The report below outlines feedback from our latest survey of lighting agents across the country.
READ MORE >“So I am increasingly confident that this [UV-C anti-germicidal lighting] is a long-term product portfolio opportunity, not a point-in-time product portfolio opportunity. None of us can quantify how much that is yet. So good news is it's a -- it appears to...
READ MORE >Below please find a link to a powerpoint presentation outlining the results of our latest survey of lighting agents across the country.
READ MORE >“Acuity is selling at levels below the importers.” Lighting Agent. June 2020 Even though AYI beat our EPS estimates handily in the quarter, the primary discussion surrounding the company’s business and dynamics...
READ MORE >The attached report outlines the feedback from our latest survey of lighting agents. The economic downturn has exacerbated what already were significant secular challenges for AYI. Sales...
READ MORE >“…we feel it is important for all investors and analysts to understand that we believe our net sales could be down modestly in this coming fourth quarter...
READ MORE >With all due respect to AYI management, there was nothing ridiculous about the (-11%) sell-off in AYI shares this morning. Obviously we are in the minority here, as the stock rallied 3-4 to close down a more meager -8%. Based on our checks with...
READ MORE >List price increases are not a cure all for the lighting industry as the overwhelming secular trends weigh heavily
READ MORE >“We are certainly seeing a bit of headwind in material cost, largely around the commodity metals, steel, aluminum, both of which -- more from a secondary impact of the tariffs. We don't purchase that much steel that are...
READ MORE >More of the same on the pricing front as structural disruption in the channel continues and agents increasingly question the duration of the led cycle...
READ MORE >“I’m not an economist so I don’t have a crystal ball” Vernon Nagel, Chairman, President, and CEO. Acuity Brands Inc. 1/9/18. 1Q18 earnings conf. call Finally, a...
READ MORE >PAA Research surveys lighting agents across the country on a semi-annual basis. The latest survey was conducted in the first few weeks of November. 35 lighting agents responded to our survey.
READ MORE >“We are often asked about the vitality and conditions of the key end markets we serve. We now know that the overall growth rate of the lighting market over the last 2 quarters was essentially flat and even slightly down compared with the...
READ MORE >For some investors and analysts, today was yet another grand exercise in banging your head against the wall, which some have affectionately (or not so affectionately) called short selling. We recognize why...
READ MORE >There has been a great deal of discussion in the investment community over the past 6-12 months about the slowdown in the lighting equipment industry. Many investors as well as the lighting equipment...
READ MORE >Truth be told, we’ve all seen this happen before: A management team gets praised for consistently beating numbers and its “long term vision” for the company during the early stage of a product/economic cycle. ...
READ MORE >When we first introduced AYI as a short idea approximately 9-months ago, the largest pushback on the merits of our investment thesis related to the perceived quality of the company’s management team. ...
READ MORE >We recently completed a survey of lighting agents across the country. The feedback from our survey confirms our view that: Revenue growth in the lighting industry has started to slow Pricing pressure on LED products...
READ MORE >Yes, it’s true that AYI does not provide earnings guidance for investors, but the manner in which the company handled its latest earnings release has to be viewed as troubling. AYI missed by a wide margin on both the top...
READ MORE >As a firm, we pride ourselves on the rigors of our idea generation process. Rigorous fundamental analysis, in-depth primary research, accounting scrutiny etc. are all hallmarks of our investment process. However, despite the intensity of our work on any...
READ MORE >Acuity Brands has been our favorite long idea in the industrials complex over the past year. As a pure-play lighting equipment manufacturer with a growing portfolio of LED products and lighting...
READ MORE >Acuity Brands will report 4Q10 earnings on Wednesday, October 6th before the market opens. Based on our checks with approximately 35-40 lighting agents across the country we anticipate the company is poised to...
READ MORE >AYI will report 3Q10 results before the market opens tomorrow. We expect the company to deliver inline revenues, but once again top consensus estimates due to better than expected gross margins. ...
READ MORE >Approximately four months ago we introduced a pair trade: long AYI/short HUBB based on our view that AYI shares were poised for mean reversion in stock price performance relative to those of HUBB and...
READ MORE >This report was originally published on 1/4/10.A few weeks ago we introduced a pair-trade: long AYI/short HUBBbased on our expectation that AYI shares were poised to witness absolute and relative upside following an...
READ MORE >This report was originally published on 12/3/09.We have been long-time admirers of the business models of the leading electrical product manufacturers including: Cooper Industries, Thomas and Betts, Hubbell...
READ MORE >SELL
$50
LONG
$110
SELL/SHORT
$230
SELL/SHORT
$55
LONG
$70
SELL/SHORT
$4
SELL/SHORT
$45
SHORT
$18
SELL/SHORT
$5
SELL/SHORT
$42
LONG
$75
SELL/SHORT
$50
SELL/SHORT
$50
LONG
$5.50
SHORT
$50
SHORT
$28
LONG
$65
LONG
$37
PAIR TRADE
$10
PAIR TRADE
$30
LONG
$35
SHORT
$35
SELL/SHORT
$10
SHORT
$101
SHORT
$15
SHORT
$0
SHORT
$9
SHORT
$0
PAIR - LONG BGG/SHORT TTC
25%
SHORT
$14.00
SHORT
$22
SHORT
$15
SHORT
$20
SHORT
$31
SHORT
$35
SHORT
$30
PAIR - LONG KNL/SHORT MLHR
25%
SHORT
$100
LONG
$8
LONG
$20
SHORT
$22
PAIR - LONG CSGP/SHORT LOOP
40%
LONG
$35
SHORT
$275
SHORT
$0