By: Rob Wertheimer
We use some highly detailed mining equipment data in support of our work, and present a year-end wrap up and quarterly trend data here. Our thesis in mining is simple. Replacement of the 2004-2014 supercycle requires volumes up ~40% from 2017 levels. With equipment life of ~10-15 years, that gives us one of the best 10-year revenue outlooks in industrials, assuming of course the equipment gets replaced.