Few publicly listed companies like Johnson Controls International (JCI), present a pure smart buildings product and service offering. Since the 2016 merger with Tyco, and the 2019 sale of its Power Solutions business to BCP Acquisitions LLC for $13.2 billion, the firm is looking to capitalize on macro-trends including decarbonization, post-pandemic focus on healthier buildings, and digital technologies. JCI believes this is around a $250 billion incremental market revenue opportunity over the next decade. In this research note, we examine the firm’s annual report and investor day presentation in what has been a challenging year for most companies across the world. The company offers engineering, manufacturing, maintenance, and commissioning for building products and systems, including residential and commercial HVAC, refrigeration, controls, security systems, as well as fire detection and suppression solutions. In its annual report, released this week, JCI confirmed net sales of almost $23.7 billion, a 6% increase on 2020 figures. This increase was a result of higher organic sales ($932m), the favorable impact […]