Chart Industries Inc

GTLS: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$837.00	Cljcfqp	Dhwsftgbd

Chart Industries Earnings: Firm Already Exceeding Expectations With Ownership of Howden

Stephen Ellis

Jul 28, 2023

Chart Industries' second-quarter results were very good. After updating our model, mainly to reflect slightly higher gross margins in 2023 and 2024 due to strong pricing, we've increased our fair value estimate to $180 per share from $165. Our narrow moat rating remains unchanged. Our revised EBITDA estimates stand at $787 million and $1.3 billion for 2023 and 2024, respectively, in line with management guidance. The firm has announced asset sales of $380 million to date, supporting its $500 million target related to the deal, and remains on track to reach 2.5-2.9 times net debt/EBITDA by mid-2024.

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