TRG | The Bottom Line – 5/23

In an increasingly online world of video calls and ChatGPT prompts, TRG’s week was filled with the opposite interactions and included three in-person events across our coverage universe. TRG hosted a quarry visit in Nashville with Vulcan Materials (VMC), attended the United Rentals (URI) field trip to a Specialty branch location, and attended the APi Group (APG) Investor Day. We value these types of in-person events as they offer a differentiated way to learn about the business that can be superior to reading a transcript or slides. The VMC field trip was a chance to se the Vulcan Way of Operating in person both at the quarry level and the local office level. The URI trip showcased the one-stop-shop strategy that URI is employing to capitalize on national accounts and mega projects. The APG Investor Day offered the chance to try on the in-the-field technology being deployed to better equip technicians to service a wider range of products. These three events were unique opportunities for clients and TRG to deepen the understanding of key drivers relevant to the company strategy, were a nice reprieve from screen fatigue, and a reminder of what construction work actually looks like in the field.