AAON, Inc. (AAON)

Industry: Construction Model: Peers Multiples Valuation

Valuation Snapshot

Ticker	Rank	Name	Rev TTM (M)	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
AZEK	42	The AZEK Company I	1,520	46.61	46.61	20.08	17.19	23.07	8.83
5930.T	43	Bunka Shutter Co.,	1,486	11.80	10.29	5.08	4.49	9.35	8.32
UPONOR.HE	44	Uponor Oyj	1,434	29.36	27.99	14.09	13.29	9.70	10.88
LIAB.ST	45	Lindab Internation	1,401	27.96	28.04	9.87	8.93	37.38	39.21
APOG	46	Apogee Enterprises	1,392	21.19	21.49	7.76	7.07	9.85	16.61
BLUESTARCO.BO	47	Blue Star Limited	1,354	70.81	37.94	46.50	31.24	70.67	30.32
344820.KS	48	KCC GLASS Corporat	1,324	-	-	5.56	5.56	-	-
AAON	49	AAON, Inc.	1,316	76.00	71.93	36.56	32.84	43.69	54.47
5943.T	50	Noritz Corporation	1,315	14.16	14.16	4.07	2.26	-	13.06
ROCK	51	Gibraltar Industri	1,213	442.73	811.87	10.54	10.02	11.43	13.65
TREX	52	Trex Company, Inc.	1,181	28.00	27.10	17.23	16.14	20.16	20.22
SUPREMEIND.BO	53	The Supreme Indust	1,167	63.21	55.84	40.00	36.75	69.44	21.57
7570.T	54	Hashimoto Sogyo Ho	1,073	8.68	8.17	10.25	9.68	51.56	22.92
FAN.L	55	Volution Group plc	1,025	15.96	15.96	8.82	7.16	10.60	8.40
5351.T	56	Shinagawa Refracto	1,013	9.26	7.15	6.47	5.18	10.40	9.31
ECEL.L	57	Eurocell plc	978	8.01	7.69	3.57	3.20	11.12	6.94

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	18.57	18.72	8.82	7.16	11.12	11.97
Full Range Median Multiple	24.58	24.29	9.87	8.93	11.43	13.36
Industry Multiple	56.98	80.02	13.99	11.88	26.52	16.44
Market Implied Multiple	76.52	72.43	36.81	33.07	43.99	54.84
Company (AAON) Multiple	76.00	71.93	36.56	32.84	43.69	54.47
(*) Net Income / EBITDA / Revenue	100	106	208	232	174	140
Winsorized Enterprise Value	N/A	N/A	1,838	1,661	1,939	1,674
Full Range Median Enterprise Value	N/A	N/A	2,057	2,071	1,993	1,868
(-) Net Debt	-1	-1	-1	-1	-1	-1
Winsorized Equity Value	1,862	1,983	1,839	1,662	1,940	1,675
Full Range Median Equity Value	2,464	2,573	2,058	2,072	1,994	1,869
(/) Shares Outstanding	82	82	82	82	82	82
Winsorized Fair Value	$22.83	$24.32	$22.55	$20.39	$23.79	$20.54
Full Range Median Fair Value	$30.21	$31.56	$25.24	$25.41	$24.46	$22.92
Current Price	$94.08	$94.08	$94.08	$94.08	$94.08	$94.08
Upside / Downside	-75.73%	-74.15%	-76.03%	-78.33%	-74.71%	-78.16%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$15.98	$17.03	$15.79	$14.27	$16.66	$14.38
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy