investment banking water quarterly fall …investment banking fall 2016 waterquarterly water...

WATER QUARTERLY

©2016 Raymond James & Associates, Inc., member New York Stock Exchange/SIPC

1033 Demonbreun Street, Suite 505 // Nashville, Tennessee 37203 // T (615) 645-6820 // raymondjames.com

INVESTMENT BANKING FALL 2016

WATERQUARTERLY

WATER COVERAGE TEAM

Information obtained from third-party sources is considered reliable, but we do not guarantee that the information herein is accurate or complete. This report was prepared within Raymond James & Associates' Investment Banking Department

and is for information purposes only. This report is not a product of Raymond James & Associates' Research Department; recipients of this report should not interpret the information herein as sufficient grounds for an investment decision or any

other decision. The report shall not constitute an offer to sell or the solicitation of an offer to buy any of the securities mentioned herein; past performance does not guarantee future results.

Brendan Tierney Managing Director

(212) 856-4387 [email protected]

Jason Lowry Associate


Robert Devitz Analyst


WATER QUARTERLY



INVESTMENT BANKING

WATER CONSERVATION IN ISRAEL

2

What the United States could learn from Israel’s water management.

Key Components of Israel’s Water Management Success

Despite an arid, desert

climate, through these

measures, Israel has

become an exporter of

water and has been

water-independent

since 2014

IDE Technologies

Sorek Desalination Plant

Netafim Drip Irrigation System

• Large-scale desalination plants

o Israel has invested significantly in a number of large-scale desalination plants, and boasts some of the largest in

the world

o Over half of the water supply is generated through these plants, at a cost of approximately one third the cost of

desalination in the 1990s

• Wastewater purification and reuse

o 90% of Israel’s wastewater is recycled, with approximately 80% supporting agriculture, which accounts for half

of the total water used in agriculture

o The next closest country to Israel is Spain, which recycles about 25% of its treated wastewater – the U.S.

reuses approximately 6%

• Drip irrigation and other agricultural innovations

o Netafim estimates that a drip irrigation system saves 25% - 75% of the amount of pumped water compared to

traditional flood irrigation, and crop yields are increased by 15%

o Israeli seed companies have developed hybrid crops that require less water to grow, further conserving the

nation’s water supply

• Proactive infrastructure management

o Monitoring systems, including audio monitoring and GPS-guided robotics, assist in the early detection of leaks

so they can be repaired before becoming more serious issues

o Injectable putty that automatically plugs leaks has been developed to allow for seamless leak remediation

without any digging

• Policy, education and mindset

o Unlike in the U.S., the Israeli government owns all of the natural water supply, which is managed through one

central water authority, versus the U.S.’s ~155,000 separate public water systems

o In 2008 it was mandated that the water system become revenue neutral – the result was a price increase of

~40% for consumers that led to a decrease in household water consumption of ~15%

Water scarcity is a global problem, particularly in the Middle East. As recent as 2008, a decade long drought in the Fertile Crescent brought the Sea

of Galilee to within inches of the “black line” – below which irreversible salt infiltration would have flooded the lake and destroyed Israel’s largest

source of freshwater forever. Israel was forced to rethink water…and the U.S. could learn a lot from their actions.

WATER QUARTERLY



INVESTMENT BANKING

I-O Utilities; +17.0%

Over the past two years, Filtration, up 23.1%, Investor-Owned Utilities, up 17.0%, and Chemicals, up 16.1%, have outperformed the S&P 500’s gain of 9.9%.

The Consumer sector and Equipment sector posted modest gains of 7.8% and 6.6%, respectively. The recent climb in oil prices has helped the E&C sector,

however market value is still down approximately 22.9%.

Note: Indexed stocks are weighted based on market capitalization and adjusted for dividends. See pages 6 - 9 for index constituents. Past performance is not indicative of future results.

Indices are unmanaged.

Source: Capital IQ.

PUBLIC MARKET PERFORMANCE

WATER SECTOR PUBLIC COMPANY TRADING STATISTICS

Source: Capital IQ as of 9/30/2016. 3

Filtration; +23.1%

S&P 500; +9.9%

Chemicals; +16.1%

Equipment; +6.6%

E&C; -22.9%

Consumer; +7.8%

60%

70%

80%

90%

100%

110%

120%

130%

Chemicals Consumer Engineering, Construction & Other Services Equipment Filtration Investor-Owned Utilities S&P 500

# of Median % of 52 - Median TEV / LTM Median TEV / 2016E

Sector Companies TEV ($MMs) Week High Revenue EBITDA Revenue EBITDA

Chemicals 7 $2,850.7 97.4% 1.6x 9.4x 1.6x 9.6x

Filtration 6 2,707.6 96.3% 1.9x 11.8x 1.8x 10.8x

Equipment 31 2,535.7 93.3% 1.8x 12.6x 1.9x 12.5x

Engineering, Construction & Other Services 18 1,572.6 81.9% 0.5x 9.1x 0.5x 7.8x

Consumer 5 176,790.1 93.6% 2.9x 14.9x 2.9x 14.4x

Investor-Owned Utilities 18 3,719.7 87.8% 3.9x 12.5x 3.0x 12.5x

WATER QUARTERLY



INVESTMENT BANKING

10.7x11.7x

8.3x

13.3x

10.7x

8.1x

9.6x

12.0x11.3x

9.9x

11.8x

10.8x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016E

4

CHEMICALS FILTRATION

HISTORICAL TRAILING EBITDA MULTIPLES(1)

EQUIPMENT ENGINEERING, CONSTRUCTION & OTHER SERVICES

Source: S&P Capital IQ.

1. 9/30/2016 – LTM median multiples as of 9/30/2016; see publicly traded Industrial comp groups on pages 6 - 9 for companies within each industry.

10.9x Median =

10.5x Median =

11.1x Median = 8.3x Median =

11.5x12.1x

5.7x5.2x

8.6x

6.3x 7.2x

10.3x 10.0x

8.5x9.1x

7.8x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016E

11.9x11.3x

7.0x

11.0x11.6x

8.6x

9.8x

12.6x

11.2x 11.5x

12.6x 12.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016E

11.8x11.1x

8.6x

11.0x

9.7x10.0x

10.9x11.7x

13.3x

10.2x9.4x 9.6x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016E

WATER QUARTERLY



INVESTMENT BANKING

12.7x12.2x

10.8x10.1x

9.3x 9.9x9.0x

10.2x10.8x

11.3x

12.5x 12.5x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016E

INVESTOR-OWNED WATER UTILITIES

5

HISTORICAL TRAILING EBITDA MULTIPLES(1)

CONSUMER

12.3x Median = 10.8x Median =

12.3x 12.7x

9.6x10.4x

12.2x

10.6x 10.8x

12.1x

13.5x 13.7x

14.9x14.4x

0.0x

2.0x

4.0x

6.0x

8.0x

10.0x

12.0x

14.0x

16.0x

2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 LTM 2016E


1. 9/30/2016 – LTM median multiples as of 9/30/2016; see publicly traded Industrial comp groups on pages 6 - 9 for companies within each industry.

