Automation in Acceleration - Four Areas for Investors in the Pandemic Environment - Baird
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Automation in Acceleration Four Areas for Investors in the Pandemic Environment As the COVID-19 pandemic continues to unfold, automation is becoming more influential and moving faster than ever before. Its influence on our lives and the global economy is accelerating at a rapid pace. It’s also advancing a number of trends that were already underway pre-pandemic, such as the revolution unfolding in transportation, shift to e-commerce, workflow digitisation and an increasing reliance on the Internet of Things (IoT), as well as the rise of automation across healthcare. We believe automation is a beneficiary of the COVID-19 environment. Business leaders are responding in kind, adjusting operations, supply chains and strategies to remain competitive in an increasingly automated environment. In Baird’s view, the acceleration of automation is converging with other secular trends to create powerful investment opportunities. Here are the four areas we’re watching as we compose this piece in the back half of 2021.
Transportation
Active safety, autonomous driving and air mobility
The global transportation sector is embracing automation, fueling the
development of new strategies and technologies that stand to lift the sector
into a new era. With the rise of new autonomous driving technologies and
business models, we see compelling investment opportunities:
ACTIVE SAFETY
When it comes to vehicle decisions, consumers are “Democratization”
shifting away from driving pleasure to technology of ADAS Looming
and sustainability features. The appetite for in-car
technology, connected convenience features and 100%
9% 5%
non-fossil fuel vehicles is strong.
22%
23%
% of Light Vehicle
75%
Safety is a critical concern in the transportation
Production
L3-L5
market, and active safety features are growing in 38% L2
50%
importance. The regulatory climate is helping to
L1
drive adoption, as those bodies set standards for 68%
25% L0
highly sought-after five-star safety ratings. A growing 34%
number of automakers are making active safety
0%
a central part of their brand. Twenty automakers
2019-2020 2025E
– which account for 99% of the US auto market –
have voluntarily agreed to equip all new passenger Source: Company reports, Baird analysis
vehicles with low-speed automatic emergency
2
braking that includes forward applications such as content for expansion. A few examples
collision warning by September around sensors monitoring noted by the Baird team: Google’s
20221. And, from May 2022, all vehicle health, additional inputs Waymo robotaxi service is already
new cars in the European Union for automated decision-making, active in the Phoenix market
will be required to carry advanced steer-by-wire controls (HVOR and recently expanded into the
safety features. applications), and inputs to Northern California Bay Area.
provide a better understanding of Intel’s Mobileye announced that
According to Baird Senior a vehicle’s environment like blind it would be initiating a robotaxi
Research Analyst Luke spot detection and side-turn service in Germany & Israel in
Junk, increasing regulatory assist functionality. 2022. Motional, the joint venture
requirements are a tailwind between Aptiv and Hyundai, said
for advanced driver-assistance AUTONOMOUS DRIVING that they plan to launch a robotaxi
systems, or ADAS, which is now Increased technology in vehicles service in select U.S. markets with
poised to ramp up significantly in opens the door to increased Lyft in 2023.
the next five years. autonomy in vehicles. Adoption
of autonomous driving hinges AIR MOBILITY
“We see this as a pretty on cost, scalability and strong There is an emerging ecosystem
fundamental shift, which will be use cases with a high ROI. The of companies focused on
noticeable to consumers in just maturity of this technology, revolutionising air transport,
the next few years. Technologies coupled with regulatory taking urban density and
like adaptive cruise control, developments, will drive safe-use topography along with it. Thanks
lane-keep assist, and autonomous cases. So-called “Level 2+” (L2+) to an increase in the energy
parking – these will find their automation is in focus today. density of batteries, the use of
way into vehicles rolling off auto These vehicles can automatically high-performance materials
lots, and in the not-so-distant change speed and lanes, though like carbon fiber, and powerful
future, we’ll all wonder how we the driver must be in control. onboard computing systems, new
ever drove cars without this type While driverless testing with modes of air mobility are poised
of automation. And automakers L4 and L5 automation features to enter the market and change
are all-in on these autonomous is taking place in the U.S. and how transportation happens
technologies, as safety sells.” China, widespread adoption in the air. While commercial
likely remains years away. In the deployment is some years away,
Junk is also quick to point out that near term, consumers are more we believe this is a meaningful
this Active Safety opportunity also likely to experience autonomous investment opportunity.
applies to the commercial vehicle driving through the robotaxi Significant investment dollars
market. He points to specific market, which appears ready are being put to work in a host
“We see this as a pretty fundamental shift, which will
be noticeable to consumers in just the next few years.”
