Smart Buildings

Johnson Controls 2021 Annual Report Examined

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 […]

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Smart Buildings

Azbil’s Building Automation Business 2021 Examined

In this research note, we examine the Building Automation (BA) business of Azbil, based on their FY2021 Annual Report, investor presentations, and building technology-related activities throughout 2021. Building Automation, the largest of three business units, accounts for 47.3% of 2021 net sales. The other two businesses are Advanced Automation which supplies process and factory automation products […]

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