SIBC × Evercore — Eaton Corporation

As part of SIBC's Spring 2026 engagement, our six-person analyst team provided strategic advisory on Eaton Corporation (NYSE: ETN) — a $165B enterprise value global leader in intelligent power management. We worked directly alongside Evercore, one of the most prestigious independent investment banks on Wall Street.

We built a comprehensive, integrated model covering every major valuation methodology: DCF, sum-of-the-parts (SoTP), comparable company analysis, precedent transactions, and a full merger model. Eaton's four operating segments (Electrical Americas, Electrical Global, Aerospace, and Vehicle/eMobility) each required independent revenue and margin buildouts, making the modeling work substantive and complex.

Our thesis centered on Eaton's dominant position in data center power infrastructure — a secular growth story driven by the AI buildout. Electrical Americas, Eaton's largest segment, reported a 185% increase in mega-project announcements and a 1.7x data center book-to-bill over the prior two years.

Our team's recommendation was an acquisition of nVent Electric (NYSE: NVT) at a 15% premium to create a fully integrated, end-to-end data center power and thermal management platform. We modeled the deal as 6% EPS accretive in Year 1 and presented our full analysis — including financial models, deal rationale, and integration considerations — to a panel of Evercore professionals in New York.