Badger Meter, Inc. (BMI)

Industry: Hardware, 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
300224.SZ	150	Yantai Zhenghai Ma	951	118.89	114.03	69.17	62.07	33.63	82.97
002273.SZ	151	Zhejiang Crystal-O	950	31.58	26.10	24.65	20.65	19.32	24.32
007810.KS	152	Korea Circuit Co.,	946	-	-	-	-	13.01	112.12
091700.KQ	153	Partron Co., Ltd.	932	10.98	10.78	3.46	3.51	12.77	7.58
EXENS.PA	154	Exosens	922	32.25	32.25	10.86	10.86	11.92	13.53
6817.T	155	Sumida Corporation	916	17.72	6.46	4.96	4.16	10.06	10.37
688099.SS	156	Amlogic (Shanghai)	902	50.47	21.34	52.87	34.56	54.86	25.63
BMI	157	Badger Meter, Inc.	901	37.86	30.69	24.33	20.55	27.41	22.93
0QKB.L	158	LEM Holding S.A.	896	10.98	11.40	8.59	8.83	18.78	8.71
0532.HK	159	Wong's Kong King I	896	-	-	-	-	7.61	-
002897.SZ	160	Wenzhou Yihua Conn	896	56.46	56.63	36.08	36.94	17.27	44.04
300602.SZ	161	Shenzhen FRD Scien	884	50.69	49.04	41.24	39.34	35.39	43.66
002106.SZ	162	Shenzhen Laibao Hi	876	28.72	29.98	18.23	19.98	24.40	23.45
6274.TWO	163	Taiwan Union Techn	874	29.06	26.33	19.38	17.56	17.33	19.82
0QPR.L	164	Cicor Technologies	869	26.89	22.38	10.88	9.51	26.08	14.01
008060.KS	165	Daeduck Co.,Ltd.	869	25.46	42.69	1.40	1.34	3.27	-

Line Item	Trailing P/E	Forward P/E	Trailing EV/EBITDA	Forward EV/EBITDA	Trailing EV/EBIT	Forward EV/EBIT
Winsorized Median Multiple	28.72	26.10	10.88	10.86	17.27	19.82
Full Range Median Multiple	29.06	26.33	18.23	17.56	17.33	23.45
Industry Multiple	37.70	34.57	23.21	20.71	20.38	33.09
Market Implied Multiple	36.40	29.50	23.35	19.73	26.31	22.01
Company (BMI) Multiple	37.86	30.69	24.33	20.55	27.41	22.93
(*) Net Income / EBITDA / Revenue	139	171	208	246	184	220
Winsorized Enterprise Value	N/A	N/A	2,259	2,670	3,184	4,367
Full Range Median Enterprise Value	N/A	N/A	3,786	4,316	3,195	5,168
(-) Net Debt	-202	-202	-202	-202	-202	-202
Winsorized Equity Value	3,985	4,469	2,461	2,872	3,386	4,569
Full Range Median Equity Value	4,032	4,508	3,987	4,517	3,397	5,370
(/) Shares Outstanding	29	29	29	29	29	29
Winsorized Fair Value	$135.45	$151.88	$83.63	$97.59	$115.07	$155.28
Full Range Median Fair Value	$137.04	$153.22	$135.51	$153.53	$115.44	$182.49
Current Price	$171.68	$171.68	$171.68	$171.68	$171.68	$171.68
Upside / Downside	-21.11%	-11.53%	-51.29%	-43.15%	-32.97%	-9.55%
Safety Margin	30.0%	30.0%	30.0%	30.0%	30.0%	30.0%
Buy Price	$94.81	$106.32	$58.54	$68.32	$80.55	$108.70
Buy / Don't Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy	Don’t Buy