Johnson Controls (NYSE:JCI) Building Solutions Revenue from the Asia Pacific region declined from around $2.7 billion in 2019 to about $2.4 billion in 2020. Trefis expects the metric to recover to about $2.9 billion in 2022 while growing to over $3.1 billion by 2023.
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While sales fell in 2020 due to the impact of the Covid-19 pandemic, we expect long-term growth to be driven by rising residential as well as non-residential construction spending, and growing urbanization in the region.
We estimate Johnson Controls valuation at about $83 per share, about 14% ahead of the current market price. This represents a P/EBITDA multiple of 22x for the company based on our forecast for Johnson Controls EBITDA for the current fiscal year.
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|S&P 500 Return||-6%||-6%||100%|
|Trefis MS Portfolio Return||-11%||-11%||249%|
 Month-to-date and year-to-date as of 1/23/2022
 Cumulative total returns since the end of 2016