Research Report
November 21, 2017

What if Orders Reaccelerate?

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By: Carter Copeland Since our re-launching of coverage, we’ve fielded a lot of questions on Boeing and Airbus, most frequently, “What pushes these stocks higher?” and “Can the stocks work…

Research Report
November 21, 2017

Melius Industrials Strategy

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By: Scott Davis Multi-Industry & Electrical Equipment, Aerospace & Defense, Machinery Folks, today we are introducing the new Melius Industrials Macro Strategy Databook, representing the next evolution in our historical…

Research Report
November 16, 2017

ROK: : $225 WOW – View From the Front Row

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By: Scott Davis I’m literally sitting on the front row of the ROK annual analyst day, having spent much of the morning speaking to ROK employees, most of whom seem…

Research Report
November 16, 2017

Cummins Investor Day – Electric Truck Thoughts ahead of Tesla & A Few Thoughts on Capital and Growth

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By: Rob Wertheimer  There will probably be more people live blogging the Tesla truck launch event tonight at 11 EST than the Cummins Analyst day here in Indianapolis, though there…

press
November 15, 2017

Scott Davis – CNBC Clip “GE is an asset story at this point”

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Scott Davis speaks with CNBC’s “Squawk Alley” about what to do with the stock   

Research Report
November 13, 2017

GE: We’ve Had the Reset – Need More From GE Though

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By: Scott Davis New CEO John Flannery has a chance to fix the GE mess he was handed and we’ll see how he does.   It’s early days.  We have high…

Research Report
November 10, 2017

Strong Positive Signs in Ritchie Bros. Construction Miss

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By: Rob Wertheimer There were two positive data points for construction equipment out today… Report Here  

Research Report
November 6, 2017

Mining Shipments & Cycle Views

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By: Rob Wertheimer Our thesis in mining: there is a powerful 10 year cycle ahead. Fleets doubled from 2004-2012, making replacement demand today higher than the total market in the…

press
November 3, 2017

Scott Davis, CEO Shares his Views on GE Corporate Jet Controversy with NYT

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“‘G.E. was a great American company and now its reputation is tarnished and the brand is damaged,’ Mr. Davis said.” Full article by James B. Stewart: https://www.nytimes.com/2017/11/02/business/ge-corporate-jets.html

Research Report
November 3, 2017

GE: The Most Likely Outcome

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By: Scott Davis GE under $20 gets us to a stock price most of us considered unfathomable post the Financial Crisis.  How we got here is still open to debate…

Research Report
October 31, 2017

ROK: Someone Could Still Step Up and Buy It

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By: Scott Davis Emerson willing to pay $215 for ROK may represent a “peak of cycle” type valuation and should be seriously considered by ROK’s board, particularly if that price…

Research Report
October 30, 2017

Holy Bull – What We’ve Learned in Oct

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By: Scott Davis 3Q17 has been full of drama, noise, and debate but underlying all the usual non-sense is a clear up-cycle, a full 3 quarters in and gaining momentum….

Research Report
October 27, 2017

L3 Technologies – This One Not Like the Others: Moving to OW

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By: Carter Copeland Our previous thesis on LLL was that while incoming CEO Chris Kubasik was likely to be successful in affecting value-creating change in the organization (the prevailing central…

Research Report
October 27, 2017

CMI: Finding a Deal at GE’s Sale?

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By: Rob Wertheimer & Scott Davis Cummins has a depressed multiple problem from electrification risk, global scale in reciprocating engines, no clear way to buy new technology to dominate electrification,…

Research Report
October 25, 2017

Ten Years of Truck Upcycle: Never Happened, Never Gonna Happen

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By: Rob Wertheimer Let’s look at consensus forecasts for trucks, following ACT as a guide. Consensus expects an upcycle, a rise in long haul truck sales in 2018, 2019, and…

Coverage Universe
October 25, 2017

Coverage Universe

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Research Report
October 23, 2017

GE: The Free Cash Flow Story in Pictures

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By: Scott Davis GE: The Free Cash Flow Story in Pictures Folks – lots of information out there on GE cash flow.  Wanted to weigh-in on the debate.  We see…

press
October 20, 2017

Scott Davis – CNBC Clip on GE Outlook Following 3Q17 Earnings Release

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Scott Davis speaks with CNBC’s “Squawk Alley” about his outlook on General Electric shares following 3Q earnings release.  

Research Report
October 20, 2017

GE: A Painful Reset – But It’s Over

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By: Scott Davis GE: A Painful Reset – But It’s Over For those who avoided this GE mess, hats off to you.  This is painful.  And it’s hard not to…

Research Report
October 18, 2017

The Boeing Company – Q3: A Key Milestone on the Margin Journey

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By: Carter Copeland The inevitability of significant margin expansion at BA remains a key pillar of our thesis, and we expect upcoming Q3 results to provide a particularly unique window…

Research Report
October 17, 2017

W.W. Grainger: Why You Got Your Face Ripped Off

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By: Scott Davis GWW: 3Q17 Thoughts & Model Our cycle call is bullish, and so far earnings results support that view. Though early, FAST (Fastenal) had strong top-line results (core…

Research Report
October 17, 2017

What’s Pricing at United Rentals? Mispriced

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By: Rob Wertheimer Our thesis: URI is structurally undervalued and also has cyclical upside. The market is focused on the risk of operating in a fragmented industry with low differentiation….

press
October 10, 2017

Melius Research Initiates Coverage of Global Machinery Sector

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NEW YORK – October 10, 2017 – Melius Research (Melius), an independent equity research boutique focused on the industrial sector today announced that it has initiated coverage of the global…

Research Report
October 10, 2017

Initiation of Melius Machinery Research

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For the second time in twenty years, machinery stocks trade at a premium to multi-industry. That’s what should happen at a trough. In the deep trough of 2009, machinery revenues…

Research Report
October 5, 2017

Melius Research Initiation of Multi-Industry

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Six years ago, I experienced my first ever “garden leave” – 3 months of rest/fitness/golf and extra happy “happy hours.” I had an awaiting job and a contract. I smiled…

press
October 5, 2017

Melius Research Initiates Coverage of Multi-Industry Sector

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NEW YORK – October 5, 2017 – Melius Research (Melius), an independent equity research boutique focused on the industrial sector today announced that it has initiated coverage of the multi-industry…

Research Report
October 3, 2017

Initiating Melius A&D Research

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Two 2-Sigma Observations You Can’t Afford to Ignore Now in my 13th year as an aerospace analyst, this is my first ever sector launch. Years ago my apprenticeship turned into…

article
October 3, 2017

Letter to Clients

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The Latin word “melius” directly translates into “better” in English. However, it is the Japanese translation into “kaizen,” which means “continuous improvement,” that best reflects our culture and core values….

press
October 3, 2017

Star Analysts Debut New Firm, $180k All-In Price as MiFID Looms

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By Felice Maranz and Joshua Fineman  (Bloomberg) — Equity research firm Melius Research LLC plans to use a three-tier system to charge clients as it launches coverage today, according to…

press
October 3, 2017

Top Industrials Analysts Launch Melius Research LLC

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Melius Initiates Coverage on 19 Global Aerospace & Defense Companies NEW YORK – October 3, 2017 – Top-ranked multi-industry analyst, Scott Davis, today announced the launch of Melius Research (Melius),…

press
June 28, 2017

Barclays Trio Said to Found Research Startup as MiFID Looms

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By Stephen Morris and Trista Kelley Three Barclays Plc analysts in New York have left the bank to set up their own firm in anticipation of the upheaval caused by European rules that will…