论文视角：在近期预算削减背景下评估水资源资金

Funding MechanismGrant ComponentVaries (typically 0-2%) butlower than the marketFederal grants, statematches, loanrepaymentYes (for somedisadvantagedcommunities)Treasury-based30yr at ~5.0% nowCongressionalappropriationsNoPoverty: 2.500%Intermediate: 3.375%Market: 4.250%CongressionalappropriationsYes (up to 75%) Saree Boroditsky, CFA * | Equity Analyst(212) 284-2280 | sboroditsky@jefferies.comJames Ko * | Equity Associate+1 (312) 588-5155 | jko@jefferies.com Exhibit 2 - IIJA funding allocation and project timeline.EPA allocates budget toSRFSRF announced andposts fundsSRF selects project andawards fundsProject planning anddesignProject constructionSource: White House Congressional Budget Office, LEK research and analysisPlease see important disclosure information on pages 3 - 8 of this report.This report is intended for Jefferies clients only. Unauthorized distribution is prohibited. Company Valuation/RisksVeralto CorpWe value the shares based on a combination of EV/EBITDA and PE multiples taking into account both the historical range over priorcycle and the peer group. Risks include: economic conditions, acquisitions, geopolitical conflict, and currency fluctuations.Xylem Inc.We value the shares based on a combination of EV/EBITDA and P/E multiples, taking into account both the historical range over the prior cycle andthe peer group. Risks include global economic growth, water infrastructure funding and demand, currency translation, and competitive dynamics.Analyst Certification:I, Saree Boroditsky, CFA, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) andsubject company(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or viewsexpressed in this research report.I, James Ko, certify that all of the views expressed in this research report accurately reflect my personal views about the subject security(ies) and subjectcompany(ies). I also certify that no part of my compensation was, is, or will be, directly or indirectly, related to the specific recommendations or views expressedin this research report.As is the case with all Jefferies employees, the analyst(s) responsible for the coverage of the financial instruments discussed in this report receives compensationbased in part on the overall performance of the firm, including investment banking income. We seek to update our research as appropriate, but various regulationsmay prevent us from doing so. Aside from certain industry reports published on a periodic basis, the large majority of reports are published at irregular intervalsas appropriate in the analyst's judgement.Investment Recommendation Record(Article 3(1)e and Article 7 of MAR)Recommendation PublishedRecommendation DistributedExplanation of Jefferies RatingsBuy - Describes securities that we expect to provide a total return (price appreciation plus yield) of 15% or more within a 12-month period.Hold - Describes securities that we expect to provide a total return (price appreciation plus yield) of plus 15% or minus 10% within a 12-month period.Underperform - Describes securities that we expect to provide a total return (price appreciation plus yield) of minus 10% or less within a 12-month period.The expected total return (price appreciation plus yield) for Buy rated securities with an average security price consistently below $10 is 20% or more within a 12-month period as these companies are typically more volatile than the overall stock market. For Hold rated securities with an average security price consistentlybelow $10, the expected total return (price appreciation plus yield) is plus or minus 20% within a 12-month period. For Underperform rated securities with anaverage security price consistently below $10, the expected total return (price appreciation plus yield) is minus 20% or less within a 12-month period.NR - The investment rating and price target have been temporarily suspended. Such suspensions are in compliance with applicable regulations and/or Jefferiespolicies.CS - Coverage Suspended. Jefferies has suspended coverage of this company.NC - Not covered. Jefferies does not cover this company.Restricted - Describes issuers where, in conjunction with Jefferies engagement in certain transactions, company policy or applicable securities regulationsprohibit certain types of communications, including investment recommendations.Monitor - Describes securities whose company fundamentals and financials are being monitored, and for which no financial projections or opinions on theinvestment merits of the company are provided.Valuation MethodologyJefferies' methodology for assigning ratings may include the following: market capitalization, maturity, growth/value, volatility and expected total return over thenext 12 months. The price targets are based on several methodologies, which may include, but are not restricted to, analys