...We expect solid demand and higher pricing will drive EBITDA growth in 2023. This incorporates our expectation for revenue to grow a high-single-digit percent as Johnson Controls International PLC's large backlog of $11.3 billion (about 45% of annual sales) should largely convert to revenue in fiscal 2023 (ending Sept. 30, 2023). Further, we believe continued good demand in commercial HVAC, which accounts for about 42% of total sales, will further drive revenue growth. Global trends and increased regulations around decarbonization, energy efficiency, improved indoor air quality, and ESG goals should support demand in the commercial HVAC space over the next few years. Growth in commercial HVAC and JCI's fire and security segment will likely offset what we expect to be a tepid revenue environment in residential HVAC, although we note that residential HVAC is a relatively small (13%) contributor to total sales. Further, we forecast that JCI could achieve around 100 basis points in EBITDA margin...