WATER QUARTERLY



INVESTMENT BANKING

PUBLICLY TRADED WATER COMPANY UNIVERSE(1)

($ In U.S. Millions, except per share data)

6

Market % of

Price Changein Stock Price 52 - Week Enterprise Market Dividend LTM EBITDA EV / Revenue EV / EBITDA

Filtration Ticker 9/30/16 3-Month(2) 12-Month(2) High Value Cap Yield Revenue EBITDA Margin LTM 2016E LTM 2016E

CLARCOR Inc. CLC $65.00 7.3% 37.5% 97.6% $3,358.9 $3,160.0 1.6% $1,385.2 $251.4 18.2% 2.4x 2.4x 13.4x 13.5x

Donaldson Company, Inc. DCI 37.33 8.3% 34.5% 96.6% 5,282.1 4,952.8 1.9% 2,220.3 365.2 16.4% 2.4x 2.4x 14.5x 14.0x

ESCO Technologies Inc. ESE 46.42 15.8% 31.8% 98.0% 1,239.7 1,193.8 0.7% 565.6 94.7 16.7% 2.2x 2.1x 13.1x 12.0x

Kurita Water Industries Ltd. 6370 23.60 6.5% 10.1% 80.9% 2,056.3 2,742.1 2.1% 2,125.4 350.4 16.5% 1.0x 1.0x 5.9x 6.2x

Lydall, Inc. LDL 51.13 31.6% 76.9% 95.9% 803.9 876.4 - 529.6 76.0 14.4% 1.5x 1.4x 10.6x 9.6x

Toray Industries, Inc. 3402 9.67 14.2% 9.6% 85.4% 21,981.1 15,458.7 1.5% 20,309.5 2,545.8 12.5% 1.1x 1.1x 8.6x 8.8x

Median 11.3% 33.1% 96.3% $2,707.6 $2,951.1 1.6% $1,755.3 $300.9 16.5% 1.9x 1.8x 11.8x 10.8x

Mean 14.0% 33.4% 92.4% 5,787.0 4,730.6 1.6% 4,522.6 613.9 15.8% 1.8x 1.7x 11.0x 10.7x

Market % of


Chemicals Ticker 9/30/16 3-Month(2) 12-Month(2) High Value Cap Yield Revenue EBITDA Margin LTM 2016E LTM 2016E

Calgon Carbon Corporation CCC $15.17 14.4% (2.8%) 83.3% $825.8 $767.9 1.3% $516.6 $87.8 17.0% 1.6x 1.6x 9.4x 9.6x

Chemtrade Logistics Income Fund CHE.UN 13.89 0.5% 1.9% 93.4% 1,611.5 959.6 6.7% 1,032.7 176.7 17.1% 1.6x 1.6x 9.1x 9.1x

Chemtura Corporation CHMT 32.81 25.2% 11.6% 99.5% 2,357.2 2,066.2 - 1,698.0 298.0 17.6% 1.4x 1.4x 7.9x 8.2x

Ecolab Inc. ECL 121.72 2.4% 8.4% 97.7% 42,241.6 35,493.0 1.2% 13,273.0 2,869.7 21.6% 3.2x 3.1x 14.7x 14.5x

Kemira Oyj KEMIRA 13.54 10.5% 16.0% 99.7% 2,850.7 2,063.8 4.3% 2,663.3 310.5 11.7% 1.1x 1.1x 9.2x 8.5x

Lonza Group Ltd LONN 191.42 12.0% 44.3% 97.4% 11,561.3 10,008.1 1.4% 4,017.4 901.8 22.4% 2.9x 2.8x 12.8x 13.0x

Pool Corp. POOL 94.52 (0.6%) 30.1% 91.9% 4,454.3 3,974.6 1.3% 2,495.0 262.5 10.5% 1.8x 1.7x 17.0x 16.1x

Median 10.5% 11.6% 97.4% $2,850.7 $2,066.2 1.3% $2,495.0 $298.0 17.1% 1.6x 1.6x 9.4x 9.6x

Mean 9.2% 15.6% 94.7% 9,414.6 7,904.7 2.7% 3,670.9 701.0 16.8% 1.9x 1.9x 11.4x 11.3x


1. Financial information, market values, and market multiples as of 9/30/2016; revenue multiples in excess of 6x and EBITDA multiples in excess of 50x excluded.

2. Stock price performance (3-month and 12-month) is based on price as of 9/30/2016.

WATER QUARTERLY



INVESTMENT BANKING



7

Market % of


Equipment Ticker 9/30/16 3-Month(2) 12-Month(2) High Value Cap Yield Revenue EBITDA Margin LTM 2016E LTM 2016E

Aalberts Industries NV AALB $34.11 12.1% 15.9% 94.8% $4,741.1 $3,772.4 1.8% $2,782.9 $426.6 15.3% 1.7x 1.7x 11.1x 10.8x

Advanced Drainage Systems, Inc. WMS 24.06 (11.6%) (17.4%) 72.3% 2,078.5 1,325.1 1.1% 1,299.1 163.8 12.6% 1.6x 1.6x 12.7x 10.1x

Aegion Corporation AEGN 19.07 (1.9%) 16.7% 85.1% 915.2 632.6 - 1,278.9 114.0 8.9% 0.7x 0.7x 8.0x 8.4x

Badger Meter Inc. BMI 33.51 (7.0%) 17.5% 85.1% 1,021.3 975.0 1.5% 396.4 73.7 18.6% 2.6x 2.6x 13.9x 14.9x

BWT AG BWT 24.73 16.8% 11.0% 99.8% 425.4 414.5 0.9% 645.5 56.1 8.7% 0.7x - 7.6x -

Crane Co. CR 63.01 11.1% 36.1% 95.6% 4,128.5 3,679.8 2.2% 2,722.7 455.9 16.7% 1.5x 1.5x 9.1x 9.1x

Ebara Corp. 6361 29.36 6.9% 54.7% 96.2% 2,731.1 2,730.9 1.9% 4,758.9 503.0 10.6% 0.6x 0.6x 5.4x 5.5x

Flow serve Corp. FLS 48.24 6.1% 19.3% 91.9% 7,656.0 6,289.5 1.8% 4,357.6 683.8 15.7% 1.8x 1.9x 11.2x 12.2x

Franklin Electric Co., Inc. FELE 40.71 21.9% 51.3% 99.4% 2,031.8 1,881.4 1.0% 922.3 142.3 15.4% 2.2x 2.2x 14.3x 13.8x

Geberit AG GEBN 438.75 15.0% 43.7% 98.0% 17,042.9 16,160.1 2.0% 2,836.2 758.4 26.7% NM NM 22.5x 21.1x

Gorman-Rupp Co. GRC 25.61 (5.9%) 7.6% 78.6% 618.7 668.2 1.7% 399.5 51.4 12.9% 1.5x 1.6x 12.0x 11.8x

Graco Inc. GGG 74.00 (5.6%) 11.0% 85.4% 4,519.2 4,120.2 1.8% 1,297.6 339.4 26.2% 3.5x 3.4x 13.3x 13.2x

IDEX Corporation IEX 93.57 13.9% 33.1% 98.2% 7,817.6 7,123.6 1.6% 2,082.4 521.7 25.1% 3.8x 3.7x 15.0x 14.8x

Itron, Inc. ITRI 55.76 28.9% 75.6% 99.1% 2,367.7 2,132.4 - 1,976.6 199.2 10.1% 1.2x 1.2x 11.9x 11.7x

Lindsay Corporation LNN 73.98 8.3% 12.0% 93.3% 812.1 786.4 1.5% 516.4 51.3 9.9% 1.6x 1.6x 15.8x 12.8x

Mueller Industries Inc. MLI 32.42 0.7% 10.5% 91.3% 1,848.8 1,853.5 1.3% 2,084.0 169.0 8.1% 0.9x - 10.9x -

Mueller Water Products, Inc. MWA 12.55 10.1% 65.8% 93.0% 2,369.8 2,029.2 1.0% 1,147.8 189.4 16.5% 2.1x 2.0x 12.5x 11.4x

Northw est Pipe Co. NWPX 11.81 7.5% (8.6%) 75.9% 105.4 113.3 - 173.9 (31.0) NM 0.6x 0.7x NM NM

Pentair plc PNR 64.24 9.2% 29.6% 95.9% 16,012.3 11,633.9 2.2% 6,621.6 1,169.3 17.7% 2.4x 3.1x 13.7x 16.3x

Polypipe Group plc PLP 3.66 9.0% (28.3%) 78.0% 981.1 725.0 3.2% 539.5 113.1 21.0% 1.8x 1.9x 8.7x 9.3x

Pure Technologies Ltd. PUR 4.46 (2.1%) 15.4% 90.3% 235.5 240.5 2.3% 88.3 11.5 13.1% 2.7x 2.5x 20.4x 15.3x

Rexnord Corporation RXN 21.41 8.6% 28.1% 93.2% 3,859.0 2,199.1 - 1,910.5 314.5 16.5% 2.0x 2.0x 12.3x 10.6x

Roper Technologies, Inc. ROP 182.47 7.4% 15.7% 93.1% 20,961.4 18,491.6 0.7% 3,661.6 1,257.9 34.4% 5.7x 5.5x 16.7x 16.0x

Rotork plc ROR 2.75 (6.6%) 7.1% 94.4% 2,502.7 2,389.5 2.2% 712.9 162.1 22.7% 3.5x 3.6x 15.4x 16.4x

Sulzer, Ltd. SUN 104.79 19.9% 7.1% 89.5% 3,517.6 3,570.4 3.4% 3,033.8 309.7 10.2% 1.2x 1.2x 11.4x 13.0x

The Toro Company TTC 46.84 6.2% 33.6% 94.6% 5,200.3 5,120.2 1.3% 2,404.6 389.6 16.2% 2.2x 2.1x 13.3x 13.2x

Uponor Oyj UNR1V 18.52 16.2% 48.5% 95.9% 1,623.4 1,354.8 2.7% 1,202.2 128.8 10.7% 1.4x 1.3x 12.6x 11.7x

Valmont Industries, Inc. VMI 134.57 0.2% 43.2% 92.2% 3,501.2 3,046.3 1.2% 2,503.3 332.9 13.3% 1.4x 1.4x 10.5x 10.2x

Watts Water Technologies, Inc. WTS 64.84 12.0% 27.0% 98.2% 2,535.7 2,217.5 1.2% 1,439.9 141.2 9.8% 1.8x 1.8x 18.0x 12.0x

The Weir Group PLC WEIR 22.14 15.1% 23.7% 99.6% 5,911.9 4,785.5 2.5% 2,396.3 356.7 14.9% 2.5x 2.6x 16.6x 17.0x

Xylem Inc. XYL 52.45 16.9% 60.4% 99.5% 10,046.1 9,398.1 1.3% 3,675.0 607.0 16.5% 2.7x 2.7x 16.6x 15.5x

Median 8.6% 19.3% 93.3% $2,535.7 $2,217.5 1.7% $1,910.5 $199.2 15.4% 1.8x 1.9x 12.6x 12.5x

Mean 7.7% 24.7% 91.9% 4,520.0 3,931.0 1.7% 1,995.8 327.8 15.8% 2.0x 2.1x 13.1x 12.8x




WATER QUARTERLY



INVESTMENT BANKING

8






Market % of

Engineering, Construction & Price Changein Stock Price 52 - Week Enterprise Market Dividend LTM EBITDA EV / Revenue EV / EBITDA

Other Services Ticker 9/30/16 3-Month(2) 12-Month(2) High Value Cap Yield Revenue EBITDA Margin LTM 2016E LTM 2016E

AECOM ACM $29.73 (5.9%) 8.9% 82.1% $8,443.9 $4,569.3 - $17,811.4 $1,017.5 5.7% 0.5x 0.5x 8.3x 8.2x

Amec Foster Wheeler plc AMFW 7.44 13.6% (32.6%) 67.7% 4,317.5 2,902.1 4.9% 7,488.7 437.4 5.8% 0.6x 0.6x 9.9x 10.2x

ARCADIS NV ARCAD 14.40 (4.7%) (40.3%) 52.7% 1,892.8 1,220.6 4.7% 3,780.6 261.1 6.9% 0.5x 0.5x 7.3x 7.3x

CDI Corp. CDI 5.67 (8.0%) (31.0%) 60.4% 126.7 105.5 - 941.4 (2.4) NM 0.1x 0.1x NM NM

Chicago Bridge & Iron Company N.V. CBI 28.03 (20.8%) (25.4%) 60.4% 4,768.6 2,891.5 1.0% 11,960.0 1,061.5 8.9% 0.4x 0.4x 4.5x 5.1x

Doosan Heavy Industries & Construction Co., Ltd. A034020 23.50 25.8% 30.1% 85.9% 13,282.5 2,100.0 - 13,567.1 489.6 3.6% 1.0x 1.0x 27.1x 10.1x

Granite Construction Incorporated GVA 49.74 10.3% 70.8% 96.9% 1,817.7 1,969.7 1.2% 2,425.6 161.5 6.7% 0.7x 0.7x 11.3x 11.3x

Great Lakes Dredge & Dock Corporation GLDD 3.50 (19.4%) (29.9%) 59.5% 567.2 212.6 - 798.8 73.1 9.2% 0.7x 0.7x 7.8x 6.7x

Jacobs Engineering Group Inc. JEC 51.72 4.0% 40.7% 92.5% 6,216.5 6,280.3 - 11,440.5 678.7 5.9% 0.5x 0.6x 9.2x 9.4x

KBR, Inc. KBR 15.13 13.9% (9.2%) 75.9% 1,382.7 2,155.7 2.2% 4,284.0 222.0 5.2% 0.3x 0.3x 6.2x 6.9x

Layne Christensen Company LAYN 8.51 4.0% 33.2% 89.0% 270.3 168.5 - 651.2 22.3 3.4% 0.4x 0.4x 12.1x 10.5x

Matrix Service Company MTRX 18.76 12.5% (12.8%) 71.5% 424.7 497.5 - 1,311.9 63.5 4.8% 0.3x 0.3x 6.7x 5.9x

Orion Group Holdings, Inc. ORN 6.85 26.2% 14.9% 99.3% 299.1 189.6 - 568.9 29.7 5.2% 0.5x 0.5x 10.1x 5.6x

Primoris Services Corporation PRIM 20.60 8.1% 20.0% 81.6% 1,220.9 1,066.8 1.1% 1,940.3 141.9 7.3% 0.6x 0.6x 8.6x 9.1x

Sterling Construction Co. Inc. STRL 7.74 53.0% 83.8% 97.0% 169.2 193.5 - 644.6 16.3 2.5% 0.3x 0.2x 10.4x 7.1x

Tetra Tech, Inc. TTEK 35.47 15.7% 45.8% 97.9% 2,251.0 2,037.0 1.0% 1,825.3 192.1 10.5% 1.2x 1.1x 11.7x 10.6x

TRC Companies Inc. TRR 8.67 34.4% (25.2%) 70.8% 349.0 269.7 - 481.3 44.6 9.3% 0.7x - 7.8x -

Tutor Perini Corporation TPC 21.47 (10.9%) 32.8% 82.6% 1,762.6 1,055.7 - 4,935.1 194.6 3.9% 0.4x 0.3x 9.1x 6.3x

Median 9.2% 11.9% 81.9% $1,572.6 $1,143.7 1.2% $2,183.0 $176.8 5.8% 0.5x 0.5x 9.1x 7.8x

Mean 8.4% 9.7% 79.1% 2,753.5 1,660.3 2.3% 4,825.4 283.6 6.2% 0.5x 0.5x 9.9x 8.1x

WATER QUARTERLY



INVESTMENT BANKING

9






Market % of


Investor-Owned Utilities Ticker 9/30/16 3-Month(2) 12-Month(2) High Value Cap Yield Revenue EBITDA Margin LTM 2016E LTM 2016E

ACEA S.p.A. ACE $12.58 4.5% (7.6%) 78.3% $5,293.9 $2,673.4 4.4% $3,094.5 $751.1 24.3% 1.7x 1.6x 7.0x 6.0x

American States Water Company AWR 40.05 (7.7%) (2.9%) 84.8% 1,844.4 1,464.2 2.3% 448.6 157.1 35.0% 4.1x 4.0x 11.7x 11.7x

American Water Works Company, Inc. AWK 74.84 (11.0%) 35.4% 87.8% 20,128.2 13,314.2 2.1% 3,249.0 1,557.0 47.9% NM NM 12.9x 12.4x

Aqua America Inc. WTR 30.48 (13.6%) 15.1% 85.1% 7,240.4 5,405.0 2.6% 814.6 457.2 56.1% NM NM 15.8x 15.3x

Artesian Resources Corp. ARTN.A 28.54 (16.3%) 18.2% 81.5% 369.6 259.9 3.3% 77.4 34.3 44.3% 4.8x 4.7x 10.8x 10.6x

California Water Service Group CWT 32.09 (6.9%) 44.9% 90.1% 2,145.6 1,539.4 2.1% 596.1 160.7 27.0% 3.6x 3.5x 13.3x 12.5x

Connecticut Water Service Inc. CTWS 49.73 (10.5%) 36.6% 87.8% 773.1 558.5 2.2% 97.0 39.4 40.6% NM NM 19.6x 17.4x

Consolidated Water Co. Ltd. CWCO 11.62 (9.6%) 2.7% 79.1% 145.4 172.2 2.8% 57.4 13.9 24.2% 2.5x 2.4x 10.5x -

Global Water Resources, Inc. GWRS 8.01 n/a n/a 87.3% 245.9 156.8 3.4% 29.7 12.2 41.0% NM NM 20.2x 17.6x

Hera S.p.A. HER 2.70 (4.5%) 4.3% 89.6% 7,358.9 3,967.3 4.0% 5,190.5 896.0 17.3% 1.4x 1.4x 8.2x 7.5x

Middlesex Water Co. MSEX 35.24 (17.3%) 48.3% 79.9% 722.3 573.7 2.4% 128.9 51.8 40.2% 5.6x - 14.0x -

Pennon Group Plc PNN 11.62 (7.0%) (2.0%) 93.1% 8,403.2 4,800.4 4.0% 1,947.7 641.5 32.9% 4.3x 4.9x 13.1x 14.7x

Severn Trent Plc SVT 32.62 1.2% (2.2%) 99.2% 14,019.5 7,687.3 3.4% 2,573.7 1,154.8 44.9% 5.4x NM 12.1x 13.5x

SJW Corp. SJW 43.68 13.8% 39.7% 93.5% 1,312.1 892.9 1.9% 318.6 134.7 42.3% 4.1x 4.2x 9.7x -

SUEZ SA SEV 16.52 4.5% (6.9%) 80.1% 20,925.2 9,287.1 4.6% 16,986.1 2,357.2 13.9% 1.2x 1.2x 8.9x 7.5x

United Utilities Group PLC UU. 13.06 (4.4%) (6.8%) 94.1% 17,714.0 8,905.8 4.0% 2,491.7 1,346.7 54.0% NM NM 13.2x 14.5x

Veolia Environnement S.A. VIE 23.04 6.7% 1.1% 89.2% 23,526.0 12,663.2 3.7% 27,323.1 2,811.5 10.3% 0.9x 0.9x 8.4x 7.2x

The York Water Company YORW 29.66 (4.9%) 39.4% 88.8% 464.5 381.7 2.0% 47.1 29.0 61.7% NM NM 16.0x 15.8x

Median (6.9%) 4.3% 87.8% $3,719.7 $2,106.4 3.0% $705.4 $309.0 40.4% 3.9x 3.0x 12.5x 12.5x

Mean (4.9%) 15.1% 87.2% 7,368.5 4,150.2 3.1% 3,637.3 700.3 36.5% 3.3x 2.9x 12.5x 12.3x

Water Industry Median 6.4% 15.9% 91.9% $2,502.7 $2,155.7 2.1% $1,976.6 $261.1 16.4% 1.6x 1.6x 12.0x 11.7x

Water Industry Mean 5.3% 18.6% 88.5% 13,417.9 11,152.2 2.3% 5,812.9 982.6 18.7% 1.9x 1.9x 12.1x 11.6x

Market % of


Consumer Ticker 9/30/16 3-Month(2) 12-Month(2) High Value Cap Yield Revenue EBITDA Margin LTM 2016E LTM 2016E

The Coca-Cola Company KO $42.32 (6.2%) 6.3% 89.8% $207,194.4 $182,654.4 3.3% $43,248.0 $11,987.0 27.7% 4.8x 5.0x 17.3x 17.3x

The Clorox Company CLX 125.18 (8.7%) 8.5% 89.1% 18,139.3 16,220.3 2.6% 5,761.0 1,199.0 20.8% 3.1x 3.1x 15.1x 14.4x

Danone BN 74.24 3.8% 18.7% 93.6% 55,009.5 45,392.2 2.5% 24,512.2 4,250.1 17.3% 2.2x 2.3x 12.9x 13.0x

Nestlé S.A. NESN 78.95 1.0% 5.0% 95.6% 260,446.5 237,504.6 3.0% 91,680.1 17,534.0 19.1% 2.8x 2.9x 14.9x 15.0x

Pepsico, Inc. PEP 108.77 3.0% 15.9% 98.0% 176,790.1 155,996.1 2.8% 61,869.0 12,084.0 19.5% 2.9x 2.8x 14.6x 14.0x

Median 1.0% 8.5% 93.6% $176,790.1 $155,996.1 2.8% $43,248.0 $11,987.0 19.5% 2.9x 2.9x 14.9x 14.4x

Mean (1.4%) 10.9% 93.2% 143,515.9 127,553.5 2.9% 45,414.1 9,410.8 20.9% 3.2x 3.2x 15.0x 14.7x

WATER QUARTERLY



INVESTMENT BANKING

10

CREDIT STATISTICS BY SECTOR


Source: Capital IQ as of 9/30/2016.

Note: Net Debt equals total debt less cash.

Chemicals Ticker S&P Rating Total Debt Net Debt

Total Debt /

EBITDA

Net Debt /

EBITDA

Debt / Total

Cap (Mkt)

EBITDA /

Interest

Calgon Carbon Corporation CCC NA $109.1 $57.9 1.2x 0.7x 14.2% NM

Chemtrade Logistics Income Fund CHE.UN NA 667.5 659.2 3.8x 3.7x 69.6% 5.8x

Chemtura Corporation CHMT BB- 476.0 290.0 1.6x 1.0x 23.0% 9.9x

Ecolab Inc. ECL A- 6,846.9 6,679.5 2.4x 2.3x 19.3% 11.2x

Kemira Oyj KEMIRA NA 937.5 766.2 3.0x 2.5x 45.4% 11.4x

Lonza Group Ltd LONN NA 1,807.7 1,544.2 2.0x 1.7x 18.1% 10.7x

Pool Corp. POOL NA 507.8 477.2 1.9x 1.8x 12.8% 25.4x

Sector Median 2.0x 1.8x 19.3% 11.0x

Filtration Ticker S&P Rating Total Debt Net Debt

Total Debt /

EBITDA

Net Debt /

EBITDA

Debt / Total

Cap (Mkt)

EBITDA /

Interest

CLARCOR Inc. CLC NA $318.0 $198.2 1.3x 0.8x 10.1% 33.9x

Donaldson Company, Inc. DCI NA 568.5 325.3 1.6x 0.9x 11.5% 17.6x

ESCO Technologies Inc. ESE NA 86.5 45.9 0.9x 0.5x 7.2% NM

Kurita Water Industries Ltd. 6370 NR - (686.5) 0.0x NM NM NM

Lydall, Inc. LDL NA 10.2 (72.5) 0.1x NM 1.2% NM

Toray Industries, Inc. 3402 NR 6,821.1 5,703.0 2.7x 2.2x 44.1% NM


WATER QUARTERLY



INVESTMENT BANKING

11





Equipment Ticker S&P Rating Total Debt Net Debt

Total Debt /

EBITDA

Net Debt /

EBITDA

Debt / Total

Cap (Mkt)

EBITDA /

Interest

Aalberts Industries NV AALB NA $998.4 $938.4 2.3x 2.2x 26.5% 20.9x

Advanced Drainage Systems, Inc. WMS NA 455.1 445.9 2.8x 2.7x 34.3% 8.9x

Aegion Corporation AEGN NA 385.6 274.8 3.4x 2.4x 61.0% 6.7x

Badger Meter Inc. BMI NA 49.7 39.1 0.7x 0.5x 5.1% NM

BWT AG BWT NA 110.8 0.4 2.0x 0.0x 26.7% NM

Crane Co. CR BBB 845.9 437.0 1.9x 1.0x 23.0% 12.5x

Ebara Corp. 6361 NR 1,134.9 (81.8) 2.3x NM 41.6% 43.7x

Flowserve Corp. FLS BBB 1,614.2 1,348.2 2.4x 2.0x 25.7% 10.7x

Franklin Electric Co., Inc. FELE NA 212.9 141.3 1.5x 1.0x 11.3% 14.9x

Geberit AG GEBN A+ 1,172.9 877.7 1.5x 1.2x 7.3% NM

Gorman-Rupp Co. GRC NA - (49.5) 0.0x NM NM NM

Graco Inc. GGG NA 442.8 398.9 1.3x 1.2x 10.7% 19.7x

IDEX Corporation IEX BBB 1,100.8 861.4 2.1x 1.7x 15.5% 11.9x

Itron, Inc. ITRI NR 350.2 218.2 1.8x 1.1x 16.4% 17.5x

Lindsay Corporation LNN NA 117.2 15.9 2.3x 0.3x 14.9% 10.8x

Mueller Industries Inc. MLI NA 232.3 (50.9) 1.4x NM 12.5% 24.4x

Mueller Water Products, Inc. MWA BB- 487.7 339.4 2.6x 1.8x 24.0% 7.8x

Northwest Pipe Co. NWPX NA 1.1 (7.9) NM 0.3x 1.0% NM

Pentair plc PNR BBB- 4,551.7 4,378.4 3.9x 3.7x 39.1% 8.1x

Polypipe Group plc PLP NA 301.8 261.5 2.7x 2.3x 41.6% 11.8x

Pure Technologies Ltd. PUR NA - (5.0) 0.0x NM NM NM

Rexnord Corporation RXN NA 1,843.1 1,659.9 5.9x 5.3x 83.8% 3.4x

Roper Technologies, Inc. ROP BBB 3,092.1 2,469.9 2.5x 2.0x 16.7% 12.8x

Rotork plc ROR NA 190.9 115.6 1.2x 0.7x 8.0% 46.7x

Sulzer, Ltd. SUN NA 523.9 (61.8) 1.7x NM 14.7% 4.1x

The Toro Company TTC BBB 357.3 80.0 0.9x 0.2x 7.0% 20.8x

Uponor Oyj UNR1V NA 222.0 194.5 1.7x 1.5x 16.4% 26.4x

Valmont Industries, Inc. VMI BBB+ 761.2 416.8 2.3x 1.3x 25.0% 7.5x

Watts Water Technologies, Inc. WTS NR 604.9 318.2 4.3x 2.3x 27.3% 5.7x

The Weir Group PLC WEIR BBB 1,415.1 1,134.5 4.0x 3.2x 29.6% 7.0x

Xylem Inc. XYL BBB 1,234.0 648.0 2.0x 1.1x 13.1% 10.0x


WATER QUARTERLY



INVESTMENT BANKING



12 Source: Capital IQ as of 9/30/2016.


Engineering, Construction & Other Services Ticker S&P Rating Total Debt Net Debt

Total Debt /

EBITDA

Net Debt /

EBITDA

Debt / Total

Cap (Mkt)

EBITDA /

Interest

AECOM ACM BB $4,295.2 $3,667.2 4.2x 3.6x 94.0% 4.2x

Amec Foster Wheeler plc AMFW BB+ 2,046.0 1,430.5 4.7x 3.3x 70.5% 4.2x

ARCADIS NV ARCAD NA 943.9 660.0 3.6x 2.5x 77.3% 6.4x

CDI Corp. CDI NA 25.9 21.3 NM NM 24.6% NM

Chicago Bridge & Iron Company N.V. CBI NA 2,337.8 1,734.9 2.2x 1.6x 80.8% 10.3x

Doosan Heavy Industries & Construction Co., Ltd. A034020 NA 9,359.1 7,795.4 19.1x 15.9x NM 0.9x

Granite Construction Incorporated GVA NA 258.8 (184.6) 1.6x NM 13.1% 14.4x

Great Lakes Dredge & Dock Corporation GLDD B- 375.8 354.6 5.1x 4.8x NM 3.0x

Jacobs Engineering Group Inc. JEC NA 487.9 (128.5) 0.7x NM 7.8% 47.0x

KBR, Inc. KBR NA 50.0 (754.0) 0.2x NM 2.3% NM

Layne Christensen Company LAYN NA 160.6 101.7 7.2x 4.6x NM 1.2x

Matrix Service Company MTRX NA - (71.7) 0.0x NM NM NM

Orion Group Holdings, Inc. ORN NA 111.0 109.5 3.7x 3.7x 58.5% 5.1x

Primoris Services Corporation PRIM NA 250.6 153.4 1.8x 1.1x 23.5% 16.6x

Sterling Construction Co. Inc. STRL NA 17.9 (24.7) 1.1x NM 9.2% 4.4x

Tetra Tech, Inc. TTEK NA 367.2 213.3 1.9x 1.1x 18.0% 17.6x

TRC Companies Inc. TRR NA 97.6 78.8 2.2x 1.8x 36.2% 16.5x

Tutor Perini Corporation TPC BB- 800.5 706.9 4.1x 3.6x 75.8% 3.8x


WATER QUARTERLY



INVESTMENT BANKING

13





Consumer Ticker S&P Rating Total Debt Net Debt

Total Debt /

EBITDA

Net Debt /

EBITDA

Debt / Total

Cap (Mkt)

EBITDA /

Interest

The Coca-Cola Company KO AA- $48,417.0 $24,339.0 4.0x 2.0x 26.5% 20.5x

The Clorox Company CLX A- 2,320.0 1,919.0 1.9x 1.6x 14.3% 13.6x

Danone BN BBB+ 12,587.0 9,415.3 3.0x 2.2x 27.7% 17.3x

Nestlé S.A. NESN AA 26,550.1 21,345.3 1.5x 1.2x 11.2% 32.9x

Pepsico, Inc. PEP A 35,606.0 20,826.0 2.9x 1.7x 22.8% 11.3x


Investor-Owned Utilities Ticker S&P Rating Total Debt Net Debt

Total Debt /

EBITDA

Net Debt /

EBITDA

Debt / Total

Cap (Mkt)

EBITDA /

Interest

ACEA S.p.A. ACE NR $3,155.3 $2,508.0 4.2x 3.3x NM 7.3x

American States Water Company AWR A+ 384.7 380.2 2.4x 2.4x - 7.3x

American Water Works Company, Inc. AWK A 6,866.0 6,814.0 4.4x 4.4x NM 4.7x

Aqua America Inc. WTR NA 1,840.3 1,835.4 4.0x 4.0x 13.8% 5.8x

Artesian Resources Corp. ARTN.A NA 110.0 109.7 3.2x 3.2x 2.0% 5.0x

California Water Service Group CWT NA 637.0 606.2 4.0x 3.8x NM 5.5x

Connecticut Water Service Inc. CTWS A 214.9 213.8 5.5x 5.4x 14.0% 5.4x

Consolidated Water Co. Ltd. CWCO NA 0.5 (36.6) 0.0x NM 0.3% NM

Global Water Resources, Inc. GWRS NA 114.6 89.0 9.4x 7.3x 73.1% 0.9x

Hera S.p.A. HER BBB 3,547.0 3,195.5 4.0x 3.6x 89.4% 7.2x

Middlesex Water Co. MSEX A 147.3 146.1 2.8x 2.8x 25.7% 9.6x

Pennon Group Plc PNN NA 4,569.4 3,985.0 7.1x 6.2x NM 5.4x

Severn Trent Plc SVT BBB- 7,082.0 7,002.4 6.1x 6.1x 92.1% NM

SJW Corp. SJW NA 431.7 419.2 3.2x 3.1x 48.3% 6.2x

SUEZ SA SEV NA 12,487.0 9,948.2 5.3x 4.2x NM 3.9x

United Utilities Group PLC UU. NA 10,050.4 9,742.8 7.5x 7.2x NM 3.8x

Veolia Environnement S.A. VIE BBB 13,717.1 9,467.9 4.9x 3.4x NM 6.8x

The York Water Company YORW A- 87.8 82.8 3.0x 2.9x 23.0% 5.7x


Water Industry Median 2.4x 2.2x 22.8% 9.2x

Water Industry Mean 3.0x 2.7x 29.0% 12.2x

WATER QUARTERLY



INVESTMENT BANKING

14

SELECT WATER M&A TRANSACTIONS

The following is a representative sample of transactions announced or completed in recent months.


Date Enterprise EV / LTM

Announced Closed Target Buyers/Investors Value Revenue EBITDA

9/25/16 Pending Chemtura Corporation LANXESS Deutschland GmbH $2,468.4 1.5x 8.3x

9/7/16 Pending McKeesport Wastewater System Pennsylvania-American Water Company, Inc. 156.0 - -

9/6/16 Pending Canexus Corporation Chemtrade Logistics Income Fund 653.0 1.5x 9.0x

8/25/16 Pending Essentra plc, Porous Technologies Business Filtration Group Corporation 290.2 2.4x -

8/18/16 Pending Pentair plc, Valves & Controls Business Emerson Electric Co. 3,150.0 1.8x -

8/15/16 Pending Sensus Worldwide Limited Xylem Inc. 1,700.0 2.0x 10.7x

8/8/16 8/8/16 Aquasana, Inc. AO Smith Corp. 87.0 - -

7/13/16 7/26/16 Utility Partners, LLC H2O Innovation USA Holding Inc. 17.0 0.6x 7.7x

7/12/16 9/16/16 Ovivo Inc. SKion Water International GmbH 136.6 0.5x 11.3x

6/13/16 8/1/16 The Chemours Company, Sulfur Products Division Veolia North America, LLC 325.0 1.2x -

6/10/16 8/31/16 Axiall Corporation Westlake Chemical Corp. 3,622.9 1.1x 11.1x

5/18/16 6/1/16 Cambridge International, Inc. Rexnord Corporation 210.0 - -

5/10/16 Pending The Heritage Village Water Company Connecticut Water Service Inc. 20.9 - -

4/29/16 4/29/16 Power Service, Inc. NOW Inc. 90.0 - -

4/28/16 Pending Mastergear Worldwide Rotork plc 25.0 1.1x 6.8x

4/26/16 Pending Salcon Linyi (HK) Limited Orient Harmony Holdings Limited 15.0 - -

4/13/16 6/28/16 Sheehan Pipe Line Construction Company Ritchie Bros. Auctioneers (America), Inc. 30.3 - -

3/29/16 5/6/16 MWH Global, Inc. Stantec Inc. 793.0 0.7x 10.3x

3/21/16 3/31/16 Worth Recycling Pty Ltd. Tox Free Solutions Ltd. 53.2 - -

3/9/16 3/17/16 Jiangsu Province Lugang Construction Project Co., Ltd. Not Disclosed 13.2 - -

3/2/16 3/17/16 Synthetic Materials LLC Headwaters Resources, Inc. 45.2 1.8x 7.0x

2/22/16 Pending Texas Water Alliance Limited Guadalupe-Blanco River Authority 31.0 - -

2/6/16 4/1/16 Bilfinger Water Technologies GmbH mertus 243.GmbH 228.4 0.7x -

2/1/16 2/1/16 Tideland Signal Corporation Xylem Inc. 69.0 1.4x -

2/11/16 2/11/16 Aerex Industries Inc. Consolidated Water U.S. Holdings, Inc. 12.5 0.7x 3.0x

2/3/16 3/31/16 Kurion, Inc. Veolia Environnement S.A.; Veolia North America, LLC 321.6 - -

3/31/16 Pending New Cumberland Borough, Wastewater System Pennsylvania-American Water Company, Inc. 23.0 - -

1/22/16 1/22/16 General Ecology, Inc. Loar Group, Inc. - - -

1/14/16 Pending Ceca Italiana SRL Calgon Carbon Investments, Inc. 163.7 1.6x 9.6x

1/12/16 4/5/16 Jiangsu Xinghe Valve Co. Ltd. Ham-Let (Israel Canada) Ltd. 13.6 - -

1/4/16 2/18/16 Underground Solutions, Inc. Aegion Corporation 85.0 - -

12/24/15 12/24/15 M2 Renewables, Inc. Hydro International plc 11.0 - -

12/22/15 12/22/15 Wastewater System of Fairview Township, York County Pennsylvania-American Water Company, Inc. 16.8 - -

12/18/15 2/1/16 Red Valve Company, Inc. Process Equipment Group, Inc. 128.4 3.3x 10.6x

Mean 1.4x 8.8x

Median 1.4x 9.3x

WATER QUARTERLY



INVESTMENT BANKING

(Latest Activity Shaded Blue)

SELECT WATER EQUITY OFFERINGS

15


Gross

Date Transaction Offer Offering Price Change From Offering to:

Filing Pricing Issuer Ticker Type Sector Price ($MMs) 1 Day 1 Week 1 Month

4/29/16 9/27/16 Shanghai Safbon Water Service Co.,Ltd. 300262 Follow-on Investor-Owned Utilities $2.5 $179.9 7.6% 14.1% 14.6%

5/19/16 9/14/16 Henan Qing Shui Yuan Technology Co., Ltd. 300437 Follow-on Chemicals 0.0 61.6 NM NM NM

