In this Research Note, we examine the Belimo Group, based on their 2021 annual report, investor presentations and their long-term growth strategy in the building automation field devices sector. Belimo Group, a listed company on the Swiss Stock Exchange, is headquartered in Hinwil, Switzerland with approximately 2,000 employees. The group is a market leader in field devices for the energy-efficient control of HVAC systems. The focus of their core business is on damper actuators, control valves, sensors, and meters.  On 7th March 2022, the company reported a successful year with 2021 net sales increasing in comparison to prior year by 15.7%, to CHF 765.3 million. The EBIT margin of 19.0% (previous year 16.3%) confirmed the validity of the Belimo strategy and business model. Two customer types / channels are served by the Belimo group:  HVAC contracting businesses, such as controls companies, systems integrators and distributors.Original Equipment Manufacturers (OEMs) of air handling units, boiler groups, dampers etc. In 2021, Belimo released its […]