Miller Industries, Inc. (MLR)

Industry: Auto - Parts 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
603730.SS	206	Shanghai Daimay Au	904	20.32	19.72	12.81	11.76	12.10	12.11
7245.T	207	Daido Metal Co., L	878	10.97	9.06	3.50	3.21	9.12	6.79
SRI	208	Stoneridge, Inc.	874	-	-	20.49	25.09	-	-
000901.SZ	209	Aerospace Hi-Tech	852	80.67	41.07	50.42	53.87	537.37	75.22
002664.SZ	210	Changying Xinzhi T	849	227.22	307.36	70.75	76.51	52.77	223.73
600114.SS	211	NBTM New Materials	843	38.02	33.25	22.72	20.34	25.41	26.48
002434.SZ	212	Zhejiang Wanliyang	840	40.23	44.91	21.80	22.97	56.56	42.71
MLR	213	Miller Industries,	840	15.35	15.29	8.64	8.44	28.74	14.44
603348.SS	214	Wencan Group Co.,L	834	344.48	472.11	18.87	17.57	109.25	122.72
BRISA.IS	215	Brisa Bridgestone	821	-	-	3.51	2.14	44.59	8.31
013570.KS	216	DY Corporation	819	3.83	2.97	1.70	1.56	3.37	3.31
AH-R.BK	217	AAPICO Hitech Publ	812	6.26	6.26	4.01	2.69	10.22	8.90
ECX	218	ECARX Holdings, In	806	-	-	-	-	76.41	-
0GOX.L	219	Polytec Holding AG	805	25.96	25.96	3.76	3.72	12.50	11.90
DBC.WA	220	Tire Company Debic	796	11.35	9.45	4.90	4.57	6.09	-
605208.SS	221	Shanghai Yongmaota	795	91.72	117.09	45.48	52.79	77.39	252.46

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	23.14	22.84	8.86	8.16	18.95	12.00
Full Range Median Multiple	31.99	29.60	15.84	14.67	35.00	19.30
Industry Multiple	75.09	90.77	20.34	21.34	73.80	66.22
Market Implied Multiple	15.57	15.51	8.76	8.56	29.15	14.64
Company (MLR) Multiple	15.35	15.29	8.64	8.44	28.74	14.44
(*) Net Income / EBITDA / Revenue	30	30	54	56	16	33
Winsorized Enterprise Value	N/A	N/A	482	454	310	391
Full Range Median Enterprise Value	N/A	N/A	861	816	572	628
(-) Net Debt	7	7	7	7	7	7
Winsorized Equity Value	697	691	475	447	303	384
Full Range Median Equity Value	964	896	854	809	565	621
(/) Shares Outstanding	11	11	11	11	11	11
Winsorized Fair Value	$60.93	$60.40	$41.46	$39.08	$26.45	$33.51
Full Range Median Fair Value	$84.23	$78.28	$74.64	$70.68	$49.36	$54.23
Current Price	$41.00	$41.00	$41.00	$41.00	$41.00	$41.00
Upside / Downside	48.61%	47.32%	1.12%	-4.69%	-35.48%	-18.27%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$42.65	$42.28	$29.02	$27.35	$18.52	$23.46
Buy / Don't Buy	BUY	BUY	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy