Madison Air Solutions Raising Estimates

Goldman Sachs raises estimates and price target for Madison Air Solutions (MAIR) to $45 following a strong 1Q26 beat and significant backlog expansion driven by data center demand.

Key Takeaways

• 1.Raising EBITDA estimates and price target to $45 due to robust order visibility and a massive backlog surpassing $2.5bn.
• 2.1Q26 results significantly beat consensus, with adj. EBITDA at $233mn and double-digit organic growth driven by commercial momentum.
• 3.Data centers are a critical growth engine, contributing over half of the commercial growth with increasing shift toward liquid cooling solutions.

Table of Contents

• Bottom line
• What happened
• Estimate changes and valuation updates
• Key risks
• Disclosure Appendix
• GS Factor Profile
• M&A Rank
• Quantum
• Disclosures
• Target price history table(s)
• Regulatory disclosures
• Global product; distributing entities
• General disclosures

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