5/12/16 5/13/16 NV5 Global, Inc. NVEE Follow-on Engineering, Construction & Other Services 26.3 44.6 2.0% (2.7%) 4.8%

5/11/16 Pending Companhia De Saneamento De Minas Gerais. CSMG3 Follow-on Investor-Owned Utilities 5.3 37.1 NM NM NM

7/28/16 9/15/16 Duxton Water Limited D2O IPO Investor-Owned Utilities 0.8 31.3 (0.2%) (0.8%) (2.2%)

6/30/16 Pending Forest Water Environmental Engineering Co. 8473 Follow-on Engineering, Construction & Other Services 1.7 21.8 NM NM NM

5/2/16 5/3/16 Sterling Construction Co. Inc. STRL Follow-on Chemicals 4.0 18.0 6.7% 18.3% 26.3%

1/19/16 4/28/16 Global Water Resources, Inc. GWRS IPO Investor-Owned Utilities 6.3 7.3 2.4% 12.0% 19.2%

12/17/15 3/1/16 Fomento de Construcciones y Contratas, S.A. FCC Follow-on Engineering, Construction & Other Services 6.5 769.9 13.0% 27.7% 30.5%

11/27/15 1/22/16 Moya Holdings Asia Limited 5WE Follow-on Engineering, Construction & Other Services 0.0 35.5 (3.1%) 0.2% (1.6%)

11/23/15 12/2/15 Algonquin Power & Utilities Corp. AQN Follow-on Investor-Owned Utilities 7.8 112.3 0.6% (2.4%) 1.5%

10/19/15 10/28/15 CSA Cosmic Co., Ltd. A083660 Follow-on Equipment 2.2 10.2 316.1% 222.2% 154.6%

10/12/15 10/22/15 Taliworks Corporation Berhad TALIWRK Follow-on Investor-Owned Utilities 0.7 32.8 (55.0%) (53.4%) (52.3%)

9/23/15 2/12/16 JMC Projects (India) Ltd. 522263 Follow-on Engineering, Construction & Other Services 2.9 22.0 1.9% (1.3%) 0.9%

7/24/15 Pending Kuo Toong International Co., Ltd. 8936 Follow-on Engineering, Construction & Other Services 1.0 26.7 NM NM NM

7/22/15 7/23/15 HD Supply Holdings, Inc. HDS Follow-on Equipment 35.5 1,084.2 (5.4%) (0.8%) (4.9%)

7/20/15 8/17/15 Beijing Originwater Technology Co., Ltd. 300070 Follow-on Engineering, Construction & Other Services 6.6 974.6 (50.0%) (61.9%) (61.6%)

7/17/15 7/17/15 Abengoa SA ABG Follow-on Engineering, Construction & Other Services 3.0 106.0 4.1% (12.9%) (31.6%)

7/17/15 9/2/15 China Environmental Resources Group Limited 1130 Follow-on Chemicals 0.0 17.6 5.2% 12.1% 5.2%

7/13/15 7/29/15 Daiho Corporation 1822 Follow-on Engineering, Construction & Other Services 4.0 39.9 2.1% 4.2% 12.5%

7/3/15 7/21/15 Tosoh Corporation 4042 Follow-on Chemicals 5.0 213.3 5.6% 1.6% (1.5%)

6/23/15 7/7/15 Amoeba S.A. AMEBA IPO Chemicals 9.1 14.5 (100.0%) 7.3% 32.3%

6/22/15 Pending China Environmental Resources Group Limited 1130 Follow-on Chemicals 0.1 15.3 NM NM NM

6/19/15 7/31/15 WCT Holdings Berhad WCT Follow-on Engineering, Construction & Other Services 0.3 28.3 37.7% 28.3% 7.3%

WATER QUARTERLY



INVESTMENT BANKING

GENERAL INDUSTRIALS INVESTMENT BANKING GROUP

16

• Eleven dedicated investment bankers with over 180 combined years of banking and capital markets expertise

• Services: Mergers & Acquisitions (Buy & Sell-side advisory); Public Equity and Debt Offerings; Private Placements of Equity and Debt;

Divestitures; Restructurings & Recapitalizations; Valuations & Fairness Opinions

• Longstanding relationships with extensive network of industrial-focused strategic buyers and private equity sponsors

INDUSTRIAL SECTOR EXPERTISE

Building Products & Infrastructure Water Infrastructure

Industrial Technology Distribution

Building Products Metals & Infrastructure Equipment Services

Automation & Process Control

Environmental Equipment

& Controls Intelligent Transportation

Basic Specialty

• Stone, Concrete,

Aggregates

• Lumber

• Walls, Ceilings,

Floors, Decking

• Framing, Roofing,

Insulation

• Sheet Goods

• Windows & Doors

• Fixtures &

Cabinets

• Lighting

• Residential

Plumbing

• Service Centers &

Processors

• Metal Stamping

• Steel Fabricators

• Integrated

Producers

• Mini Mill

Producers

• Storm Water

Products

• Pipe & Tube

Producers

• Aluminum

• Scrap & Raw

Materials

• Recycling

Services

• Metal, Concrete

and Plastic Pipe

• Filtration /

Separation

• Distribution &

Collection

• Specialty

Chemicals

• Water &

Wastewater

Treatment

Equipment

• Treating Boiler

Water

• Manufactured /

On-site Tanks

• Irrigation

• Pump Stations

• Pool Supplies

• Disinfection

• Facility

Management

• Site Development

• Billing & Meter

Reading

• Energy

Management

• Maintenance

• Pipeline Repair

• Logistics

• Procurement

• Support Services

• Well Water

Drilling

• Installation &

Tunneling

• Marine

Construction

• Water and

Wastewater Plant

Construction

• Automation

• Robotics

• Motion Control

• Photonics

• Building Controls

• 3D Printing

• Pumps

• Control Valves

• Control Systems

• Wire & Cable

• Interconnect

Systems

• Connectors

• Instrumentation &

Control Products

• Transmission &

Distribution

(Services &

Products)

• Switchgear &

Signal

Conditioning

Products

• Air Handling

• Filtration

• HVAC

Components

• Bike Rentals

• Smart Traffic

• On-Demand

• Roofing

• HVAC

• Insulation

• Engineered Wood

• Pipe, Valve &

Fitting

• Process Flow

Control

• Motion Control &

Fluid Power

• MRO

• Automotive

• Tires

• Linens

• Fiberglass

• Diversified

• Technology

• Heavy Equipment

Global Connectivity

investment banking water quarterly fall …investment banking fall 2016 waterquarterly water...

Documents