Table of Contents
Public Company Profiles
3
Private Company Profiles
195
Keynote Biographies
204
Jefferies Biographies
210
Important Disclosures
227
Jefferies 11th Annual Global Industrials
Conference
1
Conference Notes
Conference
2
Public Company Profiles
Conference
3
Conference Notes
Conference
4
3M Company
Ticker:
MMM
Rating:
BUY
Price:
$151.57
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$190.00
P
(as of July 30, 2015)
Business Description
Founded:
Employees:
1902
Location:
90,000
St Paul, MN (United States)
3M Company operates as a diversified technology company worldwide. Its Industrial segment offers tapes; coated, non-woven, and bonded
abrasives; adhesives; ceramics; sealants; specialty materials; filtration products; closure systems for personal hygiene products; acoustic
systems products; automotive components; abrasion-resistant films; structural adhesives; and paint finishing and detailing products. The
company’s Safety and Graphics segment provides personal protection products; traffic safety and security products; commercial graphics
systems; commercial cleaning and protection products; floor matting; and roofing granules. Its Electronics and Energy segment offers
optical films; packaging and interconnection devices; insulating and splicing solutions for the electronics, telecommunications, and electrical
industries; touch screens and monitors; renewable energy component solutions; and infrastructure protection products. The company’s
Health Care segment provides medical and surgical supplies; skin health and infection prevention products; drug delivery and health
information systems; and dental, orthodontic, and food safety products. Its Consumer segment offers sponges, scouring pads, cloths, consumer and
office tapes, repositionable notes, indexing systems, construction and home improvement products, home care products, protective
materials, and consumer and office tapes and adhesives. The company serves automotive, electronics and energy, appliance, paper and printing,
packaging, food and beverage, construction, clinics and hospitals, pharmaceuticals, dental and orthodontic practitioners, health information
systems, food manufacturing and testing, consumer and office retail, office business to business, home improvement, drug and pharmacy
retail, and other markets. It sells its products through wholesalers, retailers, jobbers, distributors, and dealers, as well as directly to
users. 3M Company was founded in 1902 and is headquartered in St. Paul, Minnesota.
Trading Data
Share Price
Financial Projections
($USD)
(July 30, 2015)
$151.57
% of 52-Week High
52-Week High
52-Week Low
CY 2016E
Revenue
$31,120.0
$30,815.0
$32,147.2
$170.50
EBITDA
8,516.0
8,747.4
9,115.6
EBIT
7,133.0
7,231.5
7,599.6
$7.66
$7.90
$9.10
2,283
Fiscal Year End
CY 2015E
88.9%
130.60
90-Day Avg. Daily Trading Volume (000s)
($USD millions, except per share data)
LTM
(Source: Jefferies Estimates)
EPS (Jefferies)
December
Market Data
($USD millions)
Valuation Metrics (x)
Market Capitalization (fully-diluted)
$96,959.0
Enterprise Value / Revenue
3.3x
3.3x
3.2x
Enterprise Value
102,028.0
Enterprise Value / EBITDA
12.0x
11.7x
11.2x
Total Debt / LTM EBITDA
1.0x
Enterprise Value / EBIT
14.3x
14.1x
13.4x
Net Debt / LTM EBITDA
0.6x
Price / Earnings (Jefferies)
19.8x
19.2x
16.7x
$180.00
9,000
$160.00
8,000
$140.00
7,000
$120.00
6,000
$100.00
5,000
$80.00
4,000
$60.00
3,000
$40.00
2,000
$20.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Sources: Company filings, Company website and Capital IQ as of July 30, 2015. Balance sheet data is as of the most recent SEC filing available on July 30, 2015.
Conference
5
7/15
Volume (000s)
Price ($USD)
Price / Volume — Last Twelve Months
AAR Corp.
Ticker:
AIR
Exchange:
NYSE
Rating:
Price:
Not Covered
$26.67
P
(as of July 30, 2015)
Founded:
Employees:
1951
Location:
4,850
Wood Dale, IL (United States)
AAR CORP. provides products and services to commercial aviation, government, and defense markets worldwide. It operates in two segments,
Aviation Services and Expeditionary Services. The Aviation Services segment provides aftermarket support and services; inventory
management and distribution services; maintenance, repair and overhaul; and engineering services. This segment sells and leases new, overhauled,
and repaired engine and airframe parts and components; and provides inventory supply and management, warranty claim management, and
outsourcing programs for engine and airframe parts and components, as well as performance-based logistics programs in support of the U.S.
Department of Defense (DoD) and foreign governments. It also offers airframe maintenance inspection and overhaul, painting services, line
maintenance, airframe modifications, structural repairs, avionic service and installation, exterior and interior refurbishment, and
engineering services and support; repairs and overhauls landing gears, wheels, and brakes for commercial and military aircraft; and sells and
leases used commercial aircraft. The Expeditionary Services segment provides products and services supporting the movement of equipment and
personnel by the DoD, foreign governments, and non-governmental organizations. This segment’s expeditionary airlift services provide
fixed- and rotary-wing flight operations, transporting personnel, and cargo. It designs, manufactures, and repairs transportation pallets,
and various containers and shelters used in support of military and humanitarian tactical deployment activities; and provides engineering,
design, and system integration services for command and control systems. The company primarily markets and sells products and services
through its employees and sales agents. As of May 31, 2015, the company’s portfolio consisted of three aircraft owned through joint
ventures. The company was founded in 1951 and is headquartered in Wood Dale, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
77.9%
Revenue
$1,594.3
$1,745.9
$1,770.6
$34.24
EBITDA
81.7
154.0
166.3
EBIT
12.6
83.8
94.7
$1.10
$1.69
0.6x
0.6x
$26.67
22.37
326
Fiscal Year End
LTM
(Source: Consensus Estimates)
EPS (Consensus)
($0.21)
May
Market Data
($USD millions)
$991.0
0.7x
Enterprise Value
1,064.0
13.0x
6.9x
6.4x
1.9x
84.4x
12.7x
11.2x
0.9x
Price / Earnings (Consensus)
nm
24.2x
15.8x
$40.00
2,500
$35.00
2,000
$25.00
1,500
$20.00
1,000
$15.00
$10.00
500
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
6
7/15
Volume (000s)
Price ($USD)
$30.00
ABB Ltd.
Ticker:
ABBN
Rating:
UNDERPERFORM
Price:
$20.13
Exchange:
SWX
Analyst:
Graham Phillips
Target Price:
$17.77
P
(as of July 30, 2015)
Founded:
Employees:
1883
Location:
140,000
Zurich, Switzerland
ABB Ltd provides power and automation technologies for utility and industrial customers worldwide. The company’s Discrete Automation and
Motion segment provides motors, generators, variable speed drives, programmable logic controllers, robots and robotics, solar inverters,
wind converters, rectifiers, and excitation systems, as well as power quality and protection solutions, electric vehicle fast charging
infrastructure solutions, components and subsystems for railways, and related services for discrete automation, process industries,
transportation, and utilities. Its Low Voltage Products segment provides protection, control, and measurement for electrical installations;
enclosures, switchboards, electronics, and electromechanical devices for industrial machines and plants; products for wiring and cable
management, cable protection systems, power connection, and safety; and building control systems for home and building automation. The
company’s Process Automation segment develops and sells control and plant optimization systems, automation products and solutions, and
industry-specific application services for the oil, gas, petrochemicals, metals and minerals, marine and turbocharging, pulp and paper, chemical
and pharmaceuticals, and power industries. Its Power Products segment offers circuit breakers, switchgears, and capacitors, as well as
instrument, power, distribution, and traction transformers for electrical and other infrastructure utilities, as well as industrial and
commercial customers. The company’s Power Systems segment provides transmission and distribution systems, as well as power plant automation
and electrification solutions, including monitoring and control products, software and services, and components for power generation,
transmission and distribution utilities, and other infrastructure utilities, as well as other industrial and commercial enterprises. ABB Ltd
was founded in 1883 and is headquartered in Zurich, Switzerland.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
87.4%
Revenue
$39,104.9
$36,917.9
$37,547.4
$23.03
$20.13
LTM
EBITDA
5,449.4
5,185.3
5,644.0
52-Week Low
17.29
EBIT
4,476.7
4,205.8
4,654.7
9,096
EPS (Jefferies)
$1.27
$1.21
$1.39
1.3x
1.4x
1.3x
Fiscal Year End
December
Market Data
($USD millions)
$46,585.9
49,851.9
Enterprise Value
9.1x
9.6x
8.8x
1.5x
11.1x
11.9x
10.7x
0.5x
15.8x
16.7x
14.4x
$25.00
70,000
60,000
$20.00
Price ($USD)
40,000
30,000
$10.00
20,000
$5.00
10,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
7
7/15
Volume (000s)
50,000
$15.00
Abengoa SA
Ticker:
ABG
Exchange:
CATS
Rating:
Price:
Not Covered
$2.50
P
(as of July 30, 2015)
Founded:
Employees:
1941
Location:
24,771
Seville, Spain
Abengoa, S.A., an engineering and clean technology company, provides solutions for energy and environmental sectors worldwide. It
operates through three segments: Engineering and Construction, Concession-Type Infrastructure, and Industrial Production. The Engineering and
Construction segment is involved in the engineering and construction of electrical, mechanical, and instrumental infrastructures in the
energy, industrial, water management, and services sectors. This segment is engaged in the development, design, and construction of
renewable energy plants, including solar, wind, ethanol, biodiesel, and biomass plants; power transmission lines; conventional energy plants; and
water treatment, desalination plants, other hydraulic infrastructures, and industrial installations, as well as provision of operation
and maintenance services for conventional and renewable energy power plants. It is also involved in the development of thermo-solar and
water management technology; and technology businesses, such as hydrogen energy or the management of energy crops. The Concession-Type
Infrastructure segment is engaged in the construction, operation, and maintenance of power transmission infrastructure; conventional and
renewable energy plants; and water generation, transportation, and management facilities, including desalination, treatment and water
purification plants, and water pipelines. The Industrial Production segment develops and produces biofuels for transportation, which are used as
components of gasoline or for direct blending with gasoline or diesel. This segment also produces distillers, grains, and solubles;
sugar; and electricity and carbon dioxide as by-products of the ethanol production process for sale to third parties. Abengoa, S.A. was
founded in 1941 and is headquartered in Seville, Spain.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$2.50
LTM
CY 2015E
CY 2016E
46.0%
Revenue
$8,257.2
$8,550.7
$8,766.7
$5.44
EBITDA
1,547.3
1,490.3
1,610.8
52-Week Low
1.68
EBIT
1,071.3
978.8
1,016.4
432
EPS (Consensus)
$0.03
$0.23
$0.30
1.6x
1.6x
1.5x
Fiscal Year End
December
Market Data
($USD millions)
$2,178.2
Enterprise Value
13,501.6
7.1x
5.9x
8.7x
9.1x
8.4x
12.6x
13.8x
13.3x
nm
10.7x
8.4x
$7.00
8,000
$6.00
7,000
6,000
Price ($USD)
5,000
$4.00
4,000
$3.00
3,000
$2.00
2,000
$1.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
8
7/15
Volume (000s)
$5.00
Abengoa Yield plc
Ticker:
ABY
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$27.05
P
(as of July 30, 2015)
Founded:
Employees:
2013
Location:
30
Brentford, United Kingdom
Abengoa Yield plc owns a portfolio of renewable energy, conventional power, and electric transmission line contracted assets in North
America, South America, and Europe. The company’s renewable energy assets include 2 solar power plants each with a gross capacity of 280
megawatts (MW) in the United States; 1 on-shore wind farm with a gross capacity of 50 MW in Uruguay; and 2 solar power plants each with a
gross capacity of 50 MW in Spain. Its conventional power asset comprises a 300 MW cogeneration plant in Mexico. The company’s electric
transmission assets consist of 2 lines in Peru covering a total of 931 miles; and 3 lines in Chile spanning a total of 87 miles. It serves
governments and electrical utilities. The company was incorporated in 2013 and is based in Brentford, United Kingdom. Abengoa Yield plc is
a subsidiary of Abengoa Concessions Investment Limited.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$523.1
$692.1
$825.7
$40.98
EBITDA
374.9
559.6
700.8
EBIT
196.2
331.9
415.2
EPS (Consensus)
$0.29
$1.19
$2.33
21.00
590
Fiscal Year End
66.0%
$27.05
LTM
December
Market Data
($USD millions)
Enterprise Value
$2,306.8
14.0x
10.5x
8.8x
7,298.4
19.5x
13.0x
10.4x
16.0x
nm
22.0x
17.6x
13.0x
nm
22.7x
11.6x
$45.00
7,000
$40.00
6,000
5,000
$30.00
$25.00
4,000
$20.00
3,000
$15.00
2,000
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
9
7/15
Volume (000s)
Price ($USD)
$35.00
Acerinox, S.A.
Ticker:
ACX
Rating:
HOLD
Price:
$12.31
Exchange:
CATS
Analyst:
Seth Rosenfeld
Target Price:
$13.15
P
(as of July 30, 2015)
Founded:
Employees:
1970
Location:
6,742
Madrid, Spain
Acerinox, S.A., through its subsidiaries, manufactures, transforms, and markets stainless steel products worldwide. The company operates
in three segments: Flat Stainless Steel Products, Long Stainless Steel Products, and Other. It offers flat stainless steel products, such
as billets, black coils, circles, cold rolled coils and sheets, engraved coils/sheets, flat bars, hot rolled coils and sheets, slabs,
and plates. The company also provides long products, such as angles, hot rolled black bars, cold drawn bars, cold rolled reinforced bars
and coils, color coated wires, hexagonal wire rods, hot rolled reinforced bars and coils, peeled bars, profiles, reinforcement wires,
wires, and wire rods; and various stainless steel grades. Acerinox, S.A. was founded in 1970 and is headquartered in Madrid, Spain.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
67.0%
Revenue
$4,960.0
$4,913.6
$5,343.9
$18.37
$12.31
LTM
EBITDA
487.5
451.2
586.4
52-Week Low
11.12
EBIT
307.7
269.5
397.3
2,239
EPS (Jefferies)
$0.52
$0.61
$1.13
0.8x
0.9x
0.8x
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$3,206.1
4,200.3
8.6x
9.3x
7.2x
3.0x
13.7x
15.6x
10.6x
1.8x
23.7x
20.3x
10.9x
$20.00
14,000
$18.00
12,000
$16.00
Price ($USD)
$12.00
8,000
$10.00
6,000
$8.00
$6.00
4,000
$4.00
2,000
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
10
7/15
Volume (000s)
10,000
$14.00
Actuant Corporation
Ticker:
ATU
Rating:
HOLD
Price:
$23.00
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$23.00
P
(as of July 30, 2015)
Founded:
Employees:
1910
Location:
5,800
Menomonee Falls, WI (United States)
Actuant Corporation designs, manufactures, and distributes a range of industrial products and systems worldwide. It operates in three
segments: Industrial, Energy, and Engineered Solutions. The Industrial segment manufactures and markets branded hydraulic and mechanical
tools to the maintenance, industrial, infrastructure, and production automation markets under the Enerpac, Simplex, Precision-Hayes, and
Milwaukee Cylinder brands. Its primary products include hydraulic tools, heavy lifting solutions, workholding (production automation)
solutions, and concrete stressing components and systems. The Energy segment provides technical products and services, including joint
integrity products and services, customized offshore vessel mooring solutions, and rope and cable solutions to the oil and gas, power generation,
and other energy markets. It also offers manpower services, including bolting, machining, and joint integrity works. This segment
distributes its products principally under the Hydratight, Cortland, and Viking SeaTech brands to original equipment manufacturers (OEMs),
maintenance and service organizations, and energy producers. The Engineered Solutions segment designs and assembles engineered position and
motion control systems to OEMs and aftermarkets in various on and off-highway vehicle markets under the Power-Packer and Gits brands, as
well as other industrial products to the industrial and agricultural markets. Its products comprise actuation systems, mechanical power
transmission products, engine air flow management systems, human to machine interface solutions, and other rugged electronic
instrumentation. This segment primarily markets directly to OEMs through a technical sales organization. The company was founded in 1910 and is
headquartered in Menomonee Falls, Wisconsin.
Trading Data
Share Price
($USD)
(July 30, 2015)
$23.00
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
66.7%
Revenue
$1,303.2
$1,175.8
na
$34.50
EBITDA
212.0
$166.6
na
EBIT
156.8
125.8
na
EPS (Jefferies)
$1.43
$1.51
na
1.4x
1.6x
na
21.92
672
Fiscal Year End
August
Market Data
($USD millions)
Enterprise Value
$1,368.0
1,859.9
8.8x
11.2x
na
2.8x
11.9x
14.8x
na
2.3x
16.1x
15.2x
na
$40.00
4,000
$35.00
3,500
$30.00
3,000
$25.00
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
11
7/15
Volume (000s)
Price ($USD)
Advanced Energy Industries
Ticker:
AEIS
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$26.40
P
(as of July 30, 2015)
Founded:
Employees:
1981
Location:
1,656
Fort Collins, CO (United States)
Advanced Energy Industries, Inc., together with its subsidiaries, designs, manufactures, sells, and supports power conversion and control
products that transform power into various usable forms. The company operates through two segments, Precision Power Products and
Inverters. The Precision Power Products segment offers thin film deposition power conversion systems, including direct current (DC), pulsed DC
low frequency, high voltage, and radio frequency (RF) power supplies, as well as matching networks, and remote plasma sources for reactive
gas applications and RF instrumentation. Its power conversion systems are used by semiconductor, solar panel, and similar thin film
manufacturers, including flat panel display, data storage, industrial hard coating and ophthalmic optical coating equipment makers, and
architectural glass manufacturers. This segment also provides power control modules and thermal instrumentation products for rapid thermal
processing, chemical vapor deposition, crystal growing, and other semiconductor and solar applications, as well as in chemical processing,
glass manufacturing, and other general industrial power applications. In addition, it offers repair services; and conversions, upgrades,
and refurbishments services. The Inverters segment offers solar power inverters that provide transformer-based and transformerless
advanced grid-tied PV solutions to convert renewable solar power into electrical power, as well as integrated monitoring and performance
measurement services. This segment sells its products to distributors, developers, and utility companies, as well as to engineering,
procurement, and construction contractors. The company sells its products through direct sales force, and independent sales representatives and
distributors in North America, Europe, and Asia. Advanced Energy Industries, Inc. was founded in 1981 and is headquartered in Fort Collins,
Colorado.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$583.3
$502.0
$435.7
$29.50
EBITDA
81.9
77.0
EBIT
61.0
(0.3)
16.00
266
Fiscal Year End
89.5%
$26.40
EPS (Consensus)
LTM
88.0
104.0
$0.95
$2.05
$2.32
December
Market Data
($USD millions)
Enterprise Value
$1,062.8
1.6x
1.8x
2.1x
906.9
11.1x
11.8x
10.3x
14.9x
nm
8.7x
27.7x
12.9x
11.4x
–
(1.9x)
$35.00
2,000
1,800
$30.00
1,600
Price ($USD)
1,400
1,200
$20.00
1,000
$15.00
800
600
$10.00
400
$5.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
12
7/15
Volume (000s)
$25.00
Aegion Corporation
Ticker:
AEGN
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$19.00
P
(as of July 30, 2015)
Founded:
Employees:
1980
Location:
6,200
St. Louis, MO (United States)
Aegion Corporation engages in the research and development, manufacture, maintenance, construction, installation, coating and insulation,
cathodic protection, distribution, and licensing of proprietary technologies and services for the protection and maintenance of
infrastructure worldwide. The company operates through three segments: Infrastructure Solutions, Corrosion Protection, and Energy Services. It
provides technologies and services to protect against the corrosion of industrial pipelines; rehabilitate and strengthen water, wastewater,
energy and mining piping systems and buildings, bridges, tunnels, and waterfront structures; and utilize integrated professional
services in engineering, procurement, construction, maintenance, and turnaround services for various energy related industries. The company’s
solutions include rehabilitation of water and wastewater pipelines; fiber reinforced polymer systems for rehabilitation and strengthening;
cathodic protection for corrosion engineering control and infrastructure rehabilitation; pipe coatings for corrosion control and
prevention; high-density polyethylene pipe lining for corrosion control, abrasion protection, and pipeline rehabilitation; and construction and
maintenance of upstream and downstream facilities. It serves municipal, state, and federal governments, as well as corporate customers, in
various industries, including energy, oil and gas, mining, general and industrial construction, infrastructure, water and wastewater,
pipelines, transportation, maritime, and defense. The company was founded in 1980 and is headquartered in St. Louis, Missouri.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,348.6
$1,366.3
$1,426.5
$25.52
EBITDA
132.0
124.1
141.6
88.5
71.8
94.0
$1.16
$1.35
$1.55
0.7x
0.7x
0.6x
6.3x
LTM
15.31
EBIT
244
Fiscal Year End
74.5%
$19.00
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$688.5
896.7
6.8x
7.2x
2.8x
10.1x
12.5x
9.5x
1.4x
16.4x
14.1x
12.3x
$30.00
2,500
2,000
$20.00
1,500
$15.00
1,000
$10.00
500
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
13
7/15
Volume (000s)
Price ($USD)
$25.00
Aemetis, Inc.
Ticker:
AMTX
Exchange:
NasdaqGM
Rating:
Price:
Not Covered
$3.80
P
(as of July 30, 2015)
Founded:
Employees:
2005
Location:
131
Cupertino, CA (United States)
Aemetis, Inc. operates as an international renewable fuels and biochemicals company focused on the production of advanced fuels and
chemicals through the acquisition, development, and commercialization of technologies that replace traditional petroleum-based products by
conversion of first-generation ethanol and biodiesel plants into advanced biorefineries. It operates in two segments, North America and
India. The company owns and operates a biodiesel plant in Kakinada, India; and an ethanol plant in Keyes, California. Aemetis, Inc. sells
biodiesel and glycerin to resellers, distributors, and refiners through its sales force and independent sales agents, as well as to brokers
who resell the product to end-users. It also provides ethanol, wet distillers grains, corn oil, and condensed distillers soluables. The
company was formerly known as AE Biofuels, Inc. and changed its name to Aemetis, Inc. in November 2011. Aemetis, Inc. was founded in 2005
and is headquartered in Cupertino, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
32.6%
Revenue
$181.7
–
–
$11.65
EBITDA
12.3
–
–
7.4
–
–
–
–
52-Week Low
2.87
EBIT
35
Fiscal Year End
LTM
$3.80
EPS (Consensus)
($0.23)
December
Market Data
($USD millions)
$75.7
0.9x
na
na
Enterprise Value
166.0
13.5x
na
na
7.8x
22.3x
na
na
7.4x
nm
na
na
$12.00
1,000
900
800
700
$8.00
600
$6.00
500
400
$4.00
300
200
$2.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
14
7/15
Volume (000s)
Price ($USD)
$10.00
AGCO Corporation
Ticker:
AGCO
Rating:
BUY
Price:
$54.88
Exchange:
NYSE
Analyst:
Stephen Volkmann
Target Price:
$64.00
P
(as of July 30, 2015)
Founded:
Employees:
1990
Location:
20,800
Duluth, GA (United States)
AGCO Corporation manufactures and distributes agricultural equipment and related replacement parts worldwide. The company offers
tractors, including high horsepower tractors that are used on larger farms primarily for row crop production; utility tractors for small- and
medium-sized farms, as well as for specialty agricultural industries comprising dairy, livestock, orchards, and vineyards; compact tractors
for small farms, specialty agricultural industries, landscaping, and residential uses; and combines used in harvesting grain crops, such
as corn, wheat, soybean, and rice products. It also provides application equipment, including self-propelled three- and four-wheeled
vehicles, and related equipment for use in the application of liquid and dry fertilizers and crop protection chemicals; and chemical sprayer
equipment for use in planting crops and after crops emerge from the ground. In addition, the company offers hay tools and forage
equipment comprising round and rectangular balers, self-propelled windrowers, disc mowers, spreaders, rakes, tedders, and mower conditioners for
harvesting and packaging vegetative feeds used in the beef cattle, dairy, horse, and renewable fuel industries. Further, it provides
implements, including disc harrows; leveling seed beds and mixing chemicals with the soils; heavy tillage to break up soil and mix crop
residue into topsoil; field cultivators, which prepare smooth seed bed and destroy weeds; drills that are used for small grain seeding; and
planters and loaders. Additionally, the company offers grain storage bins and related drying and handling equipment systems, as well as
swine and poultry feed storage and delivery, ventilation, and watering systems; replacement parts; and produces diesel engines. It markets
its products under the Challenger, Fendt, GSI, Massey Ferguson, and Valtra brands through a network of independent dealers and
distributors. The company was founded in 1990 and is headquartered in Duluth, Georgia.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
95.8%
Revenue
$8,411.9
$7,760.2
$7,801.2
$57.26
$54.88
LTM
EBITDA
775.2
710.8
710.8
52-Week Low
41.56
EBIT
481.8
420.8
432.4
1,056
EPS (Jefferies)
$3.11
$2.92
$3.05
0.7x
0.7x
0.7x
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$4,682.2
5,748.5
7.4x
8.1x
8.1x
2.0x
11.9x
13.7x
13.3x
1.3x
17.7x
18.8x
18.0x
$60.00
8,000
7,000
$50.00
5,000
$30.00
4,000
3,000
$20.00
2,000
$10.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
15
7/15
Volume (000s)
Price ($USD)
6,000
$40.00
Agnico Eagle Mines Limited
Ticker:
AEM
Exchange:
NYSE
Rating:
Price:
Not Covered
$21.63
P
(as of July 30, 2015)
Founded:
Employees:
1953
Location:
4,999
Toronto, Canada
Agnico Eagle Mines Limited engages in the exploration, development, and production of mineral properties. It primarily explores for gold,
as well as for silver, copper, zinc, and lead. The company’s flagship property includes the LaRonde mine, which comprises a 100% owned
LaRonde property that consists of 36 contiguous mining claims and 1 provincial mining lease covering 1,047.4 hectares; El Coco property,
which includes 22 contiguous mining claims and 1 provincial mining lease comprising 356.7 hectares; and Terrex property that comprises 21
mining claims and 1 provincial mining lease covering 424.4 hectares, as well as 3 surface rights leases covering in total of
approximately 303.6 hectares in northwestern Quebec. It has exploration activities in Canada, Europe, Latin America, and the United States. The
company was founded in 1953 and is headquartered in Toronto, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
51.0%
Revenue
$1,960.2
$2,020.2
$2,004.1
$42.41
$21.63
LTM
EBITDA
713.6
797.1
868.9
52-Week Low
21.65
EBIT
163.6
210.2
270.2
2,157
EPS (Consensus)
$0.29
$0.41
$0.62
2.8x
2.8x
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$4,649.2
2.9x
5,650.7
7.9x
7.1x
6.5x
1.7x
nm
26.9x
20.9x
1.4x
nm
nm
nm
$45.00
6,000
$40.00
5,000
$30.00
4,000
$25.00
3,000
$20.00
$15.00
2,000
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
16
7/15
Volume (000s)
Price ($USD)
$35.00
Air Products & Chemicals, Inc.
Ticker:
APD
Rating:
HOLD
Price:
$142.34
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$160.00
P
(as of July 30, 2015)
Founded:
Employees:
1940
Location:
21,050
Allentown, PA (United States)
Air Products and Chemicals, Inc. provides atmospheric gases, process and specialty gases, performance materials, equipment, and services
worldwide. The company operates in Merchant Gases, Tonnage Gases, Electronics and Performance Materials, and Equipment and Energy
segments. The Merchant Gases segment sells atmospheric gases, such as oxygen, nitrogen, and argon; process gases, such as hydrogen, helium, and
carbon dioxide; specialty gases; temporary gas supply services; and equipment for the metals, glass, electronics, chemical processing,
food processing, healthcare, general manufacturing, and petroleum and natural gas industries. The Tonnage Gases segment offers hydrogen,
carbon monoxide, nitrogen, oxygen, and syngas to the energy production and refining, chemical, and metallurgical industries. The
Electronics and Performance Materials segment provides nitrogen trifluoride, arsine, phosphine, white ammonia, silicon tetrafluoride, carbon
tetrafluoride, hexafluoroethane, tungsten hexafluoride, and critical etch gases; and tonnage gases, chemicals mechanical planarization
slurries, specialty chemicals, services, and equipment for the manufacture of silicon and compound semiconductors and thin film transistor liquid
crystal displays. This segment offers performance materials for a range of products, including coatings, inks, adhesives, civil
engineering, personal care, institutional and industrial cleaning, mining, oil refining, and polyurethanes. The Equipment and Energy segment
designs, manufactures, and sells cryogenic equipment for air separation, hydrocarbon recovery and purification, natural gas liquefaction, and
helium distribution to the petrochemical manufacturing, oil and gas recovery and processing, and steel and primary metals processing
industries. This segment also provides plant design, engineering, procurement, and construction management services. Air Products and
Chemicals, Inc. was founded in 1940 and is headquartered in Allentown, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
$142.34
% of 52-Week High
52-Week High
52-Week Low
CY 2016E
Revenue
$10,122.5
$10,227.0
$11,011.0
$158.20
EBITDA
2,956.2
2,944.2
3,338.3
EBIT
1,699.3
1,912.6
2,312.4
$5.96
$6.71
$8.14
1,127
Fiscal Year End
CY 2015E
90.0%
118.20
LTM
EPS (Jefferies)
September
Market Data
($USD millions)
$31,082.2
3.7x
3.6x
3.4x
37,154.1
Enterprise Value
12.6x
12.6x
11.1x
2.0x
21.9x
19.4x
16.1x
1.9x
23.9x
21.2x
17.5x
$180.00
7,000
$160.00
6,000
5,000
$120.00
$100.00
4,000
$80.00
3,000
$60.00
2,000
$40.00
1,000
$20.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
17
7/15
Volume (000s)
Price ($USD)
$140.00
Airgas, Inc.
Ticker:
ARG
Rating:
BUY
Price:
$102.07
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$127.00
P
(as of July 30, 2015)
Founded:
Employees:
1982
Location:
17,000
Radnor, PA (United States)
Airgas, Inc., together with its subsidiaries, supplies industrial, medical, and specialty gases; and welding equipment and related
products. It operates through two segments, Distribution and All Other Operations. The Distribution segment offers atmospheric gases, including
nitrogen, oxygen and argon; helium; hydrogen; welding and fuel gases, such as acetylene, propylene, and propane; carbon dioxide; nitrous
oxide; ultra-high purity grades of various gases; special application blends; and process chemicals. This segment also rents gas
cylinders, cryogenic liquid containers, bulk storage tanks, tube trailers, and welding-related and other equipment; and provides welding
consumables and equipment, safety products, and construction supplies, as well as maintenance, repair, and operating supplies. This segment
serves various industries, including manufacturing and metal fabrication; non-residential construction; life sciences and healthcare; food,
beverage, and retail; energy and chemical production and distribution; basic materials and services; and government and other industries.
The All Other Operations segment produces carbon dioxide, dry ice, and nitrous oxide; distributes refrigerants, and anhydrous and aqua
ammonia; and provides technical and refrigerant reclamation services. The company markets its products and services through various sales
channels, including branch-based sales representatives, retail stores, strategic customer account programs, telesales, catalogs,
e-business, and independent distributors. It has operations in the United States, Canada, Mexico, Russia, Dubai, and various European countries.
Airgas, Inc. was founded in 1982 and is based in Radnor, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
85.8%
Revenue
$5,341.0
$5,414.9
$5,644.0
$119.00
EBITDA
973.6
1,010.8
1,061.6
EBIT
638.8
627.1
699.6
EPS (Jefferies)
$4.83
$4.79
$5.35
1.8x
$102.07
96.52
723
Fiscal Year End
LTM
March
Market Data
($USD millions)
$7,789.4
1.9x
1.9x
Enterprise Value
10,158.6
10.4x
10.0x
9.6x
2.5x
15.9x
16.2x
14.5x
2.4x
21.1x
21.3x
19.1x
$140.00
2,500
$120.00
2,000
Price ($USD)
1,500
$80.00
$60.00
1,000
$40.00
500
$20.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
18
7/15
Volume (000s)
$100.00
AK Steel Holding Corporation
Ticker:
AKS
Rating:
HOLD
Price:
$3.13
Exchange:
NYSE
Analyst:
Luke Folta, CFA
Target Price:
$3.50
P
(as of July 30, 2015)
Founded:
Employees:
1993
Location:
8,000
West Chester, OH (United States)
AK Steel Holding Corporation, through its subsidiary, AK Steel Corporation, produces flat-rolled carbon, stainless and electrical steel,
and tubular products in the United States and internationally. It produces flat-rolled value-added carbon steels, including coated,
cold-rolled, and hot-rolled carbon steel products; and specialty stainless and electrical steels in sheet and strip forms. The company also
produces carbon and stainless steel that is finished into welded steel tubing, which is used in the automotive, large truck, industrial,
and construction markets; buys and sells steel and steel products, and other materials; and produces metallurgical coal from reserves in
Pennsylvania. It sells its flat-rolled carbon steel products primarily to automotive manufacturers and to customers in the infrastructure
and manufacturing markets, including electrical transmission, heating, ventilation and air conditioning equipment, and appliances; and
coated, cold-rolled, and hot-rolled carbon steel products to distributors, service centers, and converters. The company sells its stainless
steel products to manufacturers and their suppliers in the automotive industry; manufacturers of food handling, chemical processing,
pollution control, and medical and health equipment; and distributors and service centers. It also sells electrical steel products to
manufacturers of power transmission and distribution transformers, as well as for use in the manufacture of electrical motors and generators. AK
Steel Holding Corporation was founded in 1993 and is headquartered in West Chester, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
27.5%
Revenue
$7,031.7
$6,983.5
$7,263.1
$11.37
EBITDA
431.5
331.5
474.8
EBIT
205.3
101.7
232.0
($0.38)
($1.07)
$0.02
52-Week Low
2.38
9,558
Fiscal Year End
$3.13
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
$556.6
Enterprise Value
3,327.0
5.7x
5.5x
0.5x
0.5x
0.5x
7.7x
10.0x
7.0x
16.2x
nm
14.3x
nm
nm
nm
$12.00
35,000
$10.00
30,000
25,000
$8.00
20,000
$6.00
15,000
$4.00
10,000
$2.00
5,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
19
7/15
Volume (000s)
Price ($USD)
Albemarle Corporation
Ticker:
ALB
Rating:
BUY
Price:
$53.40
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$74.00
P
(as of July 30, 2015)
Founded:
Employees:
1994
Location:
3,625
Baton Rouge, LA (United States)
Albemarle Corporation develops, manufactures, and markets engineered specialty chemicals worldwide. The company’s Performance Chemicals
segment offers brominated flame retardants under the Saytex brand; mineral-based flame retardants under the Martinal and Magnifin brands;
and elemental bromine, alkyl bromides, inorganic bromides, brominated powdered activated carbon, and bromine fine chemicals that are used
in chemical synthesis, oil and gas well drilling and completion fluids, mercury control, paper manufacturing, water purification, beef
and poultry processing, and various other industrial applications. This segment also provides tertiary amines for surfactants, biocides,
disinfectants, and sanitizers; aluminum oxides for use in various refractory, ceramic, and polishing applications; plastic and other
additives comprising curatives; and supplies fine chemistry products and performance chemicals for pharmaceutical and agricultural use, as
well as offers custom manufacturing, research, and chemical scale-up services for companies. Its Catalyst Solutions Segment provides
refinery catalysts, such as hydroprocessing catalysts, fluidized catalytic cracking catalysts, and additives. This segment also offers
performance catalyst solutions, including organometallic co-catalysts and metallocene components and co-catalysts; single-site catalysts;
Ziegler-Natta catalysts under the Advantage brand; electronic materials consisting of metal organic products and other products; and chemical
catalysts used in the chemical industry. The company serves petroleum refining, consumer electronics, construction, automotive, lubricants,
pharmaceuticals, crop protection, food safety, and custom chemistry service markets. Albemarle Corporation was founded in 1994 and is
headquartered in Baton Rouge, Louisiana.
Trading Data
Share Price
($USD)
(July 30, 2015)
$53.40
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
80.0%
Revenue
$2,730.1
$3,713.0
$3,903.0
$66.71
EBITDA
639.6
916.3
1,019.8
52-Week Low
46.78
EBIT
499.9
690.3
756.8
1,011
EPS (Jefferies)
$4.40
$4.00
$4.10
2.5x
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$5,814.7
3.6x
2.6x
9,704.4
15.2x
10.6x
9.5x
6.3x
19.4x
14.1x
12.8x
5.9x
12.1x
13.3x
13.0x
$80.00
12,000
$70.00
10,000
8,000
$50.00
$40.00
6,000
$30.00
4,000
$20.00
2,000
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
20
7/15
Volume (000s)
Price ($USD)
$60.00
Alexium International Group Limited
Ticker:
AJX
Exchange:
ASX
Rating:
Price:
Not Covered
$0.55
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
100
Cottesloe, Australia
Alexium International Group Limited, a specialty chemicals and solutions company, develops and licenses its reactive surface treatment
technology in Australia, the United States, and Europe. Its products and solutions include fire retardant chemical treatments that are
marketed under the Ascalon, Nycolon, Nuvalon, Polytron, Omnitron, and Bactron names for various fabric markets; low temperature curing
process for chemical and biological protection, and heat sensitive materials; and hybrid nano-composites and polymers, as well as smart surface
treatments. The company also offers Cleanshell CB, a repellency treatment to provide water and oil repellency. It serves textile, paint,
packaging, glass, and building material industries. Alexium International Group Limited is headquartered in Cottesloe, Australia.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
90.5%
Revenue
$0.1
–
–
$0.61
EBITDA
(3.3)
–
–
EBIT
(4.0)
–
–
($0.01)
–
–
52-Week Low
0.06
LTM
$0.55
1,308
Fiscal Year End
EPS (Consensus)
June
Market Data
($USD millions)
Enterprise Value
$137.3
nm
na
na
133.6
nm
na
na
nm
na
na
nm
na
na
(0.2x)
1.1x
$0.70
14,000
$0.60
12,000
$0.50
10,000
$0.40
8,000
$0.30
6,000
$0.20
4,000
$0.10
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
21
7/15
Volume (000s)
Price ($USD)
Altra Industrial Motion Corp.
Ticker:
AIMC
Rating:
HOLD
Price:
$25.22
Exchange:
NasdaqGS
Analyst:
Scott Graham
Target Price:
$27.00
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
3,957
Braintree, MA (United States)
Altra Industrial Motion Corp. designs, produces, and markets electromechanical power transmission products worldwide. It operates through
three segments: Clutches and Brakes, Couplings, and Gearing and Power Transmission Components. The company offers clutches and brakes
for material handling, forklift, elevator, medical mobility, mobile off-highway, baggage handling, and plant productivity applications, as
well as for walk-behind and commercial mowers, and residential lawn tractors. It also offers indexing and backstopping clutches for
industrial applications; heavy duty clutches and brakes for metal forming, oil and gas drilling platforms, mining, material handling, marine,
and wind turbine applications, as well as off-highway and construction equipment segments; and gear drives, speed reducers and
increasers, high-speed compressor drives, enclosed custom gear drives, enclosed gear drive and gear motor configurations, and open gearing products
for industrial, material handling, mixing, transportation, and food processing applications. In addition, the company provides
engineered bearing assemblies that support, guide, and reduce friction of motion between fixed and moving machine parts; and engineered belted
drives, which change the speed of an electric motor or engine to the required level. Further, it offers couplings, such as gear, diaphragm
and disc, elastomeric, miniature, and precision couplings, as well as universal joints, mill spindles, and shaft locking devices for food
processing, oil and gas, power generation, material handling, medical, metals, mining, and mobile off-highway industries. Altra
Industrial Motion Corp. sells its products through original equipment manufacturers and industrial distributors, as well as directly to end users.
The company was formerly known as Altra Holdings, Inc. and changed its name to Altra Industrial Motion Corp. in November 2013. Altra
Industrial Motion Corp. is headquartered in Braintree, Massachusetts.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$784.5
$752.8
$748.2
$34.43
EBITDA
108.7
102.7
103.3
77.9
72.8
73.8
$1.72
$1.64
$1.77
1.1x
1.1x
1.2x
22.73
EBIT
105
Fiscal Year End
73.3%
$25.22
EPS (Jefferies)
LTM
December
Market Data
($USD millions)
Enterprise Value
$659.9
865.2
8.0x
8.4x
8.4x
2.3x
11.1x
11.9x
11.7x
1.9x
14.7x
15.4x
14.2x
$40.00
1,400
$35.00
1,200
1,000
$25.00
800
$20.00
600
$15.00
400
$10.00
200
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
22
7/15
Volume (000s)
Price ($USD)
$30.00
A.M. Castle & Company
Ticker:
CAS
Rating:
HOLD
Price:
$2.99
Exchange:
NYSE
Analyst:
Luke Folta, CFA
Target Price:
$3.50
P
(as of July 30, 2015)
Founded:
Employees:
1890
Location:
1,667
Oak Brook, IL (United States)
A. M. Castle & Co., together with its subsidiaries, operates as a specialty metals and plastics distribution company in the United
States, Canada, Mexico, France, the United Kingdom, Spain, China, and Singapore. It operates through two segments, Metals and Plastics. The
Metals segment distributes engineered specialty grades and alloys of metals, as well as offers specialized processing services for Fortune
500 companies and medium and smaller sized firms. Its primary products include alloy, aluminum, nickel, stainless steel, carbon, and
titanium in plate, sheet, extrusions, round bar, hexagon bar, square and flat bar, tubing, and coil forms. This segment also performs various
specialized fabrications for its customers through pre-qualified subcontractors, which thermally process, turn, polish, and straighten
alloy and carbon bars. It serves customers in the producer durable equipment, oil and gas, aerospace, heavy industrial equipment,
industrial goods, and construction equipment sectors. The Plastics segment stocks and distributes various plastics in forms, such as plate, rod,
tube, clear sheet, tape, gaskets, and fittings. This segment serves companies in the retail, automotive, marine, office furniture and
fixtures, safety products, life sciences applications, and general manufacturing industries. A. M. Castle & Co. was founded in 1890 and is
headquartered in Oak Brook, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$2.99
29.7%
Revenue
$10.06
LTM
CY 2015E
CY 2016E
$948.7
$901.9
$915.3
1.0
27.1
EBITDA
(16.0)
52-Week Low
2.80
EBIT
(41.9)
(24.4)
357
EPS (Jefferies)
($3.91)
($2.25)
Fiscal Year End
1.7
($1.14)
December
Market Data
($USD millions)
$71.1
0.4x
0.4x
0.4x
Enterprise Value
371.7
nm
nm
13.7x
nm
nm
nm
nm
nm
nm
nm
nm
$12.00
3,000
$10.00
2,500
$8.00
2,000
$6.00
1,500
$4.00
1,000
$2.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
23
7/15
Volume (000s)
Price ($USD)
Ameresco, Inc.
Ticker:
AMRC
Exchange:
NYSE
Rating:
Price:
Not Covered
$6.41
P
(as of July 30, 2015)
Founded:
Employees:
2000
Location:
1,026
Framingham, MA (United States)
Ameresco, Inc. provides comprehensive services, energy efficiency, infrastructure upgrades, asset sustainability, and renewable energy
solutions for businesses and organizations in North America and Europe. The company operates through U.S. Regions, U.S. Federal, Canada,
and Small-Scale Infrastructure segments. It develops, designs, engineers, and installs projects that reduce the energy, and operations and
maintenance costs of facilities. The company’s projects primarily include various measures customized for the facility and designed to
enhance the efficiency of building systems, such as heating, ventilation, air conditioning, and lighting systems. It also provides
renewable energy products and services, including the construction of small-scale plants for customers that produce electricity, gas, heat, or
cooling from renewable sources of energy; and sells electricity and processed LFG, heat, or cooling. In addition, the company offers
enterprise energy management and consulting services; and sells solar photovoltaic (PV) energy products and systems. It serves governments,
healthcare and educational institutions, housing authorities, and commercial and industrial customers. As of December 31, 2014, Ameresco
owned and operated 45 small-scale renewable energy plants and solar PV installations. The company was founded in 2000 and is headquartered
in Framingham, Massachusetts.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2016E
$617.9
$619.0
$659.7
EBITDA
42.1
41.9
54.3
EBIT
18.8
19.0
22.7
$0.14
$0.20
$0.31
0.7x
71.4%
$8.98
5.78
58
Fiscal Year End
CY 2015E
Revenue
52-Week Low
LTM
$6.41
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$298.2
0.8x
0.8x
470.9
11.2x
11.2x
8.7x
4.6x
25.0x
24.8x
20.7x
4.1x
nm
nm
21.0x
$10.00
350
$9.00
300
$8.00
Price ($USD)
$6.00
200
$5.00
150
$4.00
$3.00
100
$2.00
50
$1.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
24
7/15
Volume (000s)
250
$7.00
American Science & Engineering, Inc.
Ticker:
ASEI
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$44.57
P
(as of July 30, 2015)
Founded:
Employees:
1958
Location:
311
Billerica, MA (United States)
American Science and Engineering, Inc., together with its subsidiaries, develops, manufactures, markets, and sells X-ray inspection and
other detection products for homeland security, force protection, public safety, and other defense and security applications in the United
States and internationally. It offers cargo inspection systems, such as non-intrusive inspection systems primarily used for the
screening of trucks, cars, cargo containers, pallets, and air cargo at various locations comprising border crossings, seaports, military bases,
airports, and cargo and transportation hubs. The company’s cargo inspection systems include OmniView gantry system, a relocatable cargo
and vehicle inspection system; Z Portal system, a drive-through inspection system for scanning cargo and vehicles; Sentry Portal system, a
drive through transmission X-ray inspection system to screen cargo containers; and ASE Connect, a networking solution. It also provides
mobile cargo inspection systems, such as Z Backscatter Van, a mobile X-ray screening system to produce photo-like images of the contents
of a vehicle or cargo container; and contract services for the development of custom products primarily for agencies of the U.S.
government, as well as maintenance, warranty, engineering, and training services. In addition, the company offers parcel and personnel screening
inspection systems comprising Gemini system, a parcel and baggage inspection system; SmartCheck system, a personnel screening system for
contraband and threats hidden under a person’s clothing; and MINI Z System, a handheld X-ray scanner. It serves authorities responsible
for port and border security; customs agencies; military organizations; critical infrastructure and high threat commercial and government
facilities; aviation security agencies; and public safety and law enforcement agencies. The company was founded in 1958 and is
headquartered in Billerica, Massachusetts.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
67.7%
Revenue
$126.8
$147.3
$150.4
$65.88
EBITDA
5.7
21.2
na
EBIT
1.2
6.6
14.7
$0.08
$0.39
$1.22
1.5x
$44.57
36.32
76
Fiscal Year End
EPS (Consensus)
LTM
March
Market Data
($USD millions)
Enterprise Value
$322.5
1.8x
1.6x
229.2
nm
10.8x
na
nm
nm
15.6x
nm
nm
nm
–
(16.3x)
$70.00
300
$60.00
250
Price ($USD)
200
$40.00
150
$30.00
100
$20.00
50
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
25
7/15
Volume (000s)
$50.00
American Vanguard Corporation
Ticker:
AVD
Exchange:
NYSE
Rating:
Price:
Not Covered
$12.70
P
(as of July 30, 2015)
Founded:
Employees:
1969
Location:
382
Newport Beach, CA (United States)
American Vanguard Corporation, through its subsidiaries, develops, manufactures, and markets specialty chemicals for agricultural,
commercial, and consumer uses in the United States and internationally. The company manufactures and formulates chemicals, including
insecticides, fungicides, herbicides, molluscicides, growth regulators, and soil fumigants in liquid, powder, and granular forms for crops, turf
and ornamental plants, and human and animal health protection. It distributes its products through national distribution companies and
buying groups or co-operatives in the United States; and through sales offices and sales force executives internationally. American Vanguard
Corporation was founded in 1969 and is headquartered in Newport Beach, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
Revenue
$282.3
$304.6
$331.0
$15.25
EBITDA
25.8
32.1
50.8
4.1
14.3
29.7
$0.04
$0.26
$0.63
1.4x
52-Week Low
9.50
EBIT
259
EPS (Consensus)
Fiscal Year End
83.3%
$12.70
LTM
December
Market Data
($USD millions)
Enterprise Value
$366.1
1.6x
1.5x
458.8
17.8x
14.3x
9.0x
3.8x
nm
nm
15.4x
3.6x
nm
nm
20.3x
$16.00
1,000
$14.00
900
800
700
$10.00
600
$8.00
500
$6.00
400
300
$4.00
200
$2.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
26
7/15
Volume (000s)
Price ($USD)
$12.00
AMETEK, Inc.
Ticker:
AME
Rating:
BUY
Price:
$53.36
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$65.00
P
(as of July 30, 2015)
Founded:
Employees:
1930
Location:
15,400
Berwyn, PA (United States)
AMETEK, Inc. manufactures electronic instruments and electromechanical devices worldwide. It operates in two segments, Electronic
Instruments (EIG) and Electromechanical (EMG). The EIG segment provides advanced instruments for the process, aerospace, power, and industrial
markets; process and analytical instruments for the oil, gas, petrochemical, pharmaceutical, semiconductor, and factory automation
markets; and instruments for the laboratory equipment, ultra precision manufacturing, medical, and test and measurement markets. This segment
also offers aircraft and engine sensors, monitoring systems, power instruments, data acquisition units, and fuel and fluid measurement
systems for the aerospace industry; power quality monitoring and metering devices, industrial battery chargers and uninterruptible power
supplies, programmable power equipment, electrical test equipment, and gas turbine sensors; and dashboard instruments for heavy trucks and
other vehicles, as well as timing controls and cooking computers for the food service industry. The EMG segment provides electrical
interconnects, precision motion control solutions, specialty metals, thermal management systems, and floor care and specialty motors; precision
motion control products for data storage, medical devices, business equipment, factory automation, and other applications; and engineered
electrical connectors and packaging used to protect sensitive electronic devices. This segment also offers high-purity metals, metal
strips, shaped wires, and advanced composites for various industrial applications; and motors used in commercial appliances, fitness
equipment, food and beverage machines, hydraulic pumps, industrial blowers, and vacuum cleaners, as well as operates a network of aviation
maintenance, repair, and overhaul facilities. The company markets its products through direct sales force, sales representatives, and
distributors. AMETEK, Inc. was founded in 1930 and is based in Berwyn, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
95.2%
Revenue
$4,030.7
$4,063.8
$4,204.5
$56.05
$53.36
LTM
EBITDA
928.1
1,119.3
1,157.0
52-Week Low
45.12
EBIT
799.0
958.1
1,002.0
1,143
EPS (Jefferies)
$2.48
$2.62
$2.94
Fiscal Year End
December
Market Data
($USD millions)
$13,001.7
3.5x
3.5x
3.4x
14,267.7
Enterprise Value
15.4x
12.7x
12.3x
1.8x
17.9x
14.9x
14.2x
1.4x
21.5x
20.3x
18.1x
$60.00
12,000
$50.00
10,000
$40.00
8,000
$30.00
6,000
$20.00
4,000
$10.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
27
7/15
Volume (000s)
Price ($USD)
Amyris, Inc.
Ticker:
AMRS
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$1.69
P
(as of July 30, 2015)
Founded:
Employees:
2003
Location:
416
Emeryville, CA (United States)
Amyris, Inc. provides various alternatives to a range of petroleum-sourced products for the consumer care, specialty chemical, and
transportation fuel markets worldwide. The company applies its industrial synthetic biology platform to design microbes and primarily yeast, as
well as to convert plant-sourced sugars into renewable hydrocarbons. It produces and sells Biofene that converts to squalane, which is
used as an emollient in cosmetics and other personal care products; and natural oils and aroma chemicals for the flavors and fragrances
market. The company also provides renewable solvents, polymers, and various materials for performance materials market; renewable fuels for
transportation fuels market; and base oils for lubricants market. It has a collaboration partnership with Total to commercialize
Biofene-based diesel and jet fuels. The company was formerly known as Amyris Biotechnologies, Inc. and changed its name to Amyris, Inc. in June
2010. Amyris, Inc. was founded in 2003 and is headquartered in Emeryville, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
37.6%
Revenue
$45.1
$84.2
$4.50
52-Week Low
Fiscal Year End
$1.69
CY 2015E
CY 2016E
$155.0
EBITDA
(78.9)
(54.6)
(1.2)
1.52
EBIT
(93.6)
(70.9)
(27.9)
346
EPS (Consensus)
($0.47)
($0.95)
($0.32)
December
Market Data
($USD millions)
Enterprise Value
$136.8
7.5x
4.0x
2.2x
339.0
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
$5.00
6,000
$4.50
5,000
$4.00
Price ($USD)
4,000
$3.00
$2.50
3,000
$2.00
2,000
$1.50
$1.00
1,000
$0.50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
28
7/15
Volume (000s)
$3.50
Andritz AG
Ticker:
ANDR
Exchange:
WBAG
Rating:
Price:
Not Covered
$53.75
P
(as of July 30, 2015)
Founded:
Employees:
1852
Location:
24,855
Graz, Austria
Andritz AG, through its subsidiaries, provides plants, equipment, and services for hydropower stations, pulp and paper industry,
metalworking and steel industries, and solid/liquid separation in the municipal and industrial sectors. The company’s Hydro segment supplies
electromechanical equipment, such as turbines and generators; and pumps for the pulp and paper industry, and drinking water supply. Its Pulp
and Paper segment provides plants and services for the production of various types of pulp, paper, board, tissue, and medium-density
fiberboard; biomass boilers for power generation; and plants for the production of nonwovens, dissolving pulp, plastic films, and panel
boards. The company’s Metals segment offers lines for the production and processing of cold-rolled strip made of stainless steel, carbon
steel, aluminum, and non-ferrous metal comprising equipment for cold rolling, heat treatment, surface finishing, strip coating and finishing,
punching and deep drawing, and for regeneration of pickling acids. This segment also provides presses, automation solutions, dies,
process know-how, and services for the metalworking industry, as well as furnace systems for the steel, copper, and aluminum industries. The
Metals segment serves car manufacturers and their suppliers, as well as forging, household equipment, packaging, energy, and electrical
industries. Its Separation segment offers plants, equipment, and services for solid/liquid separation, including centrifuges, filters,
drying plants, screens, thickeners, separators, and transportation systems, as well as provides plants, equipment, and services for the
production of animal feed and biomass pellets primarily wood pellets. This segment serves municipal and industrial wastewater treatment,
chemicals, and food and beverages, as well as mining and minerals industries. It operates primarily in Europe, North America, South America,
and Asia. Andritz AG was founded in 1852 and is headquartered in Graz, Austria.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$6,500.1
$6,660.1
$7,059.0
$62.83
EBITDA
530.5
574.9
623.6
EBIT
360.5
428.2
473.8
EPS (Consensus)
$2.25
$2.94
$3.22
0.7x
0.7x
0.6x
7.2x
LTM
39.24
173
Fiscal Year End
85.5%
$53.75
December
Market Data
($USD millions)
Enterprise Value
$5,550.1
4,467.6
1.0x
(2.1x)
8.4x
7.8x
12.4x
10.4x
9.4x
23.9x
18.3x
16.7x
$70.00
1,000
900
$60.00
800
Price ($USD)
700
600
$40.00
500
$30.00
400
300
$20.00
200
$10.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
29
7/15
Volume (000s)
$50.00
A.O. Smith Corporation
Ticker:
AOS
Rating:
BUY
Price:
$71.66
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$90.00
P
(as of July 30, 2015)
Founded:
Employees:
1874
Location:
12,400
Milwaukee, WI (United States)
A. O. Smith Corporation manufactures and markets water heaters and boilers to the residential and commercial end markets primarily in the
United States, Canada, China, Europe, India, and the Middle East. It operates in two segments, North America and Rest of World. The
company offers electric, natural gas, gas tankless, and liquid propane model water heaters, as well as solar tank units for applications in
residences, restaurants, hotels and motels, laundries, car washes, and small businesses; and residential boilers, as well as commercial
boilers primarily for space heating applications in hospitals, schools, hotels, and other large commercial buildings. It also provides
expansion tanks, commercial solar water heating systems, swimming pool and spa heaters, and related products and parts. The company sells its
products through independent wholesale plumbing distributors, hardware and home center chains, and manufacturer representative firms. It
sells water heaters to approximately 7,000 retail outlets, as well as water treatment products to 4,500 retail outlets in China. The
company is headquartered in Milwaukee, Wisconsin.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$2,480.4
$2,617.5
$2,896.2
$77.43
EBITDA
410.1
472.7
540.6
EBIT
348.6
410.0
474.6
EPS (Jefferies)
$2.67
$3.09
$3.60
LTM
44.60
620
Fiscal Year End
92.5%
$71.66
December
Market Data
($USD millions)
Enterprise Value
$6,441.1
2.5x
2.4x
2.1x
6,168.3
15.0x
13.0x
11.4x
17.7x
15.0x
13.0x
26.8x
23.2x
19.9x
0.7x
(0.7x)
$80.00
3,500
$70.00
3,000
2,500
$50.00
2,000
$40.00
1,500
$30.00
1,000
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
30
7/15
Volume (000s)
Price ($USD)
$60.00
Atlas Air Worldwide Holdings, Inc.
Ticker:
AAWW
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$48.66
P
(as of July 30, 2015)
Founded:
Employees:
1992
Location:
1,724
Purchase, NY (United States)
Atlas Air Worldwide Holdings, Inc., through its subsidiaries, provides outsourced aircraft and aviation operating services worldwide. It
operates through ACMI, Charter, and Dry Leasing segments. The company offers outsourced cargo and passenger aircraft operating solutions
comprising contractual service arrangements, which include providing aircraft to customers and value-added services, such as crew,
maintenance, and insurance; and crew, maintenance, and insurance services for the customer providing aircraft. It also provides cargo and
passenger charter services to the U.S. Military Air Mobility Command, brokers, freight forwarders, direct shippers, airlines, sports teams and
fans, and private charter customers; and dry leasing of aircraft and engines. It also serves airlines and express delivery providers.
The company was founded in 1992 and is headquartered in Purchase, New York.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,855.3
$1,847.8
$1,872.0
$59.47
EBITDA
390.7
373.7
371.0
EBIT
246.3
251.3
247.7
EPS (Consensus)
$4.07
$4.79
$5.00
1.4x
1.4x
1.4x
LTM
31.09
659
Fiscal Year End
81.8%
$48.66
December
Market Data
($USD millions)
Enterprise Value
$1,219.1
2,673.3
6.8x
7.2x
7.2x
5.1x
10.9x
10.6x
10.8x
3.7x
12.0x
10.2x
9.7x
$70.00
2,500
$60.00
2,000
Price ($USD)
1,500
$40.00
$30.00
1,000
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
31
7/15
Volume (000s)
$50.00
Atlas Copco AB
Ticker:
ATCO A
Rating:
HOLD
Price:
$26.62
Exchange:
OM
Analyst:
Graham Phillips
Target Price:
$27.47
P
(as of July 30, 2015)
Founded:
Employees:
1873
Location:
43,584
Stockholm, Sweden
Atlas Copco AB, through its subsidiaries, provides industrial productivity solutions worldwide. The company offers piston compressors,
oil-free tooth and scroll compressors, rotary screw compressors, oil-free blowers, oil-free centrifugal compressors, gas and process
compressors, air and gas treatment equipment, medical air solutions, air management systems, and vacuum solutions for use in manufacturing, oil
and gas, and process industries. It also provides electric assembly tools, control systems, and associated software packages; dispensing
equipment for adhesives and sealants, and self-pierce riveting equipment for the motor vehicle industry; basic fastening tools, drills,
abrasive tools, and adhesive and sealant equipment for general industrial manufacturing applications; and impact wrenches, percussive
tools, drills, sanders, and grinders for vehicle service professionals. In addition, the company offers mining and rock excavation
equipment, including underground rock drilling equipment, underground loading and haulage equipment, underground utility vehicles, surface
drilling equipment, rock drilling tools, exploration drilling and ground engineering equipment, and ventilation systems for surface and
underground mining, infrastructure, civil works, well drilling, and geotechnical applications. Further, it provides portable compressors,
boosters, generators, lighting towers, pumps, compaction and paving equipment, and construction and demolition tools for use in infrastructure,
civil works, oil and gas, energy, drilling, and road construction projects; and specialty rental services. Atlas Copco AB was founded in
1873 and is based in Stockholm, Sweden.
Trading Data
Share Price
($USD)
(July 30, 2015)
$26.62
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
75.4%
Revenue
$11,246.3
$11,780.2
$12,139.5
$35.33
EBITDA
2,496.3
2,588.1
2,768.9
52-Week Low
21.28
EBIT
2,105.0
2,240.2
2,410.5
2,080
EPS (Jefferies)
$1.24
$1.35
$1.47
Fiscal Year End
December
Market Data
($USD millions)
$32,389.5
3.1x
2.9x
2.8x
34,579.1
Enterprise Value
13.9x
13.4x
12.5x
1.3x
16.4x
15.4x
14.3x
0.9x
21.4x
19.8x
18.1x
$40.00
14,000
$35.00
12,000
10,000
$25.00
8,000
$20.00
6,000
$15.00
4,000
$10.00
2,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
32
7/15
Volume (000s)
Price ($USD)
$30.00
Avery Dennison Corporation
Ticker:
AVY
Exchange:
NYSE
Rating:
Price:
Not Covered
$61.60
P
(as of July 30, 2015)
Founded:
Employees:
1935
Location:
25,000
Glendale, CA (United States)
Avery Dennison Corporation produces and sells pressure-sensitive materials worldwide. It operates through Pressure-Sensitive Materials,
Retail Branding and Information Solutions, and Vancive Medical Technologies segments. The Pressure-sensitive Materials segment offers
pressure-sensitive label and packaging materials, graphics, reflective products, tapes, and performance polymers. This segment markets its
products under the Fasson, JAC, and Avery Dennison brands to label printers and converters for labeling, decorating, fastening, and
electronic data processing applications in the home and personal care, beer and beverage, durables, pharmaceutical, wine and spirits, and food
market industries. The Retail Branding and Information Solutions segment designs, manufactures, and sells various branding and information
solutions, including creative services, brand embellishments, graphic tickets, tags, labels, and sustainable packaging solutions; and
information solutions, such as price ticketing and marking, brand protection, security solutions, and compliance solutions, as well as
radio-frequency identification-enabled inventory accuracy, visibility, and loss prevention solutions. This segment serves retailers, brand
owners, apparel manufacturers, distributors, and industrial customers. The Vancive Medical Technologies segment offers pressure-sensitive
adhesive products for surgical, wound care, ostomy, and electromedical applications to medical supply and device manufacturers, and
healthcare providers. The company was formerly known as Avery International Corporation and changed its name to Avery Dennison Corporation in
1990. Avery Dennison Corporation was founded in 1935 and is headquartered in Glendale, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$6,208.4
$6,021.3
$6,257.5
$64.04
EBITDA
689.6
727.6
762.6
EBIT
527.1
523.0
560.5
EPS (Consensus)
$3.17
$3.36
$3.75
1.1x
1.1x
1.0x
LTM
40.58
884
Fiscal Year End
96.2%
$61.60
December
Market Data
($USD millions)
Enterprise Value
$5,634.4
6,540.1
9.5x
9.0x
8.6x
1.7x
12.4x
12.5x
11.7x
1.3x
19.4x
18.3x
16.4x
$70.00
3,000
$60.00
2,500
Price ($USD)
2,000
$40.00
1,500
$30.00
1,000
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
33
7/15
Volume (000s)
$50.00
B/E Aerospace, Inc.
Ticker:
BEAV
Rating:
HOLD
Price:
$47.93
Exchange:
NasdaqGS
Analyst:
Howard A. Rubel
Target Price:
$53.00
P
(as of July 30, 2015)
Founded:
Employees:
1987
Location:
9,617
Wellington, FL (United States)
B/E Aerospace, Inc. designs, manufactures, sells, and services cabin interior products for commercial aircraft and business jets in the
United States and internationally. Its Commercial Aircraft segment offers first class, business class, tourist class, and regional
aircraft seats, as well as spares; oxygen storage, distribution, and delivery systems for commercial and business jet aircraft; coffee
makers/water boilers, ovens, and refrigeration equipment; and modular lavatory, wastewater, and galley systems. This segment also provides
engineering, design, integration, installation, and certification services for commercial aircraft passenger cabin interiors; services to
design, manage, integrate, test, and certify reconfigurations and modifications for commercial aircraft, as well as to manufacture engineering
kits and interface components; and interior reconfiguration services. The company’s Business Jet segment provides jet seating and sofa
products, including electric fully berthing lie-flat seats, direct and indirect lighting, air valves, and oxygen delivery systems, as well
as sidewalls, bulkheads, credenzas, closets, galley structures, lavatories, wastewater systems, and tables; super first class cabin
interior products for commercial wide-body aircraft; and lightweight seats for helicopters. It serves airlines; aircraft leasing companies;
maintenance, repair, and overhaul providers; airframe manufacturers; and other commercial aircraft operators. The company was founded in
1987 and is headquartered in Wellington, Florida.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
54.3%
Revenue
$2,644.3
$2,830.6
$2,900.0
$88.22
$47.93
LTM
EBITDA
492.8
592.0
615.0
52-Week Low
46.85
EBIT
417.8
517.0
540.0
1,241
EPS (Jefferies)
$2.26
$3.05
$3.25
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$5,162.5
2.7x
2.6x
2.5x
7,220.9
14.7x
12.2x
11.7x
4.8x
17.3x
14.0x
13.4x
4.2x
21.2x
15.7x
14.7x
$100.00
12,000
$90.00
10,000
$80.00
Price ($USD)
8,000
$60.00
$50.00
6,000
$40.00
4,000
$30.00
$20.00
2,000
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
34
7/15
Volume (000s)
$70.00
Ball Corporation
Ticker:
BLL
Rating:
HOLD
Price:
$69.54
Exchange:
NYSE
Analyst:
Philip Ng
Target Price:
$79.00
P
(as of July 30, 2015)
Founded:
Employees:
1880
Location:
14,500
Broomfield, CO (United States)
Ball Corporation, together with its subsidiaries, supplies metal packaging products to the beverage, food, personal care, and household
products industries worldwide. It operates in four segments: Metal Beverage Packaging, Americas and Asia; Metal Beverage Packaging,
Europe; Metal Food and Household Products Packaging; and Aerospace and Technologies. The Metal Beverage Packaging, Americas and Asia segment
manufactures and sells metal beverage containers for use in beverage packaging. The Metal Beverage Packaging, Europe segment manufactures
and sells metal beverage containers in Europe. The Metal Food and Household Products Packaging segment offers steel food, aerosol, paint,
and general line and decorative specialty containers, as well as extruded aluminum beverage and aerosol containers, and aluminum slugs.
The Aerospace and Technologies segment designs, develops, and manufactures aerospace systems, including spacecraft, instruments and
sensors, radio frequency systems and components, data exploitation solutions, and aerospace technologies and products for civil, commercial,
and national security aerospace markets. It is also involved in the design, manufacture, and testing of satellites, remote sensors, and
ground station control hardware and software, as well as provides related services, such as launch vehicle integration and satellite
operations. In addition, this segment offers target identification, warning, and attitude control systems and components; cryogenic systems for
reactant storage, and associated sensor cooling devices; star trackers; and fast-steering mirrors, as well as technical services and
products to government agencies, prime contractors, and commercial organizations for various information warfare, electronic warfare,
avionics, intelligence, training, and space systems needs. Ball Corporation was founded in 1880 and is headquartered in Broomfield, Colorado.
Trading Data
Share Price
($USD)
(July 30, 2015)
$69.54
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
90.1%
Revenue
$8,366.7
$8,244.1
$8,599.6
$77.20
EBITDA
1,047.1
1,175.7
1,249.6
52-Week Low
60.73
EBIT
765.0
870.1
939.6
1,017
EPS (Jefferies)
$3.59
$3.53
$3.90
Fiscal Year End
December
Market Data
($USD millions)
$10,025.7
1.6x
1.6x
1.5x
13,058.7
12.5x
11.1x
10.5x
Enterprise Value
3.1x
17.1x
15.0x
13.9x
2.9x
19.4x
19.7x
17.8x
$90.00
6,000
$80.00
5,000
$60.00
4,000
$50.00
3,000
$40.00
$30.00
2,000
$20.00
1,000
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
35
7/15
Volume (000s)
Price ($USD)
$70.00
Ballard Power Systems, Inc.
Ticker:
BLD
Exchange:
TSX
Rating:
Price:
Not Covered
$1.38
P
(as of July 30, 2015)
Founded:
Employees:
1979
Location:
395
Burnaby, Canada
Ballard Power Systems Inc. engages in the development and commercialization of proton exchange membrane fuel cells worldwide. The company
is primarily involved in the design, development, manufacture, sale, and service of fuel cell stacks, modules, and systems for various
applications. It also develops methanol and hydrogen fueled clean energy backup power systems, as well as provides engineering services
for various fuel cell applications. The company offers its products and services for telecom backup power and material handling, as well as
bus and distributed generation markets. Ballard Power Systems Inc. was founded in 1979 and is headquartered in Burnaby, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
39.1%
Revenue
$56.7
$57.5
$3.52
52-Week Low
Fiscal Year End
$1.38
CY 2015E
CY 2016E
$84.8
EBITDA
(29.9)
(17.0)
(8.7)
1.19
EBIT
(34.9)
(27.0)
(16.9)
155
EPS (Consensus)
($0.16)
($0.08)
($0.07)
December
Market Data
($USD millions)
Enterprise Value
$181.7
2.7x
2.6x
1.8x
151.2
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
$4.50
4,000
$4.00
3,500
3,000
$3.00
2,500
$2.50
2,000
$2.00
1,500
$1.50
1,000
$1.00
500
$0.50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
36
7/15
Volume (000s)
Price ($USD)
$3.50
Barnes Group, Inc.
Ticker:
B
Rating:
BUY
Price:
$38.15
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$50.00
P
(as of July 30, 2015)
Founded:
Employees:
1857
Location:
4,515
Bristol, CT (United States)
Barnes Group Inc. operates as an industrial and aerospace manufacturer and service provider serving a range of end markets and customers
worldwide. The company operates in two segments, Industrial and Aerospace. The Industrial segment offers precision parts, products, and
systems for applications serving various customers in end-markets, such as transportation, industrial equipment, consumer products,
packaging, electronics, medical devices, and energy, as well as personal care/health care industries. This segment also manufactures and
supplies precision mechanical products, including precision mechanical springs and nitrogen gas products; high-precision punched and
fine-blanked components, nitrogen gas springs and manifold systems, and retention rings; and high precision molds, valve gate hot runner systems,
and system solutions. The Aerospace segment produces precision-machined and fabricated components and assemblies for original equipment
manufacturer turbine engine, airframe, and industrial gas turbine builders, as well as for the military. It also offers maintenance,
overhaul, and repair services for jet engine components to turbine engine manufacturers, commercial airlines, and the military. In addition,
this segment manufactures aerospace aftermarket spare parts, as well as provides repair services for aircraft engine components. The
company sells its products primarily through its direct sales force and global distribution channels. Barnes Group Inc. was founded in 1857 and
is headquartered in Bristol, Connecticut.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,243.3
$1,243.6
$1,283.5
$41.74
EBITDA
278.7
283.6
300.2
EBIT
198.2
204.3
221.0
EPS (Jefferies)
$2.33
$2.46
$2.67
2.0x
2.0x
2.0x
LTM
29.47
244
Fiscal Year End
91.4%
$38.15
December
Market Data
($USD millions)
Enterprise Value
$2,102.2
2,518.4
9.0x
8.9x
8.4x
1.8x
12.7x
12.3x
11.4x
1.5x
16.4x
15.5x
14.3x
$45.00
1,200
$40.00
1,000
$30.00
800
$25.00
600
$20.00
$15.00
400
$10.00
200
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
37
7/15
Volume (000s)
Price ($USD)
$35.00
BASF SE
Ticker:
BAS
Rating:
HOLD
Price:
$85.12
Exchange:
DB
Analyst:
Laurence Alexander
Target Price:
$94.00
P
(as of July 30, 2015)
Founded:
Employees:
1865
Location:
113,539
Ludwigshafen am Rhein, Germany
BASF SE operates as a chemical company worldwide. The company operates in five segments: Chemicals, Performance Products, Functional
Materials & Solutions, Agricultural Solutions, and Oil and Gas. The Chemicals segment offers solvents, plasticizers, monomers, glues, and
electronic chemicals, as well as raw materials for detergents, plastics, textile fibers, paints and coatings, plant protection, and
medicines. The Performance Products segment provides dispersions and pigments, care chemicals, nutrition and health, paper chemicals, and
performance chemicals that are used in the pharmaceuticals, personal care, and cosmetics, as well as hygiene and household products; and other
products for enhancing the processes in the paper, oil and gas production, water treatment, and ore production industries. The Functional
Materials & Solutions segment offers catalysts, battery materials, engineering plastics, polyurethane systems, automotive and industrial
coatings, and concrete admixtures, as well as construction systems, such as tile adhesives and decorative paints for the automotive,
electrical, chemical, and construction industries, as well as for household, and sports and leisure applications. The Agricultural Solutions
segment provides fungicides, herbicides, and insecticides, as well as functional crop care products. The Oil and Gas segment explores for
and produces oil and gas primarily in Europe, Russia, North Africa, and South America. This segment is also involved in the transport,
storage, and trade of natural gas in Europe. The company was founded in 1865 and is headquartered in Ludwigshafen am Rhein, Germany.
Trading Data
Share Price
($USD)
(July 30, 2015)
$85.12
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
80.1%
Revenue
$82,528.0
$82,906.2
$87,455.9
$106.22
EBITDA
12,467.1
11,923.5
13,160.5
8,184.6
8,033.8
9,154.1
$5.68
$5.90
$6.94
1.2x
1.2x
1.1x
70.04
EBIT
19
Fiscal Year End
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
$78,182.3
95,849.9
Enterprise Value
7.7x
8.0x
7.3x
1.6x
11.7x
11.9x
10.5x
1.3x
15.0x
14.4x
12.3x
$120.00
160
140
$100.00
100
$60.00
80
60
$40.00
40
$20.00
20
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
38
7/15
Volume (000s)
Price ($USD)
120
$80.00
Bemis Company, Inc.
Ticker:
BMS
Rating:
HOLD
Price:
$44.90
Exchange:
NYSE
Analyst:
Philip Ng
Target Price:
$43.00
P
(as of July 30, 2015)
Founded:
Employees:
1858
Location:
16,944
Neenah, WI (United States)
Bemis Company, Inc. invents, designs, and manufactures packaging products in North America, Latin America, Europe, and the Asia-Pacific.
It operates through two segments, U.S. Packaging and Global Packaging. The company offers multilayer polymer, blown, and cast film
structures to produce packaging for food, personal care, medical, pharmaceutical, electronics, industrial, and other consumer goods
applications. It distributes its products through its direct sales force. The company was formerly known as Bemis Bro. Bag Company and changed its
name to Bemis Company, Inc. in 1965. Bemis Company, Inc. was founded in 1858 and is based in Neenah, Wisconsin.
Trading Data
Share Price
($USD)
(July 30, 2015)
$44.90
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
90.8%
Revenue
$4,221.3
$4,132.5
$4,351.8
$49.44
EBITDA
583.6
601.4
651.6
EBIT
417.7
426.4
471.6
EPS (Jefferies)
$2.54
$2.57
$2.91
1.3x
34.34
659
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$4,433.4
1.4x
1.4x
5,729.5
9.8x
9.5x
8.8x
2.4x
13.7x
13.4x
12.1x
2.2x
17.7x
17.4x
15.4x
$60.00
35,000
$50.00
30,000
25,000
$40.00
20,000
$30.00
15,000
$20.00
10,000
$10.00
5,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
39
7/15
Volume (000s)
Price ($USD)
Berry Plastics Group, Inc.
Ticker:
BERY
Exchange:
NYSE
Rating:
Price:
Not Covered
$33.36
P
(as of July 30, 2015)
Founded:
Employees:
1967
Location:
16,000
Evansville, IN (United States)
Berry Plastics Group, Inc. manufactures and distributes plastic consumer packaging and engineered materials in North America and
internationally. The company operates through four segments: Rigid Open Top, Rigid Closed Top, Engineered Materials, and Flexible Packaging. It
offers rigid packaging products, including containers; foodservice items, which include thermoformed polypropylene and injection-molded
plastic drink cups; closures and overcaps; bottle and prescription containers, such as polyethylene and polyethylene terephthalate bottles,
as well as decorated bottles; and tubes. The company also provides engineered materials, such as heat-shrinkable coatings, single- and
multi-layer sleeves, pipeline coating tapes, anode systems for cathodic protection, visco-elastic, and epoxy coatings; cloth and foil,
splicing and laminating, flame-retardant, vinyl-coated and carton sealing, electrical, double-faced cloth, masking, mounting, OEM, and
medical and specialty tapes under the National, Nashua, and Polyken brands; drop cloths and retail trash bags under the Ruffies and Film-Gard
brands; and PVC Films. In addition, it offers institutional can liners under the Big City, Hospi-Tuff, Plas-Tuff, Rhino-X, and Steel-Flex
brands; and stretch and shrink films under the MaxTech, PalleTech, and OptiMil brands. Further, the company provides flexible packaging
products, which include personal care films; food and consumer films, as well as barrier films; and converter films, such as coated and
laminated products, mono layer to coextruded films, lamination films, and lamination film for carpet padding to films for solar panel
construction. It sells its products through direct field sales force and distributors. Berry Plastics Group, Inc. was founded in 1967 and is
headquartered in Evansville, Indiana.
Trading Data
Share Price
($USD)
(July 30, 2015)
$33.36
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
90.0%
Revenue
$4,995.0
$5,097.3
$5,279.4
$37.08
EBITDA
767.0
867.9
901.7
52-Week Low
22.62
EBIT
407.0
510.5
568.1
1,583
EPS (Consensus)
$1.07
$1.77
$2.29
1.5x
Fiscal Year End
September
Market Data
($USD millions)
Enterprise Value
$4,242.3
1.6x
1.6x
7,901.3
10.3x
9.1x
8.8x
19.4x
15.5x
13.9x
nm
18.8x
14.6x
4.8x
4.8x
$40.00
6,000
$35.00
5,000
4,000
$25.00
$20.00
3,000
$15.00
2,000
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
40
7/15
Volume (000s)
Price ($USD)
$30.00
Blue Bird Corporation
Ticker:
BLBD
Exchange:
NasdaqGM
Rating:
Price:
Not Covered
$13.32
P
(as of July 30, 2015)
Founded:
Employees:
2013
Location:
1,646
Fort Valley, GA (United States)
Blue Bird Corporation designs, engineers, manufactures, and sells school buses and aftermarket parts in the United States and
internationally. It offers type C, type D, and specialty buses. The company sells its products through independent distributors to municipal,
federal, and commercial customers. Blue Bird Corporation was founded in 2013 and is based in Fort Valley, Georgia.
Trading Data
Share Price
($USD)
(July 30, 2015)
$13.32
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
83.9%
Revenue
$862.9
–
–
$15.87
EBITDA
21.3
–
–
EBIT
11.8
–
–
–
–
52-Week Low
8.50
55
Fiscal Year End
LTM
EPS (Consensus)
($0.07)
September
Market Data
($USD millions)
$278.9
0.6x
na
na
Enterprise Value
524.6
24.6x
na
na
10.3x
nm
na
na
nm
na
na
9.2x
$16.00
700
$14.00
600
500
$10.00
400
$8.00
300
$6.00
200
$4.00
100
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
41
7/15
Volume (000s)
Price ($USD)
$12.00
The Boeing Company
Ticker:
BA
Rating:
BUY
Price:
$143.01
Exchange:
NYSE
Analyst:
Howard A. Rubel
Target Price:
$185.00
P
(as of July 30, 2015)
Founded:
Employees:
1916
Location:
165,500
Chicago, IL (United States)
The Boeing Company, together with its subsidiaries, designs, develops, manufactures, sells, services, and supports commercial jetliners,
military aircraft, satellites, missile defense, human space flight, and launch systems and services worldwide. The company operates in
five segments: Commercial Airplanes, Boeing Military Aircraft, Network & Space Systems, Global Services & Support, and Boeing Capital. The
Commercial Airplanes segment develops, produces, and markets commercial jet aircraft for various passenger and cargo requirements, as
well as provides related support services to the commercial airline industry. This segment also offers aviation services support, aircraft
modifications, spares, training, maintenance documents, and technical advice to commercial and government customers. The Boeing Military
Aircraft segment is involved in the research, development, production, and modification of manned and unmanned military aircraft and
weapons systems for the global strike and vertical lift, and unmanned airborne systems programs, as well as mobility, surveillance, and
engagement. The Network & Space Systems segment engages in the research, development, production, and modification of electronics and
information solutions; strategic missile and defense systems; space and intelligence systems; and space exploration products. The Global Services
and Support segment offers integrated logistics, including supply chain management and engineering support; maintenance, modification,
and upgrades for aircraft; and training systems and government services, such as pilot and maintenance training. The Boeing Capital segment
facilitates, arranges, structures, and provides financing solutions, such as equipment under operating leases, finance leases, notes and
other receivables, assets held for sale or re-lease, and investments for its commercial airplanes customers. The Boeing Company was
founded in 1916 and is based in Chicago, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
$143.01
% of 52-Week High
52-Week High
52-Week Low
CY 2016E
Revenue
$94,944.0
$94,821.0
$96,420.0
$158.83
EBITDA
9,836.0
11,093.0
11,732.0
EBIT
7,844.0
8,515.0
8,658.6
$7.35
$8.10
$9.15
1.0x
1.0x
1.0x
3,434
Fiscal Year End
CY 2015E
90.0%
116.32
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
$98,537.0
95,709.0
Enterprise Value
0.7x
(0.3x)
9.7x
8.6x
8.2x
12.2x
11.2x
11.1x
19.5x
17.7x
15.6x
$180.00
16,000
$160.00
14,000
12,000
$120.00
10,000
$100.00
8,000
$80.00
6,000
$60.00
4,000
$40.00
2,000
$20.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
42
7/15
Volume (000s)
Price ($USD)
$140.00
Booz Allen Hamilton Holding Corporation
Ticker:
BAH
Exchange:
NYSE
Rating:
Price:
Not Covered
$27.81
P
(as of July 30, 2015)
Founded:
Employees:
1914
Location:
22,500
McLean, VA (United States)
Booz Allen Hamilton Holding Corporation provides management consulting, technology, and engineering services to corporations,
institutions, not-for-profit organizations, and the U.S. government in defense, intelligence, and civil markets in the United States and
internationally. Its acquisition, program management, and logistics capabilities include strategy development, policy support, logistics management,
staff development and deployment, modeling and simulation, testing and validation, information assurance, and data management services,
which help clients for various operational programs. The company’s cyber security capabilities help clients anticipate threats to their
networks and data; cloud analytics and data science capabilities, which help clients design cloud architecture, storage in the cloud, and
analytical solutions; and decision analytics capabilities that offer problem-solving techniques, including simulation, mathematical
optimization, queuing theory, and machine learning. Its engineering capabilities offer rapid prototyping, reverse engineering, systems
engineering and integration, and applied engineering disciplines; and human capital and learning capabilities include various strategy and
transformation services to address workforce and leadership challenges in a resource constrained environment. The company also provides
management consulting in the areas of strategy development, organizational design, process improvement, change management, and transformation;
and networks and information technology infrastructure services in the areas of enterprise operations, network services and
communications, data center operations, and data storage. In addition, it offers scientific research and the development and management of technology
services; and software development and architecture services. The company was founded in 1914 and is headquartered in McLean, Virginia.
Trading Data
Share Price
($USD)
(July 30, 2015)
$27.81
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
88.8%
Revenue
$5,304.1
$5,320.5
$5,419.3
$31.30
EBITDA
507.5
519.7
568.9
EBIT
445.9
453.2
505.3
EPS (Consensus)
$1.61
$1.55
$1.76
20.81
923
Fiscal Year End
March
Market Data
($USD millions)
Enterprise Value
$4,206.1
1.1x
1.1x
1.0x
5,671.4
11.2x
10.9x
10.0x
3.2x
12.7x
12.5x
11.2x
2.9x
17.2x
17.9x
15.8x
$35.00
6,000
$30.00
5,000
Price ($USD)
4,000
$20.00
3,000
$15.00
2,000
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
43
7/15
Volume (000s)
$25.00
Braskem S.A.
Ticker:
BRKM5
Exchange:
BOVESPA
Rating:
Price:
Not Covered
$3.38
P
(as of July 30, 2015)
Founded:
Employees:
1972
Location:
4,700
Camacari, Brazil
Braskem S.A., together with its subsidiaries, produces and sells thermoplastic resins. Its Basic Petrochemicals segment offers olefins,
such as ethylene, polymer and chemical grade propylene, butadiene, isoprene, and butene-1; BTX products comprising benzene, toluene,
ortho-xylene, para-xylene, and mixed xylenes; fuels, including automotive gasoline and liquefied petroleum gas; intermediates, such as cumene;
and other basic petrochemicals, which include ethyl tertiary butyl ether, solvent C9, and pyrolysis C9. This segment also supplies
electric energy, steam, compressed air, and other products to second-generation producers. The company’s Polyolefins segment produces
polyethylene, including LDPE, LLDPE, HDPE, UHMWPE, and EVA; green polyethylene from renewable resources; and polypropylene (PP). This segment’s
products are used in various applications, such as plastic films for food and industrial packaging; bottles, shopping bags, and other
consumer goods containers; automotive parts; and household appliances. Its Vinyls segment produces polyvinyl chloride, caustic soda,
chlorine, hydrogen, caustic soda flake, and sodium hypochlorite. The company’s USA and Europe segment produces PP in the United States and
Germany. Its Chemical Distribution segment distributes solvents, including aliphatic, aromatic, synthetic, and ecologically-friendly solvents;
engineering plastics; hydro carbonic solvents and isoparafins; and general purpose chemicals, such as process oils, chemical
intermediates, blends, specialty chemicals, pharmaceuticals, and santoprene. Braskem S.A. also imports and exports chemicals, petrochemicals, and
fuels; produces, supplies, and sells utilities, such as water and industrial gases; and provides industrial services. The company was
formerly known as Copene Petroquímica do Nordeste S.A. and changed its name to Braskem S.A. in 2002. The company was founded in 1972 and is
headquartered in Camacari, Brazil. Braskem S.A. is a subsidiary of Odebrecht S.A.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2016E
57.5%
Revenue
$13,872.2
$12,976.0
$15,386.1
$5.88
EBITDA
1,685.4
1,812.3
2,051.9
EBIT
1,054.4
1,100.4
1,310.3
$0.29
$0.39
$0.45
2.97
1,737
Fiscal Year End
CY 2015E
52-Week Low
LTM
$3.38
EPS (Consensus)
December
Market Data
($USD millions)
$2,710.5
0.9x
0.9x
0.8x
Enterprise Value
11,801.7
7.0x
6.5x
5.8x
6.4x
11.2x
10.7x
9.0x
5.4x
11.5x
8.6x
7.4x
$9.00
14,000
$8.00
12,000
10,000
$6.00
$5.00
8,000
$4.00
6,000
$3.00
4,000
$2.00
2,000
$1.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
44
7/15
Volume (000s)
Price ($USD)
$7.00
Cabot Corporation
Ticker:
CBT
Rating:
BUY
Price:
$35.39
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$52.00
P
(as of July 30, 2015)
Founded:
Employees:
1882
Location:
4,737
Boston, MA (United States)
Cabot Corporation operates as a specialty chemicals and performance materials company. The company offers carbon black, a form of
elemental carbon used to enhance the physical properties of the systems and applications in which it is incorporated; and rubber blacks for use
as a rubber reinforcing agent and performance additive in tires, hoses, belts, extruded profiles, and molded goods. It also designs,
manufactures, and sells specialty grades of carbon black and thermoplastic concentrates and compounds; and fumed silica, fumed alumina, and
dispersions for automotive, construction and infrastructure, and electronics and consumer products sectors. In addition, the company
manufactures and sells aqueous inkjet colorants to the inkjet printing market; and aerogel, a hydrophobic, silica-based particle for use in
various thermal insulation and specialty chemical applications. Further, it offers elastomer composite products that are compounds of
natural latex rubber and carbon black primarily for tire applications; and cesium formate, a drilling and completion fluid for use in high
pressure and high temperature oil and gas well construction. Additionally, Cabot Corporation produces and markets activated carbon product
used for the purification of water, air, food and beverages, pharmaceuticals, and other liquids and gases; as a chemical carrier; and as a
colorant or a decolorizing agent. The company sells its products primarily through distributors and sales representatives in the
Americas, Europe, the Middle East, Africa, and the Asia Pacific. Cabot Corporation was founded in 1882 and is headquartered in Boston,
Massachusetts.
Trading Data
Share Price
($USD)
(July 30, 2015)
$35.39
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
63.2%
Revenue
$3,357.0
$3,185.0
$3,355.0
$55.98
EBITDA
536.0
507.0
558.4
EBIT
344.0
302.0
348.4
EPS (Jefferies)
$3.07
$2.60
$3.30
34.17
486
Fiscal Year End
LTM
September
Market Data
($USD millions)
Enterprise Value
$2,250.8
1.0x
1.1x
1.0x
3,424.8
6.4x
6.8x
6.1x
2.2x
10.0x
11.3x
9.8x
2.0x
11.5x
13.6x
10.7x
$60.00
3,000
$50.00
2,500
$40.00
2,000
$30.00
1,500
$20.00
1,000
$10.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
45
7/15
Volume (000s)
Price ($USD)
Capstone Turbine Corporation
Ticker:
CPST
Exchange:
NasdaqCM
Rating:
Price:
Not Covered
$0.34
P
(as of July 30, 2015)
Founded:
Employees:
1988
Location:
236
Chatsworth, CA (United States)
Capstone Turbine Corporation develops, manufactures, markets, and services microturbine technology solutions for use in stationary
distributed power generation applications worldwide. It offers microturbine units, subassemblies, components, and various accessories for
applications, including cogeneration comprising combined heat and power (CHP) and integrated CHP, as well as combined cooling, heat, and
power; and renewable energy, natural resources, and critical power supply. The company’s microturbines are also used as battery charging
generators for hybrid electric vehicle applications. It also provides various accessories, including rotary gas compressors with digital
controls; heat recovery modules for CHP applications; dual mode controllers that allow automatic transition between grid connect and
stand-alone modes; batteries with digital controls for stand-alone/dual-mode operations; power servers for multipacked installations; protocol
converters for Internet access; packaging options; and miscellaneous parts, such as frames, exhaust ducting, and installation hardware. In
addition, the company remanufactures microturbine engines; and provides after-market parts and services, as well as repair and maintenance
services. It markets and sells its products primarily through distributors and original equipment manufacturers. Capstone Turbine
Corporation was founded in 1988 and is headquartered in Chatsworth, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
$115.5
$126.1
$140.0
23.8%
Revenue
$1.43
EBITDA
(26.4)
(13.8)
(9.7)
EBIT
(28.1)
(17.4)
(11.2)
($0.05)
($0.06)
($0.03)
52-Week Low
0.30
LTM
$0.34
2,773
Fiscal Year End
EPS (Consensus)
March
Market Data
($USD millions)
$112.6
0.8x
0.7x
0.7x
93.8
nm
nm
nm
nm
nm
nm
nm
nm
nm
Enterprise Value
nm
0.7x
$1.60
50,000
$1.40
45,000
40,000
35,000
$1.00
30,000
$0.80
25,000
$0.60
20,000
15,000
$0.40
10,000
$0.20
5,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
46
7/15
Volume (000s)
Price ($USD)
$1.20
Carlisle Companies Incorporated
Ticker:
CSL
Exchange:
NYSE
Rating:
Price:
Not Covered
$101.38
P
(as of July 30, 2015)
Founded:
Employees:
1917
Location:
11,000
Charlotte, NC (United States)
Carlisle Companies Incorporated operates as a diversified manufacturing company in the United States and internationally. The company’s
Construction Materials segment manufactures and sells rubber, thermoplastic polyolefin, polyvinyl chloride membrane roofing systems; rigid
foam insulation panels for various roofing applications; and liquid and spray-applied waterproofing membranes, vapor and air barriers,
and HVAC duct sealants and hardware for the commercial and residential construction markets. Its Interconnect Technologies segment designs
and manufactures wire, cable, connectors, contacts, and cable assemblies for the transfer of power and data primarily for the aerospace,
medical, defense electronics, test and measurement equipment, and industrial markets. The company’s Brake & Friction segment provides
off-highway braking systems and friction products for off-highway, on-highway, aircraft, and other industrial applications, principally
serving the construction, agriculture, mining, aircraft, heavy truck, and performance racing markets. Its FoodService Products segment
offers commercial and institutional foodservice permanentware, table coverings, cookware, catering equipment, fiberglass and composite
material trays and dishes, industrial brooms, brushes, mops, and rotary brushes for commercial and non-commercial foodservice operators and
sanitary maintenance professionals. In addition, the company develops, manufactures, and sells Binks spray finishing equipment, DeVilbiss
spray guns and accessories, Ransburg electrostatic equipment and accessories, and BGK curing technology. It markets its products to original
equipment manufacturers, distributors, and directly to end-users. Carlisle Companies Incorporated was founded in 1917 and is
headquartered in Charlotte, North Carolina.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$3,388.0
$3,659.0
$3,964.3
$104.99
EBITDA
571.6
637.8
720.2
EBIT
456.1
510.4
586.0
EPS (Consensus)
$4.08
$4.88
$5.70
LTM
74.69
284
Fiscal Year End
96.6%
$101.38
December
Market Data
($USD millions)
Enterprise Value
$6,747.3
2.1x
2.0x
1.8x
7,266.6
12.7x
11.4x
10.1x
1.3x
15.9x
14.2x
12.4x
0.9x
24.8x
20.8x
17.8x
$120.00
2,500
2,000
$80.00
1,500
$60.00
1,000
$40.00
500
$20.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
47
7/15
Volume (000s)
Price ($USD)
$100.00
Casella Waste Systems, Inc.
Ticker:
CWST
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$6.17
P
(as of July 30, 2015)
Founded:
Employees:
1975
Location:
1,900
Rutland, VT (United States)
Casella Waste Systems, Inc., together with its subsidiaries, operates as a regional, vertically-integrated solid waste, and resource
management services company in the northeastern United States. It provides resource management services, primarily in the areas of solid
waste collection and disposal, transfer, recycling, and organics services to residential, commercial, municipal, and industrial customers.
The company offers a range of non-hazardous solid waste services, including collections, transfer stations, material recovery facilities,
and disposal facilities. It also markets recyclable metals, aluminum, plastics, and paper and corrugated cardboard that are processed at
its facilities, as well as recyclables purchased from third-parties. In addition, the company, through a joint venture interest in
Casella-Altela Regional Environmental Services, LLC, owns and operates water and leachate treatment facility for the natural gas drilling
industry in Pennsylvania, as well as involved in commodity brokerage operations. As of January 30, 2015, it owned and/or operated 35 solid
waste collection operations, 44 transfer stations, 18 recycling facilities, 9 Subtitle D landfills, 4 landfill gas-to-energy facilities, and
1 landfill permitted to accept construction and demolition materials. Casella Waste Systems, Inc. was founded in 1975 and is
headquartered in Rutland, Vermont.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
Revenue
$562.4
$530.0
$546.9
EBITDA
101.4
104.5
113.9
39.9
30.0
97.9%
$6.30
52-Week Low
3.41
EBIT
208
EPS (Consensus)
Fiscal Year End
LTM
$6.17
($0.11)
36.5
($0.18)
($0.04)
December
Market Data
($USD millions)
Enterprise Value
$250.4
1.4x
1.5x
794.2
7.8x
7.6x
7.0x
19.9x
26.5x
21.8x
nm
nm
nm
5.4x
5.4x
1.5x
$7.00
3,000
$6.00
2,500
Price ($USD)
2,000
$4.00
1,500
$3.00
1,000
$2.00
500
$1.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
48
7/15
Volume (000s)
$5.00
Catalyst Paper Corporation
Ticker:
CYT
Exchange:
TSX
Rating:
Price:
Not Covered
$2.29
P
(as of July 30, 2015)
Founded:
Employees:
1946
Location:
1,550
Richmond, Canada
Catalyst Paper Corporation, together with its subsidiaries, produces and sells mechanical printing papers in Western North America. It
operates through three segments: Specialty Printing Papers, Newsprint, and Pulp. The Specialty Printing Papers segment offers coated
mechanical, uncoated mechanical, directory, soft-calendared mechanical, coated freesheet, and specialty papers for retailers; magazine,
catalogue, and book publishers; commercial printers; and telephone directory publishers. This segment sells its products through marketing
personnel in North America, as well as through distributors and agents in other geographic markets. The Newsprint segment provides newsprint
primarily for newspaper publishers in Western and Central North America, Asia, and Latin America. The Pulp segment offers northern
bleached softwood kraft pulp products for producers of tissue, magazine papers, woodfree printing and writing papers, and specialty paper
products. This segment sells its products through sales and marketing personnel in Canada, as well as through a network of agents
internationally. The company was formerly known as NorskeCanada and changed its name to Catalyst Paper Corporation in 2005. Catalyst Paper
Corporation was founded in 1946 and is headquartered in Richmond, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$2.29
39.7%
Revenue
$5.76
EBITDA
52-Week Low
1.46
EBIT
2
Fiscal Year End
LTM
EPS (Consensus)
CY 2015E
CY 2016E
$1,193.9
–
–
10.1
–
–
(31.4)
–
–
($2.58)
–
–
December
Market Data
($USD millions)
$34.9
0.3x
na
na
Enterprise Value
381.0
nm
na
na
34.9x
nm
na
na
34.3x
nm
na
na
$7.00
3,500
$6.00
3,000
$5.00
2,500
$4.00
2,000
$3.00
1,500
$2.00
1,000
$1.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
49
7/15
Volume (000s)
Price ($USD)
Caterpillar, Inc.
Ticker:
CAT
Rating:
HOLD
Price:
$78.35
Exchange:
NYSE
Analyst:
Stephen Volkmann
Target Price:
$75.00
P
(as of July 30, 2015)
Founded:
Employees:
1925
Location:
111,247
Peoria, IL (United States)
Caterpillar Inc. manufactures and sells construction and mining equipment, diesel and natural gas engines, industrial gas turbines, and
diesel-electric locomotives worldwide. The company’s Construction Industries segment offers backhoe, small wheel, skid steer,
multi-terrain, compact track, medium and compact wheel, and track-type loaders; mini, wheel, and track excavators; track-type tractors; and select
work tools, motor graders, telehandlers, soil compactors, and pipelayers, as well as its related parts for the heavy and general
construction, rental, mining and quarry, and aggregates markets. Its Resource Industries segment provides electric rope and hydraulic shovels;
draglines; drills; highwall and longwall miners; hard rock vehicles; articulated, large mining, and off-highway trucks; large wheel loaders;
wheel tractor scrapers; wheel dozers; machinery components; and electronics and control systems for use in mining and quarry
applications. The company’s Energy & Transportation segment offers reciprocating engines; reciprocating engine powered generator sets; integrated
systems and solutions for the electric power generation industry; and turbines and its related services, centrifugal gas compressors,
diesel-electric locomotives and components, and rail-related products and services. Its Financial Products segment provides retail and
wholesale financing primarily for Caterpillar equipment, machinery, and engines; offers property, casualty, life, accident, and health insurance;
insurance brokerage services; and purchases short-term trade receivables. The company’s All Other segments remanufactures engines and
components; provides business strategy, and development, management, manufacturing, marketing, and support primarily for paving, forestry,
industrial, waste, and Cat products. The company was formerly known as Caterpillar Tractor Co. and changed its name to Caterpillar Inc.
in 1986. The company was founded in 1925 and is headquartered in Peoria, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
$78.35
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
71.4%
Revenue
$49,802.0
$46,240.0
$46,565.0
$109.73
EBITDA
7,323.0
6,100.0
6,033.6
52-Week Low
74.77
EBIT
5,122.0
3,952.0
3,933.6
4,817
EPS (Jefferies)
$6.21
$4.75
$4.50
1.2x
1.3x
1.3x
Fiscal Year End
December
Market Data
($USD millions)
$47,554.1
61,529.1
Enterprise Value
8.4x
10.1x
10.2x
2.8x
12.0x
15.6x
15.6x
1.9x
12.6x
16.5x
17.4x
$120.00
30,000
$100.00
25,000
$80.00
20,000
$60.00
15,000
$40.00
10,000
$20.00
5,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
50
7/15
Volume (000s)
Price ($USD)
CECO Environmental Corp.
Ticker:
CECE
Rating:
HOLD
Price:
Exchange:
NasdaqGS
Analyst:
Scott Graham
Target Price:
$9.23
P
(as of July 30, 2015)
$12.00
Founded:
Employees:
1966
Location:
852
Cincinnati, OH (United States)
CECO Environmental Corp., an environmental technology company, provides critical solutions in the product recovery, air pollution
control, fluid handling, and filtration segments worldwide. It operates through three segments: Air Pollution Control, Energy, and Fluid
Handling and Filtration. The Air Pollution Control segment designs and manufactures various products and solutions, including chemical and
biological scrubbers, fabric filters and cartridge collectors, thermal and catalytic oxidation systems, cyclones, separators, gas absorbers,
and industrial ventilation systems. It also offers component parts for industrial air systems; and alternatives to traditional duct
components, as well as provides custom metal engineered fabrication services. The Energy segment designs and manufactures technologies for flue
gas and diverter dampers, non-metallic expansion joints, and natural gas turbine exhaust systems, as well as for silencer and
precipitator applications, primarily for coal-fired and natural gas power plants, refining, oil production and petrochemical processing, and other
industries. The Fluid Handling and Filtration segment designs and manufactures centrifugal pumps for corrosive, abrasive, and high
temperature liquids; and filter products for air and liquid filtration, as well as product recovery equipment, and air movement and exhaust
systems for use in aquarium/aquaculture, plating and metal finishing, food and beverage, chemical/petrochemical, wastewater treatment,
desalination, and pharmaceutical markets. The company offers its products under Effox-Flextor, Kirk & Blum, KB Duct, Fisher-Klosterman, FKI,
Emtrol-Buell, AVC, Busch International, CECO Filters, Adwest, Aarding, HEE-Duall, Flex-Kleen, Bio-Reaction, Dean Pump, Fybroc, Sethco,
Mefiag Filtration, Keystone Filter, and Strobic Air brand names to various end-markets and customers for use in various applications. CECO
Environmental Corp. was founded in 1966 and is based in Cincinnati, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
Revenue
$287.0
$325.8
$336.1
48.1
$9.23
58.1%
$15.90
EBITDA
33.1
38.3
52-Week Low
8.65
EBIT
22.3
24.7
30.6
100
EPS (Jefferies)
$0.40
$0.56
$0.71
1.0x
1.0x
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$246.2
1.2x
340.1
10.3x
8.9x
7.1x
3.4x
15.2x
13.8x
11.1x
2.8x
23.1x
16.5x
13.0x
$18.00
500
$16.00
450
$14.00
400
350
$12.00
300
$10.00
250
$8.00
200
$6.00
150
$4.00
100
$2.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
51
7/15
Volume (000s)
Price ($USD)
Celanese Corporation
Ticker:
CE
Rating:
BUY
Price:
$65.81
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$75.00
P
(as of July 30, 2015)
Founded:
Employees:
1918
Location:
7,468
Irving, TX (United States)
Celanese Corporation, a technology and specialty materials company, manufactures and sells value-added chemicals, thermoplastic polymers,
and other chemical-based products worldwide. The company’s Advanced Engineered Materials segment develops, produces, and supplies
specialty polymers for use in automotive, medical, electronics, and other consumer and industrial applications. Its Consumer Specialties
segment provides cellulose acetate flakes, films, and tows for use in filter products applications; Sunett, a sweetener for use in various
beverages, confections, and dairy products; Qorus, a sweetener system designed for low-to no-calorie carbonated and non-carbonated beverages,
flavored waters, energy drinks, and milk and dairy products; and food protection ingredients, such as potassium sorbate and sorbic acids
for use in foods, beverages, and personal care products. The company’s Industrial Specialties segment produces emulsions and ethylene
vinyl acetate (EVA) performance polymers. This segment offers vinyl acetate-based emulsions for use in paints and coatings, adhesives,
construction, glass fiber, textiles, and paper applications; EVA resins and compounds, as well as low-density polyethylene for use in
flexible packaging films, lamination film products, hot melt adhesives, medical products, automotive, and carpeting applications. Its Acetyl
Intermediates segment offers acetyl products, including acetic acid, vinyl acetate monomers, acetic anhydride, and acetate esters for use as
starting materials for colorants, paints, adhesives, coatings, and pharmaceuticals. The company also provides organic solvents and
intermediates for pharmaceutical, agricultural, and chemical products. The company was founded in 1918 and is headquartered in Irving, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
$65.81
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
88.7%
Revenue
$6,255.0
$5,690.0
$5,785.4
$74.19
EBITDA
1,328.0
1,492.0
1,549.5
1,009.0
958.0
938.4
$6.18
$5.75
$6.30
2.1x
52-Week Low
49.42
EBIT
1,116
EPS (Jefferies)
Fiscal Year End
LTM
December
Market Data
($USD millions)
$10,186.3
2.0x
2.2x
12,256.3
9.2x
8.2x
7.9x
Enterprise Value
2.0x
12.1x
12.8x
13.1x
1.3x
10.7x
11.4x
10.4x
$80.00
8,000
$70.00
7,000
$60.00
6,000
$50.00
5,000
$40.00
4,000
$30.00
3,000
$20.00
2,000
$10.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
52
7/15
Volume (000s)
Price ($USD)
The Chemours Company
Ticker:
CC
Exchange:
NYSE
Rating:
Price:
Not Covered
$11.59
P
(as of July 30, 2015)
Founded:
Employees:
2015
Location:
9,000
Wilmington, DE (United States)
The Chemours Company, a chemical company, provides titanium technologies, fluoroproducts, and chemical solutions. Its flagship products
include brands, such as Teflon, Ti-Pure, Krytox Viton, Opteon, and Nafion. The company produces titanium dioxide, with Ti-Pure for
coatings, plastics, laminates, and paper; and fluoroproducts, including Teflon fluoropolymers, Krytox performance lubricants, Viton
fluoroelastomers, and Opteon refrigerants. In addition, it offers chemical products, including sulfuric acid, cyanide for gold processing, chlorine
dioxide for water treatment, and Virkon disinfectant technologies for biosecurity. The company’s products are used in plastics and
coatings, refrigeration and air conditioning, mining and oil refining operations, and general industrial manufacturing applications. It serves
customers located in North America, Latin America, the Asia-Pacific, and Europe. The company is headquartered in Wilmington, Delaware.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
Revenue
$6,226.0
$5,875.8
$5,892.5
$21.80
EBITDA
732.0
681.7
869.6
EBIT
475.0
418.1
590.3
–
$1.16
$1.49
52-Week Low
5,106
Fiscal Year End
LTM
9.86
53.2%
$11.59
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$2,097.9
0.3x
0.4x
0.4x
2,101.9
2.9x
3.1x
2.4x
–
4.4x
5.0x
3.6x
–
na
10.0x
7.8x
$25.00
35,000
30,000
$20.00
Price ($USD)
20,000
15,000
$10.00
10,000
$5.00
5,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
53
7/15
Volume (000s)
25,000
$15.00
Chemtura Corporation
Ticker:
CHMT
Exchange:
NYSE
Rating:
Price:
Not Covered
$27.73
P
(as of July 30, 2015)
Founded:
Employees:
1900
Location:
2,700
Philadelphia, PA (United States)
Chemtura Corporation, together with its subsidiaries, develops, manufactures, and markets performance-driven engineered specialty
chemicals for industrial manufacturing customers in the United States and internationally. Its Industrial Performance Products segment offers
synthetic base-stocks and petroleum additives that enable engine and machine protection through friction reduction, thermal and oxidative
stabilization, detergency, corrosion inhibition, and wear protection in transportation and industrial lubricating fluids and greases; and
synthetic finished lubricants and greases for aviation, marine, refrigeration, power generation, and general industrial applications.
This segment also provides thermoset and thermoplastic urethane polymers for a range of industrial and recreational applications; and
polyester polyols for cast polyurethane pre-polymers, flexible polyurethane foams, and water-based polyurethane dispersions for use in various
coatings. The company’s Industrial Engineered Products segment offers catalyst components; surface treatments; flame retardants and a
bromine based product line used as agricultural and pharmaceutical intermediates; completion fluids for oil and gas extraction; and mercury
control products for coal fired power stations. It serves plastics, agriculture, fine chemicals, oil and gas, building and construction,
insulation, electronics, mercury control, solar energy, pharmaceutical, and automotive industries. The company offers its industrial
performance products under the Adiprene, Anderol, Durad, Duracast, Everest, Fomrez, Hatcol, Hybase, Lobase, Naugalube, Reolube, Royco,
Synton, Trixene, Vibrathane, and Witcobond brands; and industrial engineered products under the Axion, DayStar, Emerald Innovation, Firemaster,
Fyrebloc, GeoBrom, Kronitex, Meth-o-Gas, Ongard, Pyrobloc, Reofos, Smokebloc, Thermoguard, and Timonox brands. Chemtura Corporation was
founded in 1900 and is headquartered in Philadelphia, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,927.0
$1,767.1
$1,862.0
$31.10
EBITDA
197.0
248.0
287.5
EBIT
102.0
143.0
186.9
EPS (Consensus)
$0.68
$1.26
$1.65
1.2x
1.1x
LTM
21.02
590
Fiscal Year End
89.2%
$27.73
December
Market Data
($USD millions)
Enterprise Value
$1,925.9
1.1x
2,134.9
10.8x
8.6x
7.4x
2.6x
20.9x
14.9x
11.4x
1.1x
nm
22.0x
16.8x
$35.00
6,000
$30.00
5,000
Price ($USD)
4,000
$20.00
3,000
$15.00
2,000
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
54
7/15
Volume (000s)
$25.00
Clean Energy Fuels Corporation
Ticker:
CLNE
Rating:
HOLD
Price:
$5.85
Exchange:
NasdaqGS
Analyst:
Laurence Alexander
Target Price:
$9.00
P
(as of July 30, 2015)
Founded:
Employees:
2001
Location:
1,128
Newport Beach, CA (United States)
Clean Energy Fuels Corp. provides natural gas as an alternative fuel for vehicle fleets in the United States and Canada. It designs,
builds, operates, and maintains fueling stations; and supplies compressed natural gas (CNG) fuel for light, medium, and heavy-duty vehicles,
as well as liquefied natural gas (LNG) fuel for medium and heavy-duty vehicles. The company also manufactures, sells, and services
non-lubricated natural gas fueling compressors and other equipment used in CNG stations and LNG stations; provides operation and maintenance
services; transports and sells CNG to industrial and institutional energy users; and processes and sells renewable natural gas, which is
used as vehicle fuel or for renewable power generation. In addition, it helps its customers in acquiring and financing natural gas
vehicles, as well as obtaining local, state, and federal grants and incentives. The company serves fleet vehicle operators in various markets,
including heavy-duty trucks, airports, taxis, refuse hauling, fleet services, ready mix, and public transit. As of December 31, 2014, it
served approximately 943 fleet customers operating approximately 40,814 natural gas vehicles; and owned, operated, or supplied
approximately 545 natural gas fueling stations. The company was incorporated in 2001 and is headquartered in Newport Beach, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$5.85
55.8%
Revenue
$10.48
EBITDA
52-Week Low
3.99
CY 2015E
CY 2016E
$419.5
$415.0
$465.0
8.3
EBIT
1,856
Fiscal Year End
LTM
EPS (Jefferies)
(7.0)
11.0
(39.8)
(59.0)
(43.6)
($0.76)
($1.10)
($0.90)
December
Market Data
($USD millions)
$583.2
2.3x
2.3x
2.1x
Enterprise Value
964.5
nm
nm
nm
69.4x
nm
nm
nm
42.8x
nm
nm
nm
$12.00
14,000
$10.00
12,000
10,000
$8.00
8,000
$6.00
6,000
$4.00
4,000
$2.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
55
7/15
Volume (000s)
Price ($USD)
Coeur Mining, Inc.
Ticker:
CDE
Exchange:
NYSE
Rating:
Price:
Not Covered
$3.45
P
(as of July 30, 2015)
Founded:
Employees:
1928
Location:
1,868
Coeur Mining, Inc., through its subsidiaries, engages in the ownership, operation, exploration, and development of silver and gold mining
properties primarily in the United States, Mexico, Bolivia, Argentina, Australia, Ecuador, Chile, and New Zealand. Its principal
properties include the Palmarejo silver and gold mine in Mexico; San Bartolomé silver mine in Bolivia; Kensington gold mine located in Alaska;
the Rochester silver and gold mine in Nevada; and the Endeavor mine, an underground zinc, lead, and silver mine in Australia. The company
also owns the La Preciosa and Joaquin silver and gold exploration projects in Mexico and Argentina; and other precious metal royalties.
It markets silver and gold concentrates to third-party smelters and refineries in China and Japan. The company was formerly known as Coeur
d’Alene Mines Corporation and changed its name to Coeur Mining, Inc. in May 2013. Coeur Mining, Inc. was founded in 1928 and is based in
Chicago, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
Revenue
$629.1
$640.1
$711.1
EBITDA
77.3
82.4
137.3
(82.7)
(52.2)
(18.3)
($0.77)
($0.86)
($0.61)
$8.58
EBIT
2,574
Fiscal Year End
CY 2016E
40.2%
3.37
CY 2015E
52-Week Low
LTM
$3.45
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$469.2
1.3x
1.3x
1.1x
803.1
10.4x
9.8x
5.8x
6.6x
nm
nm
nm
4.3x
nm
nm
nm
$9.00
25,000
$8.00
20,000
$6.00
15,000
$5.00
$4.00
10,000
$3.00
$2.00
5,000
$1.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
56
7/15
Volume (000s)
Price ($USD)
$7.00
Commercial Metals Company
Ticker:
CMC
Rating:
BUY
Price:
$15.54
Exchange:
NYSE
Analyst:
Luke Folta
Target Price:
$21.00
P
(as of July 30, 2015)
Founded:
Employees:
1915
Location:
9,293
Commercial Metals Company manufactures, recycles, and markets steel and metal products, and related materials and services in the United
States and internationally. It operates through five segments: Americas Recycling, Americas Mills, Americas Fabrication, International
Mill, and International Marketing and Distribution. The Americas Recycling segment processes scrap metals for use as a raw material by
manufacturers of new metal products through 29 scrap metal processing facilities to steel mills and foundries, aluminum sheet and ingot
manufacturers, brass and bronze ingot makers, copper refineries and mills, secondary lead smelters, specialty steel mills, high temperature
alloy manufacturers, and other consumers. The Americas Mills segment operates 5 steel mills producing reinforcing bars, angles, flats,
rounds, small beams, fence-post sections, and other shapes; 2 scrap metal shredders and 10 scrap metal processing facilities; and a railroad
salvage company. The Americas Fabrication segment operates fence post manufacturing plants, construction-related product facilities, and
plants that bend, weld, cut, and fabricate steel; warehouses that sell or rent products for the installation of concrete; facilities that
produce steel fence posts; and facilities that heat-treat steel. The International Mill segment engages in mill, recycling, and
fabrication operations through the operation of two rolling minimills that produce reinforcing bar (rebar) and merchant products; a specialty rod
finishing mill; scrap processing facilities; and four steel fabrication facilities for rebar and mesh products. The International
Marketing and Distribution segment processes, sells, and distributes steel products, ferrous and nonferrous metals, and other industrial
products to manufacturers in the steel, nonferrous metals, metal fabrication, chemical, refractory, construction, and transportation
businesses. The company was founded in 1915 and is headquartered in Irving, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
83.2%
Revenue
$6,480.3
$5,859.4
$5,733.2
$18.67
$15.54
LTM
EBITDA
512.5
548.5
517.8
52-Week Low
12.80
EBIT
377.8
412.5
377.8
1,126
EPS (Jefferies)
$1.72
$1.88
$1.76
Fiscal Year End
August
Market Data
($USD millions)
Enterprise Value
$1,796.5
0.4x
0.5x
0.5x
2,876.2
5.6x
5.2x
5.6x
2.8x
7.6x
7.0x
7.6x
2.1x
9.0x
8.3x
8.8x
$20.00
6,000
$18.00
5,000
$16.00
Price ($USD)
4,000
$12.00
$10.00
3,000
$8.00
2,000
$6.00
$4.00
1,000
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
57
7/15
Volume (000s)
$14.00
CPI Aerostructures, Inc.
Ticker:
CVU
Exchange:
AMEX
Rating:
Price:
Not Covered
$8.97
P
(as of July 30, 2015)
Founded:
Employees:
1980
Location:
281
Edgewood, NY (United States)
CPI Aerostructures, Inc. engages in the contract production of structural aircraft parts for fixed wing aircraft and helicopters in the
commercial and defense aerospace markets. It offers aircraft structural parts, such as skin panels, leading edges, flight control
surfaces, engine components, wing tips, cowl doors, nacelle assemblies, and inlet assemblies for military aircraft; and reconnaissance pod
structures and fuel panel systems. The company also operates as a subcontractor for defense prime contractors and commercial contractors, as
well as the United States Department of Defense, primarily the Air Force. In addition, it offers engineering, program management, supply
chain management, and maintenance repair and overhaul services. The company was formerly known as Consortium of Precision Industries, Inc.
and changed its name to CPI Aerostructures, Inc. in July 1992. CPI Aerostructures, Inc. was founded in 1980 and is headquartered in
Edgewood, New York.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
70.2%
Revenue
$37.7
$12.77
EBITDA
EBIT
52-Week Low
8.16
9
Fiscal Year End
$8.97
EPS (Consensus)
CY 2015E
CY 2016E
$95.4
$105.7
(34.6)
12.7
17.6
(35.4)
12.2
15.4
($2.66)
$0.87
$1.24
December
Market Data
($USD millions)
$76.7
2.8x
1.1x
1.0x
Enterprise Value
107.1
nm
8.4x
6.1x
nm
nm
8.8x
7.0x
nm
nm
10.3x
7.2x
$14.00
140
$12.00
120
$10.00
100
$8.00
80
$6.00
60
$4.00
40
$2.00
20
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
58
7/15
Volume (000s)
Price ($USD)
Crown Holdings, Inc.
Ticker:
CCK
Rating:
BUY
Price:
$51.98
Exchange:
NYSE
Analyst:
Philip Ng
Target Price:
$63.00
P
(as of July 30, 2015)
Founded:
Employees:
1927
Location:
23,000
Philadelphia, PA (United States)
Crown Holdings, Inc. designs, manufactures, and sells packaging products for consumer goods in Americas, Europe, and the Asia Pacific.
The company’s products include aluminum beverage cans and ends, and other packaging products to beverage and beer companies; food cans and
ends, including two-and three-piece cans in various shapes and sizes for food marketers; and aerosol cans and ends for manufacturers of
personal care, food, household, and industrial products. It also provides metal and composite closures, and capping systems and services,
as well as various specialty containers comprising lid and closure variations. Crown Holdings, Inc. was founded in 1927 and is
headquartered in Philadelphia, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$8,996.0
$9,007.0
$9,541.5
$57.08
EBITDA
LTM
42.50
688
Fiscal Year End
91.1%
$51.98
1,364.0
1,259.5
1,383.6
EBIT
983.0
1,017.5
1,135.6
EPS (Jefferies)
$3.38
$3.59
$4.20
1.5x
1.4x
1.4x
December
Market Data
($USD millions)
$7,183.2
Enterprise Value
13,058.2
9.6x
10.4x
9.4x
4.3x
13.3x
12.8x
11.5x
4.1x
15.4x
14.5x
12.4x
$60.00
3,500
$50.00
3,000
2,500
$40.00
2,000
$30.00
1,500
$20.00
1,000
$10.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
59
7/15
Volume (000s)
Price ($USD)
DCC plc
Ticker:
DCC
Rating:
BUY
Price:
$78.81
Exchange:
LSE
Analyst:
Justin Jordan
Target Price:
$87.58
P
(as of July 30, 2015)
Founded:
Employees:
1976
Location:
10,220
Dublin, Ireland
DCC plc provides sales, marketing, distribution, and business support services worldwide. The company’s DCC Energy segment offers oil and
liquefied petroleum gas products, and fuel cards. It sells transport fuels, and heating and fuel oils to commercial, retail,
agricultural, industrial, aviation, and marine customers. As of March 31, 2015, this segment served approximately 1 million customers in
approximately 9 countries. Its DCC Technology segment sells a range of computing products, including tablets and PC’s; communications products, such
as smartphones, feature phones, accessories, and unified communications; and servers and storage, audio visual products, printers,
peripherals, networking and security products, and consumables, as well as consumer technology products comprising games consoles and
software, wearable technology, consumer electronics, and accessories and peripherals to retailers, grocers, etailers, and resellers. This segment
also offers supply chain management services. The company’s DCC Healthcare segment sells, markets, and distributes a range of own and
third party branded pharmaceuticals and medical devices to hospitals, pharmacies, general practitioners, and other healthcare providers;
and outsourced product development, manufacturing, packing, and other services to the health and beauty brand owners. This segment provides
solid dose, injectable, and inhaler products across a range of therapy areas, including oncology, beta lactam and other antibiotics,
anaesthesia, pain management, haematology, respiratory, addiction, and emergency medicine; and medical devices and consumables in the areas
of wound care, urology, procedure packs, critical care, diagnostics, orthopaedics, and neurology. Its DCC Environmental segment provides
recycling, waste management, and resource recovery services to the industrial, commercial, construction, and public sectors. DCC plc was
founded in 1976 and is headquartered in Dublin, Ireland.
Trading Data
Share Price
($USD)
(July 30, 2015)
$78.81
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
94.9%
Revenue
$16,587.6
$17,212.5
$18,288.9
$83.03
EBITDA
450.3
532.1
621.2
EBIT
356.9
421.2
475.2
EPS (Jefferies)
$3.25
$3.61
$4.05
47.60
208
Fiscal Year End
March
Market Data
($USD millions)
Enterprise Value
$6,657.0
0.4x
0.4x
0.4x
6,981.0
15.5x
13.1x
11.2x
5.1x
19.6x
16.6x
14.7x
0.7x
24.3x
21.8x
19.5x
$90.00
1,600
$80.00
1,400
1,200
$60.00
1,000
$50.00
800
$40.00
600
$30.00
400
$20.00
200
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
60
7/15
Volume (000s)
Price ($USD)
$70.00
Deutsche Post AG
Ticker:
DPW
Rating:
HOLD
Price:
$30.29
Exchange:
XTRA
Analyst:
David Kerstens
Target Price:
$30.60
P
(as of July 30, 2015)
Founded:
Employees:
1995
Location:
487,582
Bonn, Germany
Deutsche Post AG provides logistics and communications services in Germany, Europe, the Americas, the Asia Pacific, and Other regions.
The company operates through four divisions: Post-eCommerce-Parcel (PeP); Express; Global Forwarding, Freight; and Supply Chain. The PeP
division provides post services, including mail products, advertising mail, press products, import/export, philately, and postbus services;
and eCommerce-parcel services, such as parcel services, shipment of goods, and fulfilment and special services. It also offers dialogue
marketing services, press distribution services, and electronic services associated with mail delivery. The Express division offers
courier and express services to business and private customers in approximately 220 countries and territories. The Global Forwarding, Freight
division transports goods by rail, road, air, and sea; offers full, part, and less than truckload freight services; and provides
intermodal transport services. This division also offers multimodal and sector-specific solutions, as well as solutions for industrial projects.
The Supply Chain division provides supply chain logistics solutions, including warehousing, distribution, managed transport, value-added
services, and supply chain management and consulting services; business process outsourcing; and marketing communications solutions. It
also offers marketing solutions, office document solutions, and customer correspondence management services. Deutsche Post AG is
headquartered in Bonn, Germany.
Trading Data
Share Price
($USD)
(July 30, 2015)
$30.29
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
87.9%
Revenue
$63,189.6
$66,756.5
$69,583.2
$34.45
EBITDA
4,773.0
5,072.5
5,541.2
52-Week Low
23.81
EBIT
3,266.1
3,433.0
3,780.8
4,578
EPS (Jefferies)
$1.76
$1.87
$2.03
0.6x
0.6x
0.6x
Fiscal Year End
December
Market Data
($USD millions)
$37,728.5
39,584.0
Enterprise Value
8.3x
7.8x
7.1x
1.0x
12.1x
11.5x
10.5x
0.3x
17.2x
16.2x
14.9x
$40.00
16,000
$35.00
14,000
$30.00
12,000
$25.00
10,000
$20.00
8,000
$15.00
6,000
$10.00
4,000
$5.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
61
7/15
Volume (000s)
Price ($USD)
DigitalGlobe, Inc.
Ticker:
DGI
Rating:
BUY
Price:
$24.76
Exchange:
NYSE
Analyst:
Howard Rubel
Target Price:
$40.00
P
(as of July 30, 2015)
Founded:
Employees:
1993
Location:
1,339
Longmont, CO (United States)
DigitalGlobe, Inc. provides imagery and imagery information products and services in the United States and internationally. It offers
earth imagery products comprising imagery from its constellation of high-resolution satellites, as well as satellite and aerial imagery
acquired from third party suppliers. The company also provides direct access program to download and process images directly from satellites;
information products that are designed to enable customers to understand and analyze specific geographies of interest; analytic
solutions to derive insights from imagery; and on- and off-line distribution options that are designed to enable customers to access and
integrate its imagery into their business operations and applications. Its products and services support users in various fields, including
defense, intelligence and homeland security, mapping and analysis, environmental monitoring, oil and gas exploration, and infrastructure
management. The company’s principal customers include U.S. and foreign governments, defense and intelligence, location-based services, energy,
and other industry verticals. It sells its products and services through a combination of direct and indirect channels consisting of a
network of resellers, strategic partners, direct enterprise sales, and Web services. The company was formerly known as EarthWatch,
Incorporated and changed its name to DigitalGlobe, Inc. in August 2002. DigitalGlobe, Inc. was incorporated in 1993 and is headquartered in
Longmont, Colorado.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$687.6
$730.0
$770.0
$35.91
EBITDA
308.7
350.3
387.0
50.0
78.7
107.0
$0.15
$0.37
$0.50
3.6x
23.20
EBIT
500
Fiscal Year End
69.0%
$24.76
EPS (Jefferies)
LTM
December
Market Data
($USD millions)
Enterprise Value
$1,782.0
4.0x
3.8x
2,783.9
9.0x
7.9x
7.2x
3.7x
nm
nm
26.0x
3.2x
nm
nm
nm
$40.00
4,500
$35.00
4,000
3,500
3,000
$25.00
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
62
7/15
Volume (000s)
Price ($USD)
$30.00
Domtar Corporation
Ticker:
UFS
Exchange:
NYSE
Rating:
Price:
Not Covered
$40.00
P
(as of July 30, 2015)
Founded:
Employees:
1848
Location:
9,800
Montreal, Canada
Domtar Corporation designs, manufactures, markets, and distributes communications papers, specialty and packaging papers, and absorbent
hygiene products in the United States, Canada, Europe, Asia, and internationally. It operates in two segments, Pulp and Paper, and
Personal Care. The company provides business papers, including copy and electronic imaging papers that are used with ink jet and laser printers,
photocopiers, and plain-paper fax machines, as well as computer papers, preprinted forms, and digital papers for office and home use. It
also offers commercial printing and publishing papers comprising offset papers and opaques used in sheet and roll fed offset presses;
publishing papers, such as tradebook and lightweight uncoated papers for publishing textbooks, dictionaries, catalogs, magazines, hard
cover novels, and financial documents; design papers for brochures and annual reports; and base papers that are converted into envelopes,
tablets, business forms, and data processing/computer forms. In addition, the company provides papers for thermal printing, flexible
packaging, food packaging, medical gowns and drapes, sandpapers backing, carbonless printing, labels, and other coating and laminating
applications; and papers for industrial and specialty applications, such as carrier papers, treated papers, security papers, and specialized
printing and converting applications. Further, it designs, manufactures, markets, and distributes adult incontinence products and absorbent
hygiene products under the brand name of Attends, IncoPack, and Indasec. It provides branded and private label briefs, protective
underwear, underpads, pads, and washcloths, as well as baby diapers and infant training pants for acute care, long-term care, homecare, and retail
channels. The company serves merchants, retail outlets, stationers, printers, publishers, converters, and end-users. Domtar Corporation
is headquartered in Montreal, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$5,442.0
$5,413.3
$5,436.7
$48.30
EBITDA
764.0
713.9
752.5
EBIT
394.0
342.7
355.7
EPS (Consensus)
$2.87
$2.80
$3.06
0.7x
0.7x
LTM
33.04
477
Fiscal Year End
82.8%
$40.00
December
Market Data
($USD millions)
Enterprise Value
$2,551.7
0.7x
3,692.7
4.8x
5.2x
4.9x
1.8x
9.4x
10.8x
10.4x
1.5x
13.9x
14.3x
13.1x
$50.00
5,000
$45.00
4,500
$40.00
4,000
$35.00
3,500
$30.00
3,000
$25.00
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
63
7/15
Volume (000s)
Price ($USD)
DSV A/S
Ticker:
DSV
Rating:
BUY
Price:
$34.13
Exchange:
CPSE
Analyst:
David Kerstens
Target Price:
$38.22
P
(as of July 30, 2015)
Founded:
Employees:
1976
Location:
22,599
Hedehusene, Denmark
DSV A/S provides transport and logistics services worldwide. It operates in three divisions: Air & Sea, Road, and Solutions. The company
offers air and sea freight services, and conventional and industry-specific services to destinations. It also provides road transport
services comprising full and part loads, as well as temperature-controlled transport and other specialized services. In addition the company
offers logistics services, including freight management, customs clearance, warehousing and distribution, information management, and
e-business support. Further, it provides a range of value added services, including shipment booking, pick-up, custom clearance, cargo
consolidation, and document and insurance services, as well as warehousing, picking/packaging, distribution, supply chain management, order
planning, and relabeling services. DSV A/S serves consumer products, industrial solutions, healthcare, hi-tech, and automotive industries.
The company was formerly known as DSV, De Sammensluttede Vognmænd af 13-7 1976 A/S and changed its name to DSV A/S in 2003. DSV A/S was
founded in 1976 and is headquartered in Hedehusene, Denmark.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$7,288.4
$7,599.5
$7,906.7
$35.74
EBITDA
476.0
509.2
540.1
EBIT
399.7
434.7
465.3
EPS (Jefferies)
$1.54
$1.76
$2.00
LTM
22.20
475
Fiscal Year End
95.5%
$34.13
December
Market Data
($USD millions)
Enterprise Value
$5,761.6
0.9x
0.9x
0.8x
6,671.6
14.0x
13.1x
12.4x
2.0x
16.7x
15.3x
14.3x
1.9x
22.2x
19.3x
17.1x
$40.00
1,400
$35.00
1,200
1,000
$25.00
800
$20.00
600
$15.00
400
$10.00
200
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
64
7/15
Volume (000s)
Price ($USD)
$30.00
Ducommon, Inc.
Ticker:
DCO
Exchange:
NYSE
Rating:
Price:
Not Covered
$24.01
P
(as of July 30, 2015)
Founded:
Employees:
1849
Location:
3,150
Carson, CA (United States)
Ducommun Incorporated provides engineering and manufacturing products and services primarily to the aerospace, defense, industrial,
natural resources, medical, and other industries. The company operates in two segments, Ducommun LaBarge Technologies (DLT) and Ducommun
Aerostructures (DAS). The DLT segment offers cable assemblies and interconnect systems; printed circuit board assemblies; higher-level
electronic, electromechanical, and mechanical assemblies; radar enclosures; aircraft avionics racks; shipboard communications and control
enclosures; wire harnesses; and interconnect systems. It also provides illuminated pushbutton switches and panels for aviation and test
systems; microwave and millimeter switches and filters for radio frequency systems and test instrumentation; and motors and resolvers for motion
control. This segment also provides engineering expertise for aerospace system design, development, integration, and test. It serves
commercial and military fixed wing aircraft, military and commercial helicopter, and space programs, as well as non-aerospace applications
for the industrial automation, natural resources, medical, and other end-use markets. The DAS segment offers contoured aluminum, titanium,
and Inconel aero structure components; Structural assembly products, such as winglets, engine components, and fuselage structural
panels; and metal and composite bonded structures and assemblies comprising aircraft wing spoilers, large fuselage skins, rotor blades on
rotary-wing aircraft and components, flight control surfaces, and engine components. The company’s products are also used in industrial test
systems, energy exploration systems, semiconductor fabrication units, glass electronic manufacturing systems, mine automation and control
systems, patient monitoring devices, respiratory care devices, bio-decontamination equipment, and other technology-driven products.
Ducommun Incorporated was founded in 1849 and is headquartered in Carson, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
$24.01
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
71.8%
Revenue
$735.2
$720.9
$743.5
$33.45
EBITDA
69.1
63.0
81.2
EBIT
40.6
35.1
48.6
$0.74
$0.85
$2.25
0.7x
22.81
79
Fiscal Year End
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$275.5
0.7x
0.7x
522.8
7.6x
8.3x
6.4x
4.1x
12.9x
14.9x
10.8x
3.6x
32.4x
28.2x
10.7x
$35.00
500
450
$30.00
400
Price ($USD)
350
300
$20.00
250
$15.00
200
150
$10.00
100
$5.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
65
7/15
Volume (000s)
$25.00
Dynamic Materials Corporation
Ticker:
BOOM
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$12.14
P
(as of July 30, 2015)
Founded:
Employees:
1965
Location:
503
Boulder, CO (United States)
Dynamic Materials Corporation, together with its subsidiaries, operates in the energy, industrial, and infrastructure markets worldwide.
It operates in two segments, NobelClad and DynaEnergetics. The NobelClad segment provides explosion-welded clad metal plates that are
used in the construction of heavy, corrosion resistant pressure vessels and heat exchangers for oil and gas, alternative energy, chemical
and petrochemical, hydrometallurgy, aluminum production, shipbuilding, power generation, industrial refrigeration, and other industries.
The DynaEnergetics segment manufactures, markets, and sells perforating explosives and associated hardware, as well as seismic explosives
for the oil and gas industry. It offers detonating cords, detonators, bi-directional boosters, shaped charges, perforating guns, and
seismic related explosives and accessories to large, mid-sized, and small oilfield service companies in the United States, Europe, Canada,
South America, Africa, the Middle East, and Asia. The company was formerly known as Explosive Fabricators, Inc. and changed its name to
Dynamic Materials Corporation in 1994. Dynamic Materials Corporation was founded in 1965 and is headquartered in Boulder, Colorado.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$189.4
$180.9
$193.6
$21.67
EBITDA
18.6
12.0
30.8
6.9
4.7
12.7
$0.32
$0.12
$0.60
1.0x
10.28
EBIT
147
Fiscal Year End
56.0%
$12.14
EPS (Consensus)
LTM
December
Market Data
($USD millions)
Enterprise Value
$172.3
1.0x
1.1x
195.1
10.5x
16.3x
6.3x
1.8x
28.5x
nm
15.4x
1.2x
nm
nm
20.2x
$25.00
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
66
7/15
Volume (000s)
Price ($USD)
Eastman Chemical Company
Ticker:
EMN
Rating:
BUY
Price:
$78.59
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$96.00
P
(as of July 30, 2015)
Founded:
Employees:
1920
Location:
15,000
Kingsport, TN (United States)
Eastman Chemical Company, a specialty chemical company, manufactures and sells materials, chemicals, and fibers in the United States and
internationally. The company’s Additives & Functional Products segment offers solvents, such as specialty coalescents and ketones and
esters, glycol ethers, and alcohol solvents; cellulose and polyester-based specialty polymers, and paint additives; insoluble sulfur
products; antidegradants; hydrocarbon resins; specialty intermediates, performance products, and formic acid; and alkylamine derivatives. This
segment’s products are used in coatings and tire industries in transportation, building and construction, durable goods, and consumables
markets. Its Adhesives & Plasticizers segment manufactures adhesives resins and plasticizers used in the consumables, building and
construction, health and wellness, industrial chemicals and processing, and durable goods markets. The company’ Advanced Materials segment
provides specialty copolyesters, cellulose esters, interlayers, and aftermarket window film products for value-added end uses in
transportation, consumables, building and construction, durable goods, and health and wellness products. Its Fibers segment offers Estron acetate tow
and Estrobond triacetin plasticizers for manufacturing cigarette filters; Estron natural and Chromspun solutions dyed acetate yarns for
use in apparel, home furnishings, and industrial fabrics; and cellulose acetate flake and acetyl raw materials, as well as acetyl chemical
products. Its Specialty Fluids & Intermediates segment provides specialty fluids, acetyl chemical intermediates, olefin derivatives,
specialty fluids, and alkylamines used in industrial chemicals and processing, building and construction, health and wellness, and
agriculture markets. This segment also offers aviation turbine oil. The company also offers wet-laid nonwovens and specialty films. Eastman
Chemical Company was founded in 1920 and is headquartered in Kingsport, Tennessee.
Trading Data
Share Price
($USD)
(July 30, 2015)
$78.59
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
88.4%
Revenue
$9,738.0
$10,036.8
$10,392.9
$88.93
EBITDA
2,224.0
2,377.8
2,464.9
1,704.0
1,778.8
1,855.9
$7.38
$7.35
$7.90
1.8x
52-Week Low
67.13
EBIT
1,634
EPS (Jefferies)
Fiscal Year End
LTM
December
Market Data
($USD millions)
$11,750.6
1.9x
1.9x
18,805.6
8.5x
7.9x
7.6x
Enterprise Value
3.3x
11.0x
10.6x
10.1x
3.2x
10.6x
10.7x
9.9x
$100.00
5,000
$90.00
4,500
$80.00
4,000
$70.00
3,500
$60.00
3,000
$50.00
2,500
$40.00
2,000
$30.00
1,500
$20.00
1,000
$10.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
67
7/15
Volume (000s)
Price ($USD)
Ecolab, Inc.
Ticker:
ECL
Rating:
HOLD
Price:
$116.10
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$115.00
P
(as of July 30, 2015)
Founded:
Employees:
1923
Location:
47,430
St. Paul, MN (United States)
Ecolab Inc. provides water, hygiene, and energy technologies and services for customers worldwide. The company operates in four segments:
Global Industrial, Global Institutional, Global Energy, and Other. The Global Industrial segment provides water treatment and process
applications, and cleaning and sanitizing solutions primarily to large industrial customers within the manufacturing, food and beverage
processing, chemical, mining and primary metals, power generation, pulp and paper, and commercial laundry industries. The Global
Institutional segment offers specialized cleaning and sanitizing products to the foodservice, hospitality, lodging, healthcare, government and
education, and retail industries. The Global Energy segment provides the process chemicals and water treatment needs of the petroleum and
petrochemical industries in upstream and downstream applications. The Other segment offers pest elimination, and kitchen repair and
maintenance services. The company sells its products through company-employed field sales personnel, healthcare distributors, and dealers. Ecolab
Inc. was founded in 1923 and is headquartered in St. Paul, Minnesota.
Trading Data
Share Price
($USD)
(July 30, 2015)
$116.10
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
98.0%
Revenue
$14,241.5
$14,086.6
$14,796.8
$118.46
EBITDA
2,917.8
3,054.2
3,307.4
52-Week Low
97.78
EBIT
2,045.4
2,112.5
2,290.3
1,047
EPS (Jefferies)
$4.21
$4.50
$5.20
Fiscal Year End
December
Market Data
($USD millions)
$35,442.7
3.0x
3.0x
2.9x
42,509.5
Enterprise Value
14.6x
13.9x
12.9x
2.5x
20.8x
20.1x
18.6x
2.4x
27.6x
25.8x
22.3x
$120.00
5,000
4,500
$115.00
4,000
Price ($USD)
3,500
3,000
$105.00
2,500
$100.00
2,000
1,500
$95.00
1,000
$90.00
500
$85.00
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
68
7/15
Volume (000s)
$110.00
Energy Focus, Inc.
Ticker:
EFOI
Exchange:
NasdaqCM
Rating:
Price:
Not Covered
$9.65
P
(as of July 30, 2015)
Founded:
Employees:
1985
Location:
77
Solon, OH (United States)
Energy Focus, Inc. designs, develops, manufactures, markets, and installs energy-efficient lighting systems and solutions in the United
States and internationally. It operates in two segments, Products and Solutions. The company offers commercial, industrial, government,
and military and maritime energy-efficient light-emitting diode (LED) lighting offerings, including LED luminares and fixtures to serve the
United States Navy; tubular LED replacements for linear fluorescent lamps; LED luminares and fixtures; LED docklights; tubular LED
parking garage luminares and fixtures; LED cold storage globe luminares; and LED retrofit kits for high-intensity discharge applications. It
also engages in the design and development of lighting retrofit solutions, including lighting and energy audits; lighting design and
solution development; turnkey lighting implementation; LEED ready lighting upgradation services; and pre and post upgrade monitoring and
measurement primarily to the public-sector building market, as well as research and development services. The company serves direct corporate
accounts, general contractors, and lighting retrofit companies primarily in the healthcare, industrial, education, and retail markets;
and municipalities, universities, schools, and hospitals, as well as industrial and manufacturing facilities. Energy Focus, Inc. markets
its products through direct sales employees, independent sales representatives, and various distributors. The company was formerly known as
Fiberstars, Inc. and changed its name to Energy Focus, Inc. in May 2007. Energy Focus, Inc. was founded in 1985 and is headquartered in
Solon, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
83.0%
Revenue
$37.2
$11.63
EBITDA
EBIT
52-Week Low
3.95
95
Fiscal Year End
$9.65
EPS (Consensus)
CY 2015E
CY 2016E
$45.7
$59.5
(0.0)
1.6
5.8
(0.3)
1.2
5.3
($0.04)
$0.09
$0.48
December
Market Data
($USD millions)
$97.4
2.4x
2.0x
1.5x
90.3
Enterprise Value
nm
nm
15.6x
nm
nm
nm
17.2x
nm
nm
nm
20.1x
$14.00
1,000
900
$12.00
800
Price ($USD)
700
600
$8.00
500
$6.00
400
300
$4.00
200
$2.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
69
7/15
Volume (000s)
$10.00
Energy Recovery, Inc.
Ticker:
ERII
Rating:
HOLD
Price:
$2.74
Exchange:
NasdaqGS
Analyst:
Laurence Alexander
Target Price:
$3.50
P
(as of July 30, 2015)
Founded:
Employees:
1992
Location:
120
San Leandro, CA (United States)
Energy Recovery, Inc. designs, develops, and manufactures energy recovery devices (ERDs) to transform untapped energy into reusable
energy from industrial fluid flows and pressure cycles. The company’s products include PX ERDs and turbochargers for water desalination; AT
and Halo turbochargers for low-pressure brackish and high-pressure seawater reverse osmosis systems; Pressure Exchanger energy recovery
devices and turbochargers; and high-pressure pumps. It also offers IsoBoost energy recovery systems comprising turbines and industrial
pumps; and lsoGen systems that enable oil and gas operators to capture hydraulic energy and generate electricity from high-pressure fluid
flows. In addition, the company provides engineering, technical support, and training services; and preventive maintenance and support
services, as well as reinstallation services. It serves engineering, procurement, and construction firms that design and build large
desalination plants; original equipment manufacturers; and oil companies, and exploration and production companies. The company markets its
products directly to customers through its sales organization, as well as through authorized independent sales agents in the United States and
internationally. Energy Recovery, Inc. was founded in 1992 and is headquartered in San Leandro, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$2.74
LTM
50.6%
Revenue
$32.4
$5.42
CY 2015E
CY 2016E
$38.0
$60.0
EBITDA
(18.8)
(5.5)
52-Week Low
2.28
EBIT
(22.8)
(10.3)
(5.0)
273
EPS (Jefferies)
($0.45)
($0.20)
($0.10)
Fiscal Year End
(0.2)
December
Market Data
($USD millions)
Enterprise Value
$142.6
3.5x
3.0x
1.9x
113.9
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
$6.00
6,000
$5.00
5,000
$4.00
4,000
$3.00
3,000
$2.00
2,000
$1.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
70
7/15
Volume (000s)
Price ($USD)
EnerSys
Ticker:
ENS
Exchange:
NYSE
Rating:
Price:
Not Covered
$62.20
P
(as of July 30, 2015)
Founded:
Employees:
1999
Location:
9,500
Reading, PA (United States)
EnerSys manufactures, markets, and distributes industrial batteries. The company operates in three segments: Americas, EMEA, and Asia. It
offers reserve power products that are used for backup power for the continuous operation of critical applications in telecommunications
systems; uninterruptible power systems applications for computer and computer-controlled systems; and in other specialty power
applications, including security systems, starting, lighting, and ignition applications, as well as for switchgear and electrical control systems
used in electric utilities, energy storage, and energy pipelines; and commercial aircraft, satellites, military aircraft, submarines,
ships, and tactical vehicles. The company’s reserve power products also include thermally managed cabinets and enclosures for electronic
equipment and batteries. In addition, it offers motive power products that are used to provide power for electric industrial forklifts used
in manufacturing, warehousing, and other material handling applications, as well as mining equipment, diesel locomotive starting, and
other rail equipment. Further, it provides industrial battery