nVent Electric plc
Industrials · Electrical Components & Equipment
Structural: post-Pentair spinoff (2018) pure-play on electrical infrastructure. Three segments - Enclosures (~45% rev), Electrical & Fastening (~30%), Thermal Management (~25%). Datacenter exposure stepped up materially via the 2024 Trachte acquisition (modular power skids) and the 2025 Avail Infrastructure deal ($975M, busways + power distribution).
Datacenter end-market now ~25%+ of sales, growing 30-40% Y/Y vs low-single-digit industrial base.
AI capex pulls liquid cooling + high-density power distribution from niche to mandatory - nVent has Schroff (rack enclosures) + Erico (busbars/grounding) + new Avail/Trachte (prefab power) all sitting in the same RFQ. Customer concentration low, channel deep (3-step distribution + direct hyperscaler).
Reshoring + grid hardening add a second leg to industrial. 5B+ buyback authorization, dividend grower.
Cyclical industrial base - non-datacenter ~75% of revenue still tied to capex cycle, construction, MRO. 5x ND/EBITDA) and integration risk is real. Multiple has re-rated to ~25x fwd from ~18x - much of the AI-cooling narrative is priced.
Hyperscaler insourcing of rack-level power/cooling (custom designs) caps share gains. FX drag (40% non-US revenue) and copper/steel input volatility.
No major news in the last 7 days for NVT - only listicles and opinion pieces, which we filter out by default. See everything anyway.
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