Solid competitive positions supported by a range of business lines and exposure to various end-markets. Mega trends such as urbanization, increasing automation, digitization, and Internet of Things providing medium-term growth potential. Well-diversified in terms of geographic spread and customer distribution. Average profitability relative to the capital goods sector. Downward trend in operating margins, recently affected by competition and the economic slowdown in emerging countries, notably China. Exposure to cyclical and fragmented end-markets. Our expectation of a continued track record of substantial free operating cash flow generation. Sizable dividend payouts and acquisition-focused growth strategy. Discretion around shareholder distributions, enabling deleveraging when necessary. Our expectation that Schneider will maintain fully-adjusted debt leverage of less than 2x and a funds from operations-to-debt ratio
