Powell Industries, Inc. (POWL)

Industry: Electrical Equipment & 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
000682.SZ	102	Dongfang Electroni	1,147	21.29	17.17	15.88	13.13	26.49	13.48
002335.SZ	103	Kehua Data Co., Lt	1,145	87.41	83.27	65.35	66.29	164.15	107.34
6526.T	104	Socionext Inc.	1,134	48.65	48.65	15.91	15.91	45.85	32.30
601126.SS	105	Beijing Sifang Aut	1,134	20.40	16.87	17.42	15.99	17.05	14.62
002560.SZ	106	Henan Tong-Da Cabl	1,129	45.03	50.80	33.72	35.40	15.25	49.60
300048.SZ	107	Hiconics Eco-energ	1,112	101.91	101.91	55.04	55.04	-	74.89
HAYW	108	Hayward Holdings,	1,093	23.35	23.35	9.60	9.60	17.08	12.20
POWL	109	Powell Industries,	1,081	14.48	9.40	9.84	6.79	8.91	6.52
025540.KS	110	Korea Electric Ter	1,012	5.60	4.76	1.98	1.66	3.49	3.47
001301.SZ	111	Shijiazhuang Shang	1,010	22.37	22.37	16.33	16.33	22.05	20.58
002993.SZ	112	Dongguan Aohai Tec	1,003	23.65	21.18	18.25	16.26	23.43	17.30
300763.SZ	113	Ginlong Technologi	1,000	41.01	32.17	21.55	14.66	39.71	36.99
ARAD.TA	114	Arad Investment &	994	2.71	2.70	-	-	5.03	-
605196.SS	115	Hebei Huatong Wire	989	41.32	34.70	30.04	26.94	22.10	30.80
688779.SS	116	Hunan Changyuan Li	968	-	-	264.94	312.15	378.23	-
VAR1.DE	117	Varta AG	928	-	-	95.91	123.99	54.36	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	23.35	22.37	17.84	16.12	22.08	18.94
Full Range Median Multiple	23.65	23.35	19.90	16.29	22.77	25.69
Industry Multiple	37.28	35.38	47.28	51.67	59.59	34.46
Market Implied Multiple	28.91	18.76	21.46	14.80	19.43	14.21
Company (POWL) Multiple	14.48	9.40	9.84	6.79	8.91	6.52
(*) Net Income / EBITDA / Revenue	175	270	218	316	240	329
Winsorized Enterprise Value	N/A	N/A	3,884	5,091	5,309	6,229
Full Range Median Enterprise Value	N/A	N/A	4,333	5,145	5,475	8,448
(-) Net Debt	-397	-397	-397	-397	-397	-397
Winsorized Equity Value	4,095	6,044	4,281	5,489	5,707	6,626
Full Range Median Equity Value	4,148	6,309	4,730	5,542	5,872	8,845
(/) Shares Outstanding	12	12	12	12	12	12
Winsorized Fair Value	$339.26	$500.74	$354.65	$454.69	$472.75	$548.91
Full Range Median Fair Value	$343.65	$522.63	$391.85	$459.12	$486.49	$732.79
Current Price	$419.98	$419.98	$419.98	$419.98	$419.98	$419.98
Upside / Downside	-19.22%	19.23%	-15.56%	8.27%	12.56%	30.70%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$237.48	$350.52	$248.25	$318.29	$330.92	$384.24
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy