TriMas Corporation (TRS)

Industry: Packaging & Containers 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
SGZH.ME	48	Group of Companies	1,256	-	-	33.87	44.49	17.67	-
601968.SS	49	Shanghai Baosteel	1,240	32.53	32.85	20.64	22.42	20.02	29.21
TUP	50	Tupperware Brands	1,142	-	-	-	-	31.86	45.66
4731.KL	51	Scientex Berhad	1,106	9.56	8.99	9.33	8.79	8.32	9.04
0468.HK	52	Greatview Aseptic	1,080	6.52	6.91	2.75	2.83	4.06	4.21
TFF.PA	53	TFF Group	1,071	5.17	4.76	4.07	3.48	-	-
002752.SZ	54	Sunrise Group Comp	1,021	17.81	17.81	18.84	16.98	25.88	21.59
TRS	55	TriMas Corporation	1,014	35.62	35.62	12.48	12.48	20.10	21.64
7917.T	56	ZACROS Corporation	974	10.55	10.30	3.30	3.19	3.84	5.19
002803.SZ	57	Xiamen Jihong Tech	947	30.50	35.06	19.83	22.36	13.67	23.52
014820.KS	58	Dongwon Systems Co	943	13.47	12.81	6.34	6.03	14.16	15.45
ALBI.PA	59	Gascogne S.A.	942	9.86	9.86	5.34	5.34	8.99	11.67
7942.T	60	JSP Corporation	907	9.51	8.25	4.33	4.04	8.64	8.34
300057.SZ	61	Shantou Wanshun Ne	839	-	-	-	-	-	-
MYE	62	Myers Industries,	826	22.69	24.33	8.94	8.09	13.86	13.71
WPK.TO	63	Winpak Ltd.	818	14.42	13.69	6.53	6.21	11.01	8.98

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	10.20	10.08	6.34	6.03	11.01	10.35
Full Range Median Multiple	12.01	11.55	6.53	6.21	13.67	12.69
Industry Multiple	15.22	15.47	11.08	11.87	14.00	16.38
Market Implied Multiple	32.01	32.01	11.48	11.48	18.49	19.91
Company (TRS) Multiple	35.62	35.62	12.48	12.48	20.10	21.64
(*) Net Income / EBITDA / Revenue	44	44	160	160	99	92
Winsorized Enterprise Value	N/A	N/A	1,011	963	1,091	953
Full Range Median Enterprise Value	N/A	N/A	1,041	991	1,355	1,168
(-) Net Debt	421	421	421	421	421	421
Winsorized Equity Value	450	444	590	542	669	531
Full Range Median Equity Value	529	509	620	570	934	747
(/) Shares Outstanding	41	41	41	41	41	41
Winsorized Fair Value	$11.07	$10.93	$14.52	$13.33	$16.48	$13.08
Full Range Median Fair Value	$13.03	$12.53	$15.26	$14.03	$22.98	$18.38
Current Price	$34.72	$34.72	$34.72	$34.72	$34.72	$34.72
Upside / Downside	-68.12%	-68.51%	-58.19%	-61.60%	-52.55%	-62.34%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$7.75	$7.65	$10.16	$9.33	$11.53	$9.15
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy