APi Group's Strong Growth Prospects and Strategic Expansion Drive Buy RatingWe hosted APG management at our Global Industrials Conference. Tone of meetings seemed constructive to us, with broad-based strength (particularly datacenters) driving recent projects acceleration. While projects are gaining ground this year, discipline around project selection and accretive nature of datacenter projects are helping. Encouragingly, APG appears confident regarding re-accelerating incremental margins in Q4 and 2026 driven by timing/maturation of projects. M&A pipeline remains robust, with Q4 seemingly solid on bolt-ons. Overall, key elements of compounding growth (organic growth, margin expansion, M&A) seem well in place. We think company is well-positioned heading into 2026. Strong Broad-based strength in Projects.