Luke Junk
Senior Research Analyst
Baird
3
of technologies with a goal of management system, integration
taking cost out and shortening of the air mobility services with
the transport times for people and other mobility services, and the
goods. As cost comes down and necessary physical and digital
transport times decline, demand infrastructure.”
for services will materially increase.
According to Peter Arment, Baird Arment concludes that all of
Senior Research Analyst, there these areas may offer significant
are 167 different Electric Vehicle opportunity for investment in
Aircraft (EVA) currently under parallel, as product development
development globally, with over is on one track and infrastructure/
$6 billion invested in EVAs over operational are on another track.
the past five years. Arment is Certification by regulators of
quick to point out the benefits EVAs or other hybrid air mobility
of this increasing investment: vehicles will be the biggest
“The vertical takeoff and landing challenge for the industry with
(VTOL) and electric vertical many targeting mid-decade
takeoff and landing (eVTOL) for certification. Achieving this
technologies being developed timeline will be key and the
offer an alternative means of winner of capturing the most
transportation and propulsion share within air mobility will need
technology, which would offer to develop a vehicle that offers
us meaningful ways to address the lowest cost per mile.
climate change. We also see CONTINUE TO HYGIENE INSIGHTS
some players in the space looking
to incorporate autonomous
technologies as well. There’s a
lot of promise.” But Arment also
acknowledges the hurdles that
might require more time and
patience. “In order for EVAs to
become a normalized part of
our flying experiences, there are
operational needs that need to be
addressed such as a certified fleet
of vehicles, an efficient air traffic
4Hygiene
In a world reshaped by COVID-19, cleanliness no longer cuts it. Consumers
are now acutely aware of the difference between cleaning (on one hand) and
disinfecting and sanitizing (on the other). According to a recent Baird survey,
95% of people are more or just as likely to evaluate a product’s ability to
sanitize and disinfect, versus merely clean.
COVID-19 has accelerated the use Global Consumer Investment trial and adoption since the
of automation and technology Banking group. “There is a strong, pandemic began. Market leaders
to disinfect and sanitize. We are strong appetite from business for like Surfacide are not only
seeing rapid adoption of new products and services that sanitize supplying robotic disinfecting
methods of disinfection such and disinfect. We believe there’s units to hospitals, but also to
as the use of UV lights, robotics, additional runway for product schools, hotels, and even to
touch-free solutions, integration innovators who are embracing London’s St. Pancras International,
of IoT into hygiene dispensing innovations like hands-free one of the largest train stations
systems, and remote cleaning solutions, manufacturing in the city. “We are the first train
training using online software high-efficacy products, and station to bring this type of
solutions. infusing technology into their technology in because we want
lineup with offerings like robotic to allow people to use a train
“The shift to hygiene started floor cleaning machines and station with confidence, use our
before the pandemic, but IoT-driven systems.” retail units with confidence, and
COVID-19 really accelerated slowly get back to a normal way,”
the trend,” says Nick Pavlidis, Robotic UV disinfection in said Jay Newton, Head of Stations
Managing Director in Baird’s particular has seen accelerated Engineering and Operations for
5High Speed 1 Channel Tunnel Restroom Solution” as a tool to tools that give consumers a solid
rail link2. The technology is also use smart data insights to make confidence of cleanliness. Pavlidis
being put to work at stateside informed decisions, control waste, emphasizes this imperative,
venues, including Boston’s famed understand visitor flow and make saying, “Whether we’re talking
Fenway Park. In announcing “patrons feel confident that you about hospitals, airlines, hotels,
their partnership with Surfacide have a high-quality building that restaurants, sports stadiums or
in March 2021, Red Sox VP of cares about well-being.” These IoT food processing facilities, the
Facilities Management Jonathan solutions integrate data about use of these various hygiene
Lister commented, “With a visitor flow and product usage, technologies is becoming one of
hospital-grade UV technology allowing immediate notification the most important marketing
product like this, we are able to that dispensers need to be messages to end-consumers and
ensure our ballpark is ready to refilled and the optimization employees. These businesses
safely receive fans throughout the of cleaning schedules. realise that their investment in
2021 regular season3.” these technologies is not only
Often, upgrades to about utilising better hygiene,
Hands-free solutions, such technologically-advanced hygiene but also about proving to
as touchless hand sanitizer solutions are being funded by end-consumers that their chosen
dispensers and automatic toilet government. As an example, Sloan venues are disinfected properly.”
flushers, have been present Valve (the makers of many of the CONTINUE TO E-COMMERCE &
for over a decade, but go into aforementioned touchless flushers WEARHOUSING INSIGHTS
office buildings, restaurants, and faucets) highlights the
schools and other non-residential Consolidated Appropriations
venues today and you will see an Act (CAA), and the American
increasing number of touch-free Rescue Plan Act (ARPA), both
faucets, soap dispensers and even COVID-19 relief acts of 2021, as
hands-free door openers. a potential source of billions of
dollars that could be used by
Additionally, increasingly Baird commercial venues to spend on
sees the integration of IoT automated solutions.
(Internet of Things) technology
into hands-free dispensing Government funding is not only
systems. An example of this fueling investment in these new
according to Pavlidis is GOJO, technologies but also the ability
the maker of Purell®, which of commercial businesses to
markets its Onvation® “Smart promote those cutting-edge
“The shift to hygiene started before the pandemic,
but COVID-19 really accelerated the trend.”
Nick Pavlidis
Managing Director
Baird Global Consumer Investment Banking
6E-commerce and Warehousing
COVID accelerated the in-progress, decades-long secular shift toward
e-commerce, and we expect relevant developments to linger long after the
pandemic winds down in the so-called “new normal.” Precautions around
in-store shopping drove shoppers online, driving dramatic changes in
consumer behavior that will likely persist for many years.
E-COMMERCE around the Amazon ecosystem, can’t-miss channel – but it comes
The sharp rise in online shopping with a focus on helping brands with complex challenges,” said
created unprecedented demand navigate the complexities of Eric Winn, Managing Director
for order fulfillment, expedited selling on the world’s foremost in Baird’s Global Technology &
shipping and mobile technologies. e-commerce platform. Hundreds Services Investment Banking
Moreover, categories of retail of companies have emerged, group. “There’s a growing need
that were once assumed to many of which offer automation for solutions to alleviate the pain
have limited opportunity online, solutions focused on categories points associated with selling on
including grocery, B2B, vehicles including product listings and Amazon, and we’re seeing strong
and used/pre-owned products, pricing, inventory and order growth in an emerging ecosystem
are now rapidly shifting online. management, warehousing, of tech & services companies
We see meaningful investment shipping and advertising, both on dedicated to helping brands
opportunities in these areas: Amazon and on other platforms. optimize their presence on the
Amazon platform.”
Amazon Marketplace Service Providers “Amazon is the dominant player
A growing industry of technology in the global e-commerce Winn points to a recent Baird
and service providers is forming marketplace. For brands, it’s a transaction as a case study
7“Amazon is the dominant player in the global e-commerce
marketplace. For brands, it’s a can’t-miss channel – but it comes
with complex challenges.”
Eric Winn
Managing Director
Baird Global Technology & Services Investment Banking
illustrative of this dynamic. The adoption of software and services toward an “ambient Internet,”
firm recently advised a company, that help retailers capitalize which means accessible anytime,
reCommerce, in securing a growth on their physical footprint and anywhere, as the number of
equity investment from Topspin strong partner relationships connected devices and input
Consumer Partners. reCommerce with brands. “While e-commerce mechanisms expands. Moreover,
combines its proprietary in-house growth has been tremendous, “next gen” computing platforms
technology platform with creative, the physical store is often cited including AR/VR and “metaverses”
marketing, data analytics, brand as the best defense retailers have will undoubtedly include
protection, and logistics services in competition with Amazon,” e-commerce as part of core
to drive the growth of leading says Winn. “Their stores are functionality. “We see this already
brands on Amazon. Positioned closer to the customer and can with different technologies that
as the leading tech-enabled meet critical customer demand allow consumers, for example, to
selling partner of brands through for convenience and instant use augmented reality to enhance
Amazon, reCommerce received a gratification of receiving one’s the shopping experience for
lot of investor interest. purchase today. This is a primary home décor and apparel. You can
reason why Amazon acquired virtually try on a dress or check
E-commerce-Enabling Technology Whole Foods and continues to how a new dining table would fit
Omnichannel brands will seek invest in new retail storefronts in a specific room,” says Sebastian.
investments in technologies and distribution locations, to
that allow them to seamlessly get closer to the customer. Any Convergence of Social and Visual
merge their physical stores and technology that helps retailers Platforms Around E-Commerce
e-commerce presences. Examples connect their physical stores Online platforms including
include BOPIS (buy online, pick to their e-commerce sites or Facebook, Pinterest, TikTok
up in store) and home delivery mobile applications will be in and Snap continue to add
technologies. We continue to high demand for the foreseeable more shopping/e-commerce
see news headlines reinforcing future, to better enable unified functionalities, joining Google
this concept, including Sephora’s commerce.” in the race to capture one of
recently announced long-term the most lucrative areas of
partnership with European AI-driven User Interfaces online advertising. Enabling
lifestyle e-commerce platform Voice platforms of Amazon, platforms such as Shopify and
Zalando and acquisition of Google and Apple will continue BigCommerce are also helping to
European online beauty retailer to add more transactional facilitate this shift by contributing
Feelunique. functionality, leveraging advanced product catalogs and integrating
machine learning to fulfill transaction flows from merchants
Over the course of the pandemic, consumer requests for products and brands via APIs. Likewise,
multiple emerging technology and services. According to Baird commerce platforms such
leaders have sought investment Senior Research Analyst Colin as Amazon, eBay and Wayfair
to capitalize on accelerating Sebastian, this is part of the shift now offer advertising services,
8effectively increasing the costs expectations narrowing Warehouse Management, Control and
for merchants and brands to delivery times will require more Execution Software (WMS)
access the most compelling urban centres, giving added Offering a range of sophisticated
marketplaces. consideration to space constraints. functionalities, warehouse
The pandemic environment management software (WMS)
Blurring the Lines Between E-Commerce has complicated warehouse typically controls inventory in and
and Digital Payments/Fintech operations. Merchants are still out of the warehouse. Baird Senior
“We expect significant innovation navigating labor shortages, supply Research Analyst Rob Mason
in bridging online commerce chain disruptions, and health describes WMS: “Consider these
and digital payment services, and safety concerns for their systems to be the nerve centre of
including the integration of social workforces. a warehouse – vitally important.”
networking and messaging with Warehouse control systems
digital wallets,” says Sebastian. He Warehousing has been, in many (WCS) manage the flow of goods
notes that shopping platforms ways, a slow-to-evolve space. as they travel on various types
such as Shopify are building According to a recent analysis by of automated warehouse and
out more advanced payment consulting company LEK4, roughly material-handling devices as well
capabilities, while digital payment 60% of warehouses today use “no as through pick/pack/sort stations.
companies such as PayPal and to low levels of automation” and Finally, a warehouse execution
Square are blending shopping another 30-35% only use basic systems (WES) is a newer type of
and other “super-app” capabilities mechanical aids, e.g. conveyors. solution and often considered a
within their platforms. Given the demands being placed more all-inclusive solution, making
on distribution infrastructure it well suited for small or medium
Video and Livestreaming Extending combined with productivity sized operations, that includes
E-Commerce Beyond the Stores limitations of traditional operating both inventory management and
With shopping as entertainment methods, Baird sees warehousing control capabilities. However, large
an increasing theme, there is poised for an automation operations may also still require
also a notable ramp in the use revolution. Automation advanced capabilities of WMS.
of video platforms (such as technologies can help businesses
YouTube) to drive e-commerce meet the demands of the market’s Machine-to-Machine Technology (M2M)
transactions, as well as platforms growth dynamics. Specific M2M enables direct
including Amazon and opportunities we see include: communication between devices
Alibaba using live streaming to and can be applied to equipment
merchandise products. Together like packing machines, pallet
with the increasing adoption of machines, autonomous mobile
connected TVs (and OTT content robots (AMRs) and conveyors.
distribution), we see many new “These technologies And since the average cost of
opportunities for e-commerce will become practically downtime at a distributor can
to expand onto the “big screen” reach approximately $10,000 per
and engage with consumers
essential to efficient hour5, M2M is a huge opportunity
well beyond the desktop and DC functionality when applied to traditional
mobile devices. as the physical scale warehouse tasks (receiving/
picking/storage), as well as
and complexity of
WAREHOUSING predictive maintenance. Mason
The acceleration in e-commerce warehouses increases.” points out that the combination
is having a profound effect of M2M with WMS is a particularly
on warehousing/distribution Rob Mason powerful blend of automation
Senior Research Analyst
and fulfillment infrastructure. Baird
functionality. But he also notes
However, changes in consumer that there’s more potential to
9be gained out of these systems. and deep learning technologies to “This is a very technologically
“The pace of high-speed ethernet scan hard-to-reach locations. demanding application,” says
/ 5G adoption – which enables Mason. “It’s possible because of
machines to communicate directly Additionally, we are observing advancements in cobot dexterity,
and transmit data back to cloud businesses adopting Real Time gripping, machine vision, flexibility
management systems at the pace Location Systems (RTLS), which and lower material costs. We
necessary to enable automation allows warehouse operators believe that cobots still have
and prevent mistakes – is a key to monitor inventory, material room for improvement in being
factor for M2M. Additionally, as handling equipment and people able to replicate the full range of
chip efficiency improves and in real-time for not only presence/ tasks performed by humans, but
software developments continue, absence, but to also determine the technological advancements
we should see improved edge location – in turn, increasing and continued demand for
computing abilities of machines safety, efficiency and awareness the technology will allow that
like AMRs and picking robots. of pending issues. evolution to continue.”
And the end result of all of this
is a lower cost, safer warehouse Robotics and Robotic Process High density Automated
environment that provides Automation (RPA) Storage and Retrieval Systems
higher throughput.” A myriad of robotic technologies (AS/RS) is another important
are now playing an important warehouse application. AS/RS
Real-Time Tracking role in warehouse environments. can deliver improvements in
Effective supply chain Automated guided vehicles facility throughput, boost labor
management and omnichannel (AGVs), which have a longer efficiency and improve safety.
strategies in particular are reliant history in industrial application, Meanwhile, robotic process
on high levels of real-time are still increasing in usage but automation (RPA) technologies
inventory accuracy and visibility are ceding ground to AMRs. apply artificial intelligence (AI),
to execute a flawless customer AMRs generally embed artificial machine learning and analytics to
experience. Moreover, historical intelligence and can generate manual tasks – allowing workers
studies of inventory accuracy, their own path based on to focus less on mundane tasks
whether among retailers or pre-loaded maps, or routes the and more on high-value work. For
otherwise, has illustrated wide unit teaches itself, and incorporate example, automated inventory
discrepancies. Manual counts data from cameras and sensors management systems now use
are labor intensive and episodic. to respond dynamically to the barcode or RFID scanners to log
Increasingly RFID is being environment. Perhaps best known packages/goods entering and
deployed to allow inventory to are Amazon’s Kiva robots that now exiting a facility, taking over a
be automatically counted and number over 200,000 operating in low-value added and potentially
inform real-time accuracy of its fulfillment center network. error-prone human task. “These
items on hand and available to technologies will become
order/promise/ship. Decreases Additionally, AMRs mainly reside practically essential to efficient DC
in individual RFID costs are also in the category of collaborative functionality as the physical scale
enabling RFID to be more widely robots (cobots) because they and complexity of warehouses
deployed to improve inventory can work safely in conjunction increases,” says Mason.
visibility. Augmenting the with and in close proximity CONTINUE TO HEALTHCARE INSIGHTS
adoption of RFID are counting to humans. As Mason points
robots that can scan RFID tags out, warehouse cobot arms
from as far as 25 feet away, while and various types of AMRs are
drones can use optional sensors beginning to penetrate actual
item-level picking applications.
10Healthcare
Long encumbered by complex decision-making, dated technologies
and seemingly endless paperwork, the healthcare industry is embracing
automation. Not only do automated technologies have the potential to
revolutionize workflows across healthcare – they stand to improve patient
outcomes. We see a number of compelling, relevant opportunities across
the space:
ROBOTIC PROCESS illustrate how RPA is impacting with ways to update and enhance
AUTOMATION (RPA) healthcare: their processes amid COVID,
In an industry known for a great these technologies and tools are
volume of highly manual, • Nuance Communications (NUAN) becoming more in demand.
time-consuming administrative offers voice-based technology
work, robotic process automation to automate the clinical TELEMEDICINE AND
(RPA) could automate a myriad note-taking process, a notoriously TELEHEALTH
of workflows across the healthcare time-consuming process for Automation can also be leveraged
industry and free up workers’ healthcare providers. Microsoft is to enhance care delivery, and
time for patient care. RPA acquiring NUAN for $19.7 billion we are observing this trend
can automate appointment in a transaction that is expected to across the telemedicine and
scheduling, streamline claims close by the end of 2021. telehealth markets. In our view,
management processes and while automated solutions and
enhance clinic workflows. • Phreesia (PHR) provides patient technologies can complement
intake solutions designed to patient care and experience, they
Members of Baird’s Healthcare improve operational efficiency for will never fully replace
Research team point to a couple providers and care experience for human-delivered care.
of noteworthy platforms that patients. And as providers grapple
11In the telehealth sphere, and consumers, or data assets more proactive interactions and
automation can be leveraged – there are many prospective care, which patients need to live
to generate insights on patients buyers that stand to benefit from healthier lives.”
that can inform clinical that technology and those assets.
decision-making. Meanwhile, And those prospective buyers Pavlik highlights the compelling
AI can be leveraged to enhance aren’t necessarily other or larger potential of such solutions, like
patient diagnoses and inform healthcare players.” those offered by Baird Capital
next steps for the practitioner. portfolio company Upfront
Automated software solutions Baird expects the consolidation Healthcare, to enable more
can power tools such as chatbots, to continue moving forward as personalized and automated
which can field simple questions companies attempt to broaden interactions across a variety of
from patients, and support remote portfolios and achieve scale, use cases, including appointment
patient monitoring for individuals making themselves more relevant reminders and scheduling,
who are battling illness or within this broader trend of medication adherence, referral
recovering in their home. automated care. management and new patient
enrollment and onboarding.
According to Baird Senior PATIENT ENGAGEMENT
Research Analyst Vikram As consumers increasingly expect To discuss these themes, their
Kesavabhotla, these platforms are and demand digital-based implications for your business
so compelling that it’s prompting interactions with their merchants or other topics, email
a healthy level of acquisitions. and service providers across bairdautomation@rwbaird.com.
Kesavabhotla points out that industries, health systems have
there have been over 21 publicly been expanding their investments
disclosed transactions in the space in automated digital outreach
in the last six years, including and patient communication
Teladoc’s $18.5 billion acquisition solutions to address this change
of Livongo, which provides in consumer preference, improve
remote patient monitoring patient engagement and lower
services for diabetes and other operating costs. “Automation is
chronic conditions. really transforming how patients
interact with the healthcare
Kesavabhotla expects the system,” says Jim Pavlik, Partner
consolidation trend to continue. with Baird Capital. “Real life can
“There is tremendous strategic get in the way of sticking to a care
value to be realized in many plan or staying on top of annual
of these platforms. Whether medical appointments. Emerging
it’s a target’s end-customer patient engagement technology
relationships, access to physicians solutions can open the door to
“Emerging patient engagement technology solutions
can open the door to more proactive interactions and
care, which patients need to live healthier lives.”
Jim Pavlik
Partner, Baird Capital
12Per a commitment initially negotiated in 2015 by the U.S. National Highway Traffic Safety Administration and the Insurance Institute for Highway Safety. National Highway Traffic Safety 1 Administration, “NHTSA-IIHS Announcement on AEB,” December 21, 2017. Accessed via https://www.nhtsa.gov/press-releases/nhtsa-iihs-announcement-aeb Reuters, “Robots target coronavirus with ultraviolet light at London train station.” Accessed via https://www.reuters.com/article/uk-health-coronavirus-britain-robots/robots-target- 2 coronavirus-with-ultraviolet-light-at-london-train-station-idUSKCN26E2NT Per a March 16, 2021, press release entitled “Boston Red Sox Enlist Surfacide® UV Disinfection Robots To Help Safely Reopen Fenway Park.” Accessed via https://www.surfacide.com/news/ 3 boston-red-sox-enlist-surfacide-uv-disinfection-robots-to-help-safely-reopen-fenway-park LEK Executive Insights, “The Evolving Warehouse Automation Market and the Implications for Investors,” September 15, 2020. 4 Honeywell Intelligrated, “Unleash the Power of DC Connectivity,” summer 2019. Accessed via https://www.intelligrated.com/es/node/2182 5 This material is provided for informational purposes only and should not be construed as investment advice or an offer or solicitation to buy or sell securities. This is not a complete analysis of every material fact regarding any company, industry or security reasonably required to make an investment decision. The information has been obtained from sources we consider to be reliable, but we cannot guarantee the accuracy. The views expressed are as of October 2021, may change as market or other conditions change and may differ from views expressed by other Baird associates or affiliates. Actual investments or investment decisions made by Baird and its affiliates, whether for its own account or on behalf of clients, may not necessarily reflect the views expressed. This information is not intended to provide investment advice and does not take into consideration individual investor circumstances. Investment decisions should always be made based on an investor’s specific financial needs, objectives, goals, time horizon and risk tolerance. Asset classes described may not be suitable for all investors. Past performance does not guarantee future results, and no forecast should be considered a guarantee either. Since economic and market conditions change frequently, there can be no assurance that the trends described here will continue or that any forecasts are accurate. Baird is exempt from the requirement to hold an Australian financial services license. Baird is regulated by the United States Securities and Exchange Commission, FINRA, and various other self-regulatory organizations and those laws and regulations may differ from Australian laws. This report has been prepared in accordance with the laws and regulations governing United States broker-dealers and not Australian laws. UK disclosure requirements for the purpose of distributing this report into the UK and other countries for which Robert W. Baird Limited holds an ISD passport. This report is for distribution into the United Kingdom only to persons who fall within Article 19 or Article 49(2) of the Financial Services and Markets Act 2000 (financial promotion) order 2001 being persons who are investment professionals and may not be distributed to private clients. Issued in the United Kingdom by Robert W. Baird Limited, which has offices at Finsbury Circus House 15 Finsbury Circus, London, EC2M 7EB, and is a company authorised and regulated by the Financial Conduct Authority. Robert W. Baird Limited (“RWBL”) is exempt from the requirement to hold an Australian financial services license. RWBL is regulated by the Financial Conduct Authority (“FCA”) under UK laws and those laws may differ from Australian laws. This document has been prepared in accordance with FCA requirements and not Australian laws. Robert W. Baird Limited and Baird Capital Partners Europe Limited are authorised and regulated by the Financial Conduct Authority and affiliated with Robert W. Baird & Co. Incorporated. ©2021 Robert W. Baird & Co. Incorporated. Member SIPC. MC-668800.
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