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Industrials - constructive or destructive in 2022?

In a new Podzept podcast Nicole DeBlase, lead analyst covering the US Multi-Industry and Machinery Research, speaks with Luke Templeman, Thematic Research Analyst, on the macro setup of the sector in 2022. Often said to be a bellwether for the economy, will Industrials be constructive or destructive in 2022 as the US begins to raise interest rates?

They explore the following questions:
  1. Global supply chain constraints have tempered the recovery to date, and caused company backlogs to reach record levels. Are there concerns about the prospect of customers double ordering? Might this temper the path of recovery as the global economy reopens?
  2. Capex is an important driver of revenue for a number of companies in your coverage universe. What is the Deutsche Bank Research proprietary global capex model telling us about a potential recovery in spend in 2022 and beyond?
  3. How have companies dealt with the rampant input cost inflation they are experiencing?
  4. President Biden’s administration recently passed an infrastructure package that might benefit the sector. What are the potential benefits from the pending Build Back Better plan?
  5. The Multi Industry group generally have very low balance-sheet leverage. M&A activity has stepped up of late – will this continue into 2022? What are the likely key areas of investment?
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