ESAB Corporation (ESAB)

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
RYI	6	Ryerson Holding Co	4,474	-	-	17.26	17.01	-	265.11
ELHA.AT	7	Elvalhalcor Hellen	4,200	7.33	6.16	5.90	5.49	3.73	4.46
MLI	8	Mueller Industries	4,140	14.77	10.42	9.17	6.97	9.86	7.96
CHEP.ME	9	PJSC Chelyabinsk P	3,358	15,998.09	15,998.09	8.79	8.79	2.60	6.35
103140.KS	10	Poongsan Corporati	3,287	19.06	14.54	10.21	8.79	23.99	13.84
002541.SZ	11	Anhui Honglu Steel	3,058	21.46	22.18	16.42	15.56	25.19	39.36
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	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.77	10.42	8.82	7.72	12.21	12.84
Full Range Median Multiple	19.06	14.54	9.01	8.62	17.58	15.53
Industry Multiple	1,271.42	1,270.10	12.26	10.91	23.53	97.09
Market Implied Multiple	30.50	30.50	16.43	16.43	20.30	19.81
Company (ESAB) Multiple	29.50	29.50	15.97	15.97	19.73	19.25
(*) Net Income / EBITDA / Revenue	243	243	527	527	426	437
Winsorized Enterprise Value	N/A	N/A	4,647	4,066	5,207	5,613
Full Range Median Enterprise Value	N/A	N/A	4,746	4,544	7,498	6,785
(-) Net Debt	1,249	1,249	1,249	1,249	1,249	1,249
Winsorized Equity Value	3,587	2,532	3,398	2,817	3,958	4,364
Full Range Median Equity Value	4,629	3,530	3,497	3,295	6,249	5,536
(/) Shares Outstanding	61	61	61	61	61	61
Winsorized Fair Value	$58.85	$41.54	$55.76	$46.23	$64.94	$71.61
Full Range Median Fair Value	$75.96	$57.92	$57.39	$54.07	$102.55	$90.85
Current Price	$121.54	$121.54	$121.54	$121.54	$121.54	$121.54
Upside / Downside	-51.58%	-65.82%	-54.12%	-61.97%	-46.57%	-41.08%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$41.20	$29.08	$39.03	$32.36	$45.46	$50.13
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy