Applied Industrial Technologies, Inc. (AIT)

Industry: Industrial - Distribution 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
CNM	14	Core & Main, Inc.	7,764	22.88	12.67	13.34	10.80	13.98	12.69
RS1.L	15	RS Group plc	7,760	8.14	6.71	4.62	3.61	6.14	4.86
WSO	16	Watsco, Inc.	7,414	27.89	24.02	19.55	17.14	16.45	17.87
GFTU.L	17	Grafton Group plc	5,477	7.57	6.75	4.24	3.69	3.44	4.95
POOL	18	Pool Corporation	5,295	28.04	26.75	20.11	18.71	18.00	20.30
011760.KS	19	Hyundai Corporatio	5,088	3.36	2.70	7.57	5.48	7.85	6.03
SITE	20	SiteOne Landscape	4,672	41.17	39.45	18.27	16.64	19.30	28.39
AIT	21	Applied Industrial	4,664	24.53	13.47	16.70	12.59	19.39	13.42
SAMS.PA	22	Samse S.A.	4,478	8.49	8.55	4.16	3.78	23.68	8.62
9274.T	23	Kpp Group Holdings	4,209	7.30	7.30	5.24	5.24	14.52	11.30
MSM	24	MSC Industrial Dir	3,770	25.23	26.42	14.59	15.06	15.51	18.12
TIH.TO	25	Toromont Industrie	3,707	20.45	18.03	11.09	10.01	14.50	13.51
7456.T	26	MATSUDA SANGYO Co.	3,436	9.93	8.31	6.99	6.03	7.55	7.73
600546.SS	27	Shanxi Coal Intern	3,254	15.74	15.16	4.47	4.49	3.95	5.51
DPLM.L	28	Diploma PLC	3,137	21.96	17.32	11.05	8.23	20.14	11.11
LAWS	29	Lawson Products, I	2,977	-	-	7.68	8.49	0.92	0.49

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	12.83	10.61	7.57	6.03	13.98	8.62
Full Range Median Multiple	18.09	13.91	7.68	8.23	14.50	11.11
Industry Multiple	17.73	15.72	10.20	9.16	12.39	11.43
Market Implied Multiple	26.43	14.51	17.97	13.55	20.87	14.44
Company (AIT) Multiple	24.53	13.47	16.70	12.59	19.39	13.42
(*) Net Income / EBITDA / Revenue	402	732	599	795	516	746
Winsorized Enterprise Value	N/A	N/A	4,534	4,797	7,213	6,430
Full Range Median Enterprise Value	N/A	N/A	4,602	6,547	7,482	8,286
(-) Net Debt	154	154	154	154	154	154
Winsorized Equity Value	5,156	7,761	4,381	4,643	7,060	6,277
Full Range Median Equity Value	7,269	10,180	4,448	6,393	7,329	8,132
(/) Shares Outstanding	38	38	38	38	38	38
Winsorized Fair Value	$136.56	$205.56	$116.02	$122.97	$186.98	$166.24
Full Range Median Fair Value	$192.53	$269.63	$117.81	$169.33	$194.10	$215.38
Current Price	$281.21	$281.21	$281.21	$281.21	$281.21	$281.21
Upside / Downside	-51.44%	-26.90%	-58.74%	-56.27%	-33.51%	-40.89%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$95.59	$143.89	$81.21	$86.08	$130.89	$116.37
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy