Kadant Inc. (KAI)

Industry: Industrial - Machinery 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
6498.T	182	KITZ Corporation	1,072	10.22	9.61	5.37	5.08	9.86	8.33
NCH2.DE	183	thyssenkrupp nucer	1,071	91.44	91.44	17.88	17.88	-	-
JEN.BR	184	Jensen-Group N.V.	1,068	5.75	4.48	1.62	0.88	3.68	4.09
000821.SZ	185	J.S. Corrugating M	1,065	28.15	28.15	33.71	26.30	36.17	28.27
603699.SS	186	Neway Valve (Suzho	1,048	23.92	19.24	18.57	15.28	14.94	15.60
1590.TW	187	AirTAC Internation	1,046	19.12	16.78	11.52	10.31	14.77	13.37
688676.SS	188	Hainan Jinpan Smar	1,036	36.77	29.68	31.18	25.11	25.73	29.47
KAI	189	Kadant Inc.	1,024	34.94	30.02	16.78	14.40	21.67	20.99
600894.SS	190	Guangzhou Guangri	1,012	12.62	12.33	40.41	41.58	41.84	10.32
0QKR.L	191	Arbonia AG	1,010	162.84	162.84	210.77	222.00	77.96	79.15
6104.T	192	Shibaura Machine C	1,007	7.13	6.62	2.81	2.71	12.71	2.56
009450.KS	193	Kyung Dong Navien	1,003	8.61	6.87	3.40	2.57	5.97	6.13
PFV.DE	194	Pfeiffer Vacuum Te	1,001	51.03	53.18	15.81	14.92	27.61	33.17
002645.SZ	195	Jiangsu Huahong Te	992	-	-	43.14	43.73	20.36	-
603194.SS	196	Zhejiang E-P Equip	987	20.63	20.63	17.25	17.25	16.05	17.44
6407.T	197	CKD Corporation	980	14.66	12.01	7.40	6.46	11.01	8.61

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	16.89	14.56	15.81	14.92	14.86	10.32
Full Range Median Multiple	19.88	18.01	17.25	15.28	15.49	13.37
Industry Multiple	35.21	33.85	30.72	30.14	22.76	19.73
Market Implied Multiple	37.51	32.22	17.97	15.43	23.21	22.48
Company (KAI) Multiple	34.94	30.02	16.78	14.40	21.67	20.99
(*) Net Income / EBITDA / Revenue	102	119	220	256	170	176
Winsorized Enterprise Value	N/A	N/A	3,481	3,826	2,532	1,815
Full Range Median Enterprise Value	N/A	N/A	3,798	3,918	2,641	2,353
(-) Net Debt	131	131	131	131	131	131
Winsorized Equity Value	1,723	1,728	3,350	3,695	2,401	1,684
Full Range Median Equity Value	2,027	2,138	3,667	3,787	2,510	2,222
(/) Shares Outstanding	12	12	12	12	12	12
Winsorized Fair Value	$146.34	$146.78	$284.63	$313.93	$204.01	$143.08
Full Range Median Fair Value	$172.22	$181.62	$311.52	$321.70	$213.22	$188.76
Current Price	$324.94	$324.94	$324.94	$324.94	$324.94	$324.94
Upside / Downside	-54.96%	-54.83%	-12.41%	-3.39%	-37.22%	-55.97%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$102.44	$102.75	$199.24	$219.75	$142.80	$100.16
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy