Armstrong World Industries Notes from the Road

Goldman Sachs remains bullish on Armstrong World Industries (AWI) following investor meetings with management, citing pricing power, new product innovation, and strong cash flow.

Key Takeaways

• 1.Management expects to grow ahead of the market despite macro headwinds, driven by infrastructure tailwinds, healthcare, and data center demand.
• 2.Pricing power and innovation (like Templok) are expected to drive margin expansion and positive mix shifts.
• 3.Architectural Specialties continues to be a growth engine with a path to sustainable 20+% EBITDA margins.

Table of Contents

• Valuation & Risks
• GS Forecast
• Disclosure Appendix
• M&A Rank
• Company-specific regulatory disclosures
• Ratings, coverage universe and related definitions
• Global product; distributing entities
• General disclosures

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