Haynes International, Inc. (HAYN)

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
688122.SS	40	Western Supercondu	762	49.94	41.06	42.77	36.23	80.23	33.22
KIRLOSIND.BO	41	Kirloskar Industri	757	26.84	23.72	4.92	3.94	6.81	6.60
KIRLFER.BO	42	Kirloskar Ferrous	752	26.79	22.24	12.09	9.62	16.91	2.39
603278.SS	43	Shandong Daye Co.,	713	-	-	265.51	410.16	531.57	-
002295.SZ	44	Guangdong JingYi M	654	303.60	375.28	120.41	145.10	198.95	274.81
300850.SZ	45	Luoyang Xinqiangli	653	22.08	18.33	17.13	13.83	15.90	18.34
IIIN	46	Insteel Industries	648	18.28	15.67	10.69	9.54	9.61	11.37
HAYN	47	Haynes Internation	614	19.80	13.62	11.59	9.81	17.70	12.23
2474.TW	48	Catcher Technology	609	19.29	21.96	13.15	15.34	46.74	59.24
603577.SS	49	Qingdao Huijintong	607	23.83	22.86	20.71	18.86	37.93	30.19
2060.HK	50	Pujiang Internatio	604	1.05	1.05	3.27	3.27	4.28	3.57
002328.SZ	51	Shanghai Xinpeng I	598	33.15	31.47	13.38	14.26	52.66	18.41
603890.SS	52	Suzhou Chunqiu Ele	590	19.83	19.38	16.16	15.95	10.16	18.35
TG	53	Tredegar Corporati	589	-	-	18.48	16.79	11.58	46.83
603112.SS	54	Shanxi Huaxiang Gr	571	16.62	13.82	13.22	11.35	19.79	13.46
603985.SS	55	Jiangyin Hengrun H	537	-	-	59.83	74.35	61.68	9,004.05

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	20.95	20.67	13.38	14.26	16.91	18.35
Full Range Median Multiple	22.95	22.10	16.16	15.34	19.79	18.38
Industry Multiple	46.77	50.57	42.11	53.24	73.65	681.49
Market Implied Multiple	20.59	14.16	12.01	10.16	18.34	12.67
Company (HAYN) Multiple	19.80	13.62	11.59	9.81	17.70	12.23
(*) Net Income / EBITDA / Revenue	38	55	72	85	47	68
Winsorized Enterprise Value	N/A	N/A	957	1,205	792	1,244
Full Range Median Enterprise Value	N/A	N/A	1,156	1,296	927	1,246
(-) Net Debt	87	87	87	87	87	87
Winsorized Equity Value	786	1,127	870	1,119	705	1,157
Full Range Median Equity Value	861	1,205	1,069	1,210	840	1,159
(/) Shares Outstanding	13	13	13	13	13	13
Winsorized Fair Value	$62.07	$89.02	$68.74	$88.37	$55.70	$91.38
Full Range Median Fair Value	$67.99	$95.16	$84.46	$95.54	$66.35	$91.56
Current Price	$60.99	$60.99	$60.99	$60.99	$60.99	$60.99
Upside / Downside	1.77%	45.95%	12.71%	44.88%	-8.67%	49.83%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$43.45	$62.31	$48.12	$61.86	$38.99	$63.97
Buy / Don't Buy	Don’t Buy	BUY	Don’t Buy	BUY	Don’t Buy	BUY