Friedman Industries, Incorporated (FRD)

Industry: Steel 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
007280.KS	160	Korea Steel Co., L	544	17.53	17.53	6.89	5.42	196.50	9.14
9523.SR	161	Group Five Pipe Sa	544	4.85	4.85	3.95	3.95	2.02	4.76
6890.HK	162	KangLi Internation	535	1.50	1.50	1.93	1.93	7.46	2.27
MUKANDLTD.BO	163	Mukand Limited	516	31.56	31.56	6.89	3.22	10.08	5.49
5445.T	164	Tokyo Tekko Co., L	515	4.55	3.95	2.65	2.22	3.11	2.64
SANDUMA.BO	165	The Sandur Mangane	514	4.31	3.18	2.18	1.48	2.94	1.93
5563.T	166	Nippon Denko Co.,	513	11.11	11.11	4.59	4.59	10.89	6.38
FRD	167	Friedman Industrie	510	13.35	13.35	11.33	11.33	20.86	16.47
004560.KS	168	Hyundai Bng Steel	507	14.88	15.53	6.42	6.05	5.75	9.67
5014.TWO	169	Chain Chon Industr	494	-	-	42.09	51.36	-	-
GALLANTT.BO	170	Gallantt Ispat Lim	479	32.09	16.82	21.04	11.65	41.00	11.02
002743.SZ	171	Anhui Fuhuang Stee	477	87.98	120.50	29.75	33.21	32.53	101.94
2034.TW	172	YC Inox Co.,Ltd	471	-	-	62.20	73.08	-	79.06
603969.SS	173	Silvery Dragon Pre	467	26.62	22.14	20.20	17.30	18.65	18.39
600784.SS	174	Luyin Investment G	466	20.56	19.08	15.97	16.34	34.88	17.80
INOX.BK	175	POSCO-Thainox Publ	454	36.82	36.82	0.86	0.75	2.18	2.28

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	14.88	15.53	6.42	4.59	7.46	5.93
Full Range Median Multiple	17.53	16.82	6.89	5.42	10.08	7.76
Industry Multiple	22.64	23.43	15.17	15.50	28.31	19.48
Market Implied Multiple	11.82	11.82	10.50	10.50	19.35	15.27
Company (FRD) Multiple	13.35	13.35	11.33	11.33	20.86	16.47
(*) Net Income / EBITDA / Revenue	11	11	21	21	12	15
Winsorized Enterprise Value	N/A	N/A	136	97	86	87
Full Range Median Enterprise Value	N/A	N/A	146	115	116	113
(-) Net Debt	88	88	88	88	88	88
Winsorized Equity Value	170	178	49	10	-2	-1
Full Range Median Equity Value	200	192	59	27	28	26
(/) Shares Outstanding	7	7	7	7	7	7
Winsorized Fair Value	$24.43	$25.49	$6.97	$1.38	$-0.25	$-0.16
Full Range Median Fair Value	$28.77	$27.60	$8.40	$3.92	$4.08	$3.67
Current Price	$19.40	$19.40	$19.40	$19.40	$19.40	$19.40
Upside / Downside	25.91%	31.38%	-64.10%	-92.90%	-101.29%	-100.82%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$17.10	$17.84	$4.88	$0.96	$-0.17	$-0.11
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy