EVENTS:   Acceleration in the Energy Transition - David Scott/CHA-AM Advisors - 12 May 26     ROADSHOWS: Consumer Research & Industry Trends focused on US Retail, E-Tail, and Consumer Products Companies - Scott Mushkin /R5 Capital   •   London   07 - 08 May 26       US Equity Short Research & Strategy - Zach Shannon /Corto Capital Advisors   •   New York   18 - 19 May 26       Investing in Constraint: Governance, Scarcity, and the Next Phase of the Energy Transition - François Boutin-Dufresne & Félix-A. Boudreault & Lenka Martinek /Sustainable Market Strategies   •   London   18 - 19 May 26      
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Sean Maher adds NEX his green grid infrastructure basket (includes Rolls-Royce, Cummins, Ming Yang) after unjustified YTD weakness on a 14x PER, a 3-point discount to Italian rival Prysmian. Sean highlights NEX’s recent agreement with TenneT (largest in its history) and successful testing of the first 525 kV DC cable which enables a substantial increase in transmission capacity. Furthermore, as digital decoupling from China extends to subsea data infrastructure, what was already a very strong growth market driven by international data volumes in providing highly sophisticated multi-layer cables now has a further tailwind from national security led duplication and redundancy.