FIX FIX

The price pays for

• Revenue deceleration from 29.5% trailing growth down to an 18.7% annualized growth rate over the next decade.
• A steady 11.3% free-cash-flow margin on that decelerating revenue, with no additional credit for further expansion.
• The Mechanical Segment's 20.7% growth rate as a temporary surge that will revert toward normalized industrial construction rates.
• The current project backlog converting to revenue, but without assuming the backlog will be replenished at today's pace.

It declines to pay for