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. Blending those methods produced an implied share price of $382.91 against a $398.61 trading price — a 3.9% downside that told us Eaton was fairly valued standalone, and that any thesis had to come from what management did next.

Our thesis centered on Eaton's dominant position in data center power infrastructure — a secular growth story driven by the AI buildout. Since 3Q23 there has been a 185% increase in North American megaproject announcements, and Eaton projects 165–200+ GW of U.S. data center backlog through 2030.

Our recommendation was an acquisition of nVent Electric (NYSE: NVT) at a 15% premium, valuing nVent at $148.94 per share — roughly a $24B transaction funded through a 10% cash / 50% debt / 40% stock structure. The combination creates an end-to-end data center platform, pairing Eaton's electrical core with nVent's enclosures, server racks, and thermal management. The deal is dilutive in year one and turns accretive in 2027E, reaching ~6.0% accretion by 2030E as synergies ramp to $600M. We presented the full analysis — models, deal rationale, and integration considerations — to a panel of Evercore professionals in New York.