Full-year analysis and valuation.
Very interesting article! Thanks for sharing!
The Raytheon/United Technologies merger and Otis/Carrier spin-off was one of our earliest and greatest successes in the special situation investing space. Since then we’ve been hooked!
Keep up the great work!
On the China services angle - the market is super tough and you can pretty much set up a maintenance business with no capital as it's stuffed with kickbacks etc. Think it will be a long time before that professionalises. But great write up for a good business.