 2026 earnings released: US$0.90 loss per share (vs US$0.78 profit in 3Q 2025) Third quarter 2026 results: US$0.90 loss per share (down from US$0.78 profit in 3Q 2025). Revenue: US$805.0m (up 31% from 3Q 2025). Net loss: US$47.4m (down 216% from profit in 3Q 2025). Revenue is forecast to grow 22% p.a. on average during the next 3 years, compared to a 5.0% growth forecast for the Building industry in Europe. Tillkännagivande • Feb 05
Modine Manufacturing Company Increases Earnings Guidance for the Fiscal Year 2026 Modine Manufacturing Company increased earnings guidance for the Fiscal year 2026. For the period, the company now revised its net sales to be +20% to 25%. Tillkännagivande • Jan 30
Gentherm Incorporated (NasdaqGS:THRM) entered into a definitive agreement to acquire Performance Technologies business from Modine Manufacturing Company (NYSE:MOD) for approximately $760 million. Gentherm Incorporated (NasdaqGS:THRM) entered into a definitive agreement to acquire Performance Technologies business from Modine Manufacturing Company (NYSE:MOD) for approximately $760 million on January 29, 2026. The transaction is valued at approximately $1 billion: Modine shareholders set to receive approximately 21 million shares of newly issued Gentherm common stock, representing an equity consideration of approximately $790 million and Modine is expected to receive a cash distribution of $210 million from SpinCo, subject to adjustment. As a part of transaction, Modine will spin-off and simultaneously combine its Performance Technologies business (“Modine Performance Technologies” or “SpinCo”) with Gentherm in a Reverse Morris Trust (RMT) transaction that is intended to be tax-free for Modine and Modine shareholders for U.S. federal income tax purposes. Modine shareholders are expected to own approximately 40% of the combined company, and Gentherm shareholders are expected to own approximately 60% of the combined company, subject to adjustment. The merger agreement requires Gentherm to pay Modine a termination fee of $45 million if the merger agreement is terminated under certain circumstances. Gentherm/SpinCo executed a 364-day bridge loan facility commitment letter under which a financial institution committed to provide debt financing (SpinCo Bridge Facility) to fund the SpinCo cash distribution and any special dividend and related transaction expenses.
Bill Presley, Gentherm CEO and Jon Douyard, Gentherm CFO, to lead management team of combined company and Jeremy Patten will continue as President of Modine Performance Technologies. Gentherm Board of Directors will be expanded with addition of two Board nominees designated by Modine in consultation with the Gentherm Board. The combined company will continue to operate under the Gentherm name and retain its listing on the NASDAQ stock exchange under the ticker symbol THRM and will remain headquartered in Novi, Michigan, and will retain a significant presence in Modine Performance Technologies’ current locations, including its Racine Technical Center.
The RMT transaction is expected to close in the fourth quarter of calendar year 2026 subject to receipt of Gentherm shareholder approval, the completion of SpinCo financing, a customary IRS tax ruling, and customary closing conditions, including required regulatory approvals and certain tax opinions. The transaction was unanimously approved by the Boards of both Gentherm and Modine. The merger is expected to be accretive to adjusted EPS by year two.
Barclays Capital Inc. acted as financial advisor, Bradley C. Faris and Jason Morelli of Latham & Watkins LLP and Michael S. Ben and Matt VanWasshnova of Honigman LLP acted as legal advisor for Gentherm Incorporated. BofA Securities, Inc. acted as financial advisor and Andrew Kaplan of Gibson, Dunn & Crutcher LLP acted as legal advisor for Modine Manufacturing Company. Valuation Update With 7 Day Price Move • Jan 29
Investor sentiment improves as stock rises 18% After last week's 18% share price gain to €147, the stock trades at a forward P/E ratio of 28x. Average forward P/E is 17x in the Building industry in Europe. Simply Wall St's valuation model estimates the intrinsic value at €221 per share. Tillkännagivande • Jan 22
Airedale by Modine Unveils TurboChill 3+MW, Redefining Air-Cooled Efficiency for AI Data Centers Airedale by Modine announced the TurboChill 3+MW. This is the latest expansion to the TurboChill™?chiller platform that provides advanced free-cooling, air-cooled chiller heat rejection to meet the high-density chiller demands of next-generation, GPU-powered data centers. The TurboChill™? 3+MW delivers heat rejection capabilities and features an expanded operating range for free cooling, reducing the need for mechanical cooling and lowering energy consumption. As AI and high-performance compute workloads intensify and push rack densities higher, data center cooling strategies must adapt. TurboChill 3+MW is designed to operate over a wide range of water temperatures common in modern data centers, maximizing free-cooling opportunities in suitable geographies while maintaining precise temperature control for sensitive GPUs. Even as some AI data centers in favorable climates can operate with higher supply water temperatures, global deployments must account for: Real-World Conditions: Ambient heat waves, parasitic system loses, and local air recirculation can overwhelm systems that rely solely on high-temperature liquid cooling. Mechanical cooling provides the essential, non-negotiable capacity to handle peak loads and protect against thermal shutdown. Data Centers with Different Rack Densities: Data center sites may only convert part of their data center to high density racks capable of running with 45degC inlet fluid temperatures. This means other racks in the same data center need traditional facility water return temperatures to safely operate. Operational R risks: Air cooled chiller technology is a proven solution to minimize Data Center WUE and PUE across the globe. Chillers with free cooling provide the benefits of a stand alone dry cooler with the certainty that fluid return temperatures will meet specification regardless of rising global temperatures. Tillkännagivande • Jan 21
Modine Manufacturing Company to Report Q3, 2026 Results on Feb 04, 2026 Modine Manufacturing Company announced that they will report Q3, 2026 results at 4:00 PM, US Eastern Standard Time on Feb 04, 2026 Tillkännagivande • Jan 13
Airedale by Modine™ Advanced PUE Solutions Strategically Positioned to Accommodate High- Temperature Thermal Architectures Airedale by Modine highlighted its extensive range of cooling technologies designed to meet the ongoing need to remove heat from the data center hall and water flowing through server racks in modern data centers. With more than two decades of concurrent free-cooling expertise, Airedale is strategically positioned to support the industry's shift toward higher temperature and higher heat density thermal architectures, driven by rapid advancements in next-generation chips. This positioning ensures data center operators can rely on Airedale solutions to help optimize their energy efficiency and minimize their Power Usage Effectiveness (PUE) as thermal densities continue to rise. With recent press announcements that server racks now have the ability to be cooled with 45C water, the operational window for free cooling and hybrid cooling expands, helping minimize PUE as data center thermal density increases. This development, combined with Airedale's intelligent control systems, allows for cooling to be staged, ensuring a smooth transition from mechanical cooling to free cooling. The Airedale Cooling System Optimizer™, for example, can configure between two and twenty chillers to control the cooling block in its most efficient form. On sites with traditional air-cooled chillers and chillers with free cooling, the Optimizer ensures that free cooling is optimized across all available units when the ambient temperature is low, while maintaining stable system water conditions. 
