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OTIS WORLDWIDE CORPORATION

(OTIS)
  Report
Delayed Nyse  -  04:00:02 2023-02-03 pm EST
84.73 USD   +1.04%
02/03OTIS WORLDWIDE CORP Management's Discussion and Analysis of Financial Condition and Results of Operations (form 10-K)
AQ
02/02Otis Declares Quarterly Dividend of $0.29 per Share
PR
02/02Otis Worldwide Corporation Declares Quarterly Dividend, Payable on March 10, 2023
CI
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Otis Worldwide : Investor Marketing

11/28/2022 | 06:25am EST

Investor Marketing

November 2022

© 2022 OTIS WORLDWIDE CORPORATION.

Forward-Looking Statements

Note: All results and expectations in this presentation reflect continuing operations unless otherwise noted.

This communication contains statements which, to the extent they are not statements of historical or present fact, constitute "forward-looking statements" under the securities laws. From time to time, oral or written forward-looking statements may also be included in other information released to the public. These forward-looking statements are intended to provide management's current expectations or plans for Otis' future operating and financial performance, based on assumptions currently believed to be valid. Forward-looking statements can be identified by the use of words such as "believe," "expect," "expectations," "plans," "strategy," "prospects," "estimate," "project," "target," "anticipate," "will," "should," "see," "guidance," "outlook," "medium-term,""near-term," "confident," "goals" and other words of similar meaning in connection with a discussion of future operating or financial performance. Forward-looking statements may include, among other things, statements relating to future sales, earnings, cash flow, results of operations, uses of cash, dividends, share repurchases, tax rates, research & development spend, credit ratings, net indebtedness and other measures of financial performance or potential future plans, strategies or transactions of Otis, statements that relate to climate change and our intent to achieve certain environmental, social and governance targets or goals, including operational impacts and costs associated therewith, and other statements that are not historical facts. All forward-looking statements involve risks, uncertainties and other factors that may cause actual results to differ materially from those expressed or implied in the forward-looking statements. For those statements, Otis claims the protection of the safe harbor for forward-looking statements contained in the U.S. Private Securities Litigation Reform Act of 1995. Such risks, uncertainties and other factors include, without limitation: (1) the effect of economic conditions in the industries and markets in which Otis and its businesses operate in the U.S. and globally and any changes therein, including financial market conditions, fluctuations in commodity prices, interest rates and foreign currency exchange rates, levels of end market demand in construction, pandemic health issues (including COVID-19 and variants thereof and the ongoing economic recovery therefrom and their effects on, among other things, global supply, demand and distribution), natural disasters, whether as a result of climate change or otherwise, and the financial condition of Otis' customers and suppliers; (2) the effect of changes in political conditions in the U.S. and other countries in which Otis and its businesses operate, including the effects of the ongoing conflict between Russia and Ukraine and related sanctions and export controls, on general market conditions, global trade policies, currency exchange rates and stakeholder perception in the near term and beyond; (3) challenges in the development, production, delivery, support, performance and realization of the anticipated benefits of advanced technologies and new products and services; (4) future levels of indebtedness, capital spending and research and development spending; (5) future availability of credit and factors that may affect such availability, credit market conditions and Otis' capital structure; (6) the timing and scope of future repurchases of Otis' common stock ("Common Stock"), which may be suspended at any time due to various factors, including market conditions and the level of other investing activities and uses of cash; (7) fluctuations in prices and delays and disruption in delivery of materials and services from suppliers, whether as a result of COVID-19, the ongoing conflict between Russia and Ukraine or otherwise; (8) cost reduction or containment actions, restructuring costs and related savings and other consequences thereof; (9) new business and investment opportunities; (10) the outcome of legal proceedings, investigations and other contingencies; (11) pension plan assumptions and future contributions; (12) the impact of the negotiation of collective bargaining agreements and labor disputes; (13) the effect of changes in tax, environmental, regulatory (including among other things import/export) and other laws and regulations in the U.S. and other countries in which Otis and its businesses operate, including as a result of the ongoing conflict between Russia and Ukraine; (14) the ability of Otis to retain and hire key personnel; (15) the scope, nature, impact or timing of acquisition and divestiture activity, the integration of acquired businesses into existing businesses and realization of synergies and opportunities for growth and innovation and incurrence of related costs;

  1. the ability to achieve the expected benefits of the Zardoya transaction and the timing thereof; (17) the determination by the Internal Revenue Service and other tax authorities that the distribution or certain related transactions should be treated as taxable transactions in connection with the separation (the "Separation") from United Technologies Corporation (now known as Raytheon Technologies Corporation ("RTX"); and (18) the amount of our obligations and nature of our disputes that have or may hereafter arise under the agreements we entered into with RTX and Carrier Corporation in connection with the Separation. The above list of factors is not exhaustive or necessarily in order of importance. For additional information on identifying factors that may cause actual results to vary from those stated in forward-looking statements, see Otis' registration statement on Form 10 and the reports of Otis on Forms 10-K,10-Q and 8-K filed with or furnished to the SEC from time to time. Any forward-looking statement speaks only as of the date on which it is made, and Otis assumes no obligation to update or revise such statement, whether as a result of new information, future events or otherwise, except as required by applicable law.

© 2022 OTIS WORLDWIDE CORPORATION.

2

Industry driven by recurring Service

LSD New Equipment market growth…

(million units)

~1.0

0.9 0.9

0.8

China

…drives compounding Service base

23

(million units)

19

15

China

Global

12

installed

Asia Pacific

base

+MSD

CAGR

APAC

EMEA

EMEA

Americas

Americas

2012

2016

2020

2024E

2012

2016

2020

2024E

LSD = low single digits; MSD = mid single digits

Source: Otis internal analysis and public company disclosures. Excludes Russia.

© 2022 OTIS WORLDWIDE CORPORATION.

3

Otis: An iconic industry leader

Leading industry across all key metrics1

…driven by Service

Sales

$14.3B

Portfolio

>2.1M units

Adj. operating profit margin2

15.3%

Otis

E&E Peers

Otis

E&E Peers

Otis

E&E Peers

NE

21%

45%

Service adj.

margin2

22.8%

SVC

79%

NE adj.

55%

margin2

7.5%

2021 results

1 Based on Otis internal analysis, public company disclosures and estimates.

2 See appendix for additional information regarding these non-GAAP financial measures.

© 2022 OTIS WORLDWIDE CORPORATION.

4

Strong geographic diversity

OTIS 2021 NET SALES

New Equipment

Service

$6.4B

$7.9B

China

Asia

China

Americas

Pacific

Americas

Asia

EMEA

EMEA

Pacific

© 2022 OTIS WORLDWIDE CORPORATION.

5

Disclaimer

Otis Worldwide Corporation published this content on 28 November 2022 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 28 November 2022 11:24:09 UTC.


ę Publicnow 2022
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Financials (USD)
Sales 2022 13 733 M - -
Net income 2022 1 264 M - -
Net Debt 2022 5 435 M - -
P/E ratio 2022 28,3x
Yield 2022 1,34%
Capitalization 35 297 M 35 297 M -
EV / Sales 2022 2,97x
EV / Sales 2023 2,89x
Nbr of Employees 70 000
Free-Float 95,6%
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Technical analysis trends OTIS WORLDWIDE CORPORATION
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TrendsBullishBullishBullish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus HOLD
Number of Analysts 15
Last Close Price 84,73 $
Average target price 81,85 $
Spread / Average Target -3,40%
EPS Revisions
Managers and Directors
Judith F. Marks Chairman, President & Chief Executive Officer
Anurag Maheshwari Chief Financial Officer & Executive Vice President
Ricardo Mu˝oz Vice President-Engineering
Todd Glance Vice President-Operations
Jeffrey H. Black Independent Director
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