AZZ Inc. (AZZ)

Industry: Manufacturing - Metal Fabrication 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
CRS	12	Carpenter Technolo	2,893	29.74	29.74	17.98	9.69	20.87	22.80
ESAB	13	ESAB Corporation	2,792	29.50	29.50	15.97	15.97	19.73	19.25
0QS5.L	14	Bossard Holding AG	2,548	9.93	9.56	6.70	6.16	7.62	7.97
5223.TWO	15	Anli International	2,325	325.92	325.92	6.96	6.96	-	890.33
601399.SS	16	Sinomach Heavy Equ	1,979	52.14	52.44	28.12	28.65	20.60	29.69
7414.T	17	Onoken Co., Ltd.	1,667	9.66	9.84	8.84	8.46	28.90	17.22
0838.HK	18	EVA Precision Indu	1,629	2.53	2.45	1.35	1.27	2.19	2.24
AZZ	19	AZZ Inc.	1,595	10.80	5.89	7.04	4.85	14.56	11.85
603527.SS	20	Anhui Zhongyuan Ne	1,475	27.00	24.04	26.85	24.15	-	40.11
601106.SS	21	China First Heavy	1,355	-	-	-	-	122.28	-
WOR	22	Worthington Indust	1,254	25.51	35.76	17.26	23.94	58.50	240.65
300953.SZ	23	Ningbo Zhenyu Tech	1,236	64.74	45.76	41.68	29.63	38.95	46.92
NOEJ.DE	24	NORMA Group SE	1,220	-	-	6.84	6.72	-	-
CHKZ.ME	25	Chelyabinsk Forge-	1,219	-	-	3.15	1.79	1.09	1.32
DEEDEV.NS	26	Dee Development En	1,141	3.31	3.31	1.33	1.33	19.34	2.31
0RHT.L	27	Sif Holding N.V.	1,084	-	-	13.51	16.75	-	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	25.51	24.04	7.90	7.71	19.73	18.24
Full Range Median Multiple	27.00	29.50	11.17	9.07	20.60	21.02
Industry Multiple	52.72	51.66	14.04	12.96	30.92	110.07
Market Implied Multiple	11.80	6.43	7.59	5.24	15.71	12.79
Company (AZZ) Multiple	10.80	5.89	7.04	4.85	14.56	11.85
(*) Net Income / EBITDA / Revenue	314	576	567	822	274	336
Winsorized Enterprise Value	N/A	N/A	4,479	6,336	5,402	6,134
Full Range Median Enterprise Value	N/A	N/A	6,333	7,455	5,642	7,072
(-) Net Debt	596	596	596	596	596	596
Winsorized Equity Value	8,011	13,845	3,883	5,740	4,806	5,538
Full Range Median Equity Value	8,479	16,992	5,736	6,859	5,046	6,476
(/) Shares Outstanding	30	30	30	30	30	30
Winsorized Fair Value	$266.71	$460.92	$129.26	$191.08	$159.99	$184.36
Full Range Median Fair Value	$282.29	$565.69	$190.97	$228.35	$167.99	$215.58
Current Price	$123.35	$123.35	$123.35	$123.35	$123.35	$123.35
Upside / Downside	116.22%	273.67%	4.79%	54.91%	29.71%	49.46%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$186.69	$322.64	$90.48	$133.76	$112.00	$129.05
Buy / Don't Buy	BUY	BUY	Don’t Buy	BUY	Don’t Buy	BUY