Company Reports

We’re initiating coverage of Emcor, the mechanical and electrical-focused specialist contractor.

Emcor is a US electrical, mechanical, and plumbing specialty contractor that designs, installs, and maintains a host of power, communications, HVAC, and plumbing systems for a broad set of customers, including data centers, semiconductor fabs, healthcare, and water treatment. It operates through more than 100 subsidiaries and pursues bolt-on acquisitions to expand into additional geographies in the USA.

We are no longer providing equity research on EMCOR EME. We provide broad coverage of more than 1,700 companies across more than 140 industries and adjust our coverage as necessary based on client demand and investor interest.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical and mechanical systems for commercial, industrial, and government customers. The industry EMCOR operates in is highly competitive and characterized by low barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns during the last decade.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical and mechanical systems for commercial, industrial, and government customers. The industry EMCOR operates in is highly competitive and characterized by low barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns over the last decade.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical and mechanical systems for commercial, industrial, and government customers. The industry EMCOR operates in is highly competitive and characterized by low barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns over the last decade.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical and mechanical systems for commercial, industrial, and government customers. The industry EMCOR operates in is highly competitive and characterized by low barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns over the last decade.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical and mechanical systems for commercial, industrial, and government customers. The industry EMCOR operates in is highly competitive and characterized by low barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns over the last decade.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical and mechanical systems for commercial, industrial, and government customers. The industry EMCOR operates in is highly competitive and characterized by low barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns over the last decade.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical and mechanical systems for commercial, industrial, and government customers. The industry EMCOR operates in is highly competitive and characterized by low barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns over the last decade.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical, HVAC, communications, and water treatment systems for commercial, industrial, and government customers. The industry is highly competitive, with low barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns over the last 10 years.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical, HVAC, communications, and water treatment systems for commercial, industrial, and government customers. The industry is highly competitive and has minimal barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns on invested capital during the last couple of years.

EMCOR's main business is mechanical and electrical construction services. This includes the design, installation, and maintenance of electrical, HVAC, communications, and water treatment systems for commercial, industrial, and government customers. The industry is highly competitive and has minimal barriers to entry and limited economies of scale. However, through effective leadership and smart, strategic acquisitions, EMCOR has generated healthy returns on invested capital over the past couple of years.

We are placing EMCOR EME under review. The Architecture Billings Index, which is considered a forward-looking measure of construction activity, fell to a new low in January. This, combined with ongoing tightness in commercial construction lending, suggests that commercial and industrial construction activity is likely to remain weak over the next 12 to 18 months. While we think EMCOR is well positioned to benefit from federal stimulus-related "green building" initiatives, we now think that a slowdown in EMCOR's other segments will be more significant than previously forecast.

Construction-services firm EMCOR Group has succeeded in partially mitigating the cyclical nature of its legacy business via two strategies: increasing revenue contribution from recurring service contracts and upping its exposure to growth trends. Through recent acquisitions, we think EMCOR is better positioned to benefit from two specific trends: increased facilities maintenance outsourcing by United States companies and capital investment by the oil and gas industry.

Construction-services firm EMCOR Group has succeeded in partially mitigating the cyclical nature of its legacy business via two strategies: increasing revenue contribution from recurring service contracts and upping its exposure to growth trends. Through recent acquisitions, we think EMCOR is better positioned to benefit from two specific trends: increased facilities maintenance outsourcing by United States companies and capital investment by the oil and gas industry.

Construction-services firm EMCOR Group has succeeded in partially mitigating the cyclical nature of its legacy business via two strategies: increasing revenue contribution from recurring service contracts and upping its exposure to growth trends. Through recent acquisitions, we think EMCOR is better positioned to benefit from two specific growth trends: increased facilities maintenance outsourcing by U.S. companies and strong capital investment by the oil and gas industry.

Construction-services firm EMCOR Group has succeeded in partially mitigating the cyclical nature of its legacy business via two strategies: increasing revenue contribution from recurring service contracts, and upping its exposure to growth trends. Through recent acquisitions, we think EMCOR is better positioned to benefit from two specific growth trends: increased facilities maintenance outsourcing by United States companies and strong capital investment by the oil and gas industry.