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Trane Technologies plc TT

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Trane bought a data centre cooling company in February and the rest of the market has not repriced the shares for it.

Americas revenue grew 12.3% last quarter, the fastest in two years, on what management calls strong demand in commercial heating and cooling.

TT · price with moving averages

Daily · 6MWeekly · 3Y
$159$247$335$423$511 Sep '23Apr '24Nov '24Jun '25Jan '26Aug '26 BID
EMAs82140

Source: market data.

The business

Trane makes the equipment that heats and cools large buildings: rooftop units, chillers, air handlers, and the controls that run them, sold to schools, hospitals, offices and factories. Thermo King, the second brand, makes refrigeration for lorries and shipping containers. Roughly 83% of revenue is the Americas.

The commercial business is not a product sale so much as a fifteen-year relationship, because a chiller lasts two decades and the service contract is where the margin compounds.

Inside the complete Back of Napkin

  1. 01The business
  2. 02The numbers
  3. 03Management
  4. 04How it fails or surprises you
  5. 05The shape of the payoff
  6. 06Closing thoughts
  7. 07Methodology

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