Apr. 24 at 1:15 PM
Power grid theme still in buildout phase
$ETN $HUBB $PLPC leading hardware cycle
+50% / +55% / +137% (1Y)
Phase 1 = physical bottlenecks (transformers, connectors) → buildout first, digitization later
Hardware commands premium:
$ETN ~5.5x sales / ~23x EBITDA
But cycle eventually shifts: buildout → optimization/software
Potential re-rating candidate: ITRI
~1.7x sales / ~10x EBITDA today
If mix shifts toward recurring software/data:
could re-rate to >5x sales / >20x EBITDA
Implied move: ~
$4B →
$12–15B
Theme = grid buildout to grid intelligence transitio
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