Sep. 26 at 4:46 PM
$GEV Hold,
$400 target.
I like the business, not the price. Up ~140% in 12 months; trades ~152x TTM P/E, ~78x fwd, ~49x EV/EBITDA, ~4.5x EV/Sales, ~19x P/B—well above
$SMNEY,
$VWDRY $ABBNY.
Q2:
$9.1B rev (+11%), 8.5% EBITDA margin. 2025 guide:
$36–37B rev, 8–9% margin,
$3.0–3.5B FCF. Backlog: ~
$129B.
Power: strong—55–60GW orders/slots; services 60%+ of backlog; mid-teens margins.
Electrification: ~20% growth; backlog ~
$27.5B.
Wind: still weak; –
$200–400M expected this year.
Quant: Valuation F; Growth A+; Profitability A (cash); Momentum A.
Bottom line: great company, stretched multiple. I’m taking profits and waiting for a better entry near ~
$400—or for faster margin expansion and wind profitability to show up. Not shorting.
