Schneider Electric (SCHN.PA): Post Call Thoughts - SE Asia DC growth a sustainable source of growth, PTC financing questions remain

J.P. Morgan remains Neutral on Schneider Electric with a December 2027 price target of €310. Following the Q3 2026 earnings call, the shares faded about 3% relatively. We attribute this to three factors: insufficient discussion of the approximately €22bn PTC transaction, including the roughly €6bn equity component expected within days and the remaining €16bn debt issuance before the planned Q3 2027 closing; an unexpected source of the Q3 beat, with Energy Management China & East Asia organic growth of 32.4% versus North America at 20.3%, and data center growth described as triple digit at group level but likely not in the US;