The stack / 6 companies
Cooling & water
Heat rejection and the water it takes. The layer local politics reaches first, and the one with no ticker of its own.
The number
The register writes no constraint number for this layer yet.
This week
Up most
- Carrier Global+2.3%
- Munters Group+0.3%
- Johnson Controls-1.0%
- Trane Technologies-3.0%
- Vertiv Holdings-5.9%
Down most
- Modine Manufacturing-10.4%
- Vertiv Holdings-5.9%
- Trane Technologies-3.0%
- Johnson Controls-1.0%
- Munters Group+0.3%
Constituents
| Company | Ticker | Beat | Close | Week |
|---|---|---|---|---|
| Modine Manufacturing | MOD | datacenters | 133.34 | -10.4% |
| Vertiv Holdings | VRT | datacenters | 194.32 | -5.9% |
| Trane Technologies | TT | datacenters | 444.90 | -3.0% |
| Carrier Global | CARR | datacenters | 56.24 | +2.3% |
| Johnson Controls | JCI | datacenters | 143.96 | -1.0% |
| Munters Group | MTRS.ST | datacenters | 131.45 SEK | +0.3% |
6 on the layer · closes to 2026-10-23
What is being collected
The register names no source on this layer yet. Nothing is being collected here, and that is the honest state rather than an empty chart.
What happened
| Date | Type | What happened | Source |
|---|---|---|---|
| 2026-10-08 | editorial note | Margin figure revised: 10.8% → 20.2%Margin moved from 10.8% (deep-dive-2026-06-22.md) to 20.2% (deep-dive-2026-10-08.md). | dossier |
| 2026-10-08 | editorial note | Verdict changed: A 109-year-old radiator maker that 80/20'd itself into a data-center liquid-cooling growth story and got re-rated 14.7x in five years — the asset is real and a single hyperscaler has…Before (deep-dive-2026-06-22.md): A 109-year-old radiator maker that 80/20'd itself into a data-center liquid-cooling growth story and got re-rated 14.7x in five years — the asset is real and a single hyperscaler has pre-committed >$4B of cooling for CY27–29, but at ~38x forward / ~133x trailing the price already pays for flawless execution while Q4 just showed the margin and supply-chain cracks that flawless execution doesn't have. Own the post-RMT pure-play on a data-center capex scare or a second margin miss — not here. After (deep-dive-2026-10-08.md): The spin is done. On 2026-10-01 Modine handed Performance Technologies to Gentherm, kept the data-center cooling and commercial HVAC businesses, and used $198.6M of cash from the deal to pay down its revolver. The pro forma filing now answers the June open question. The company that remains (RemainCo) sold $2,055M with $231M of operating income (11.2%) in FY26 and $596M with $51M (8.6%) in FQ1 FY27, carries about $319M of debt pro forma, and still has about 53M shares because the spin was paid in Gentherm stock, not by cancelling Modine shares. The thing to watch is margin: Data Centers grew 90% in FQ1 but its operating margin fell from 18.9% to 13.3% on supply shortages and ramp costs. At about $189 the RemainCo trades near 45x its FY26 pro forma operating income on enterprise value. Business still BULLISH; valuation still the obstacle. | dossier |
| 2026-10-01 | contract | 8-K: Modine completes Performance Technologies spin-off and Gentherm combinationCompleted 1 Oct 2026; cash distribution of $155,991,275 to Modine; holders received 0.44619 Gentherm shares per Modine share (23,735,961 Gentherm shares issued); post-closing ownership 43.62% former SpinCo holders, 56.38% Gentherm holders. | agent:company-events · SEC EDGAR 8-K |
| 2026-09-30 | filing | 8-K Item 5.02: Julie Brandt, VP and President Global Commercial and Field Operations, to leaveOn 25 Sep 2026 it was determined Julie Brandt will leave in a planned transition; she moves to an advisory role from 1 Oct 2026 through 31 Dec 2026; severance applies under the officers' policy. | agent:company-events · SEC EDGAR 8-K |
Dated ahead
| Date | Company | Period | Firmness |
|---|---|---|---|
| 2026-10-26 | Vertiv Holdings VRT | 2026-Q3 | expected |
| 2026-10-29 | Carrier Global CARR | 2026-Q3 | expected |
| 2026-10-30 | Modine Manufacturing MOD | 2026-Q3 | expected |
| 2026-10-30 | Trane Technologies TT | 2026-Q3 | expected |
| 2026-11-05 | Johnson Controls JCI | 2026-Q3 | expected |