Aggreko PLC (AGK) is a global leader providing temporary power generation and temperature control equipment & services. It has two business segments; Local (2010 Rev:60%) which rents power, heating and cooling equipment; and International Power Projects (IPP) (40%) which installs and operates temporary power plants, selling the power to utilities and industrial users. 2011 Revenue is expected to be lower due to less major events however, a record order book equating to 14 months revenue in IPP should act as a buffer. AGK exhibits balance sheet strength (2010:Nebt debt/EBITDA 0.3x ) with geographical and end user diversification. Earnings are driven by increasing power demand from general economic growth and industrialization in emerging economies, ageing power generation facilities globally requiring maintenance, the propensity to rent (driven by tax and outsourcing acceptance) and events. Fleet funding remains key with supply chain highly integral. Risks include low barriers to entry (rental business) and geopolitical risk (particularly debtor collection in emerging economies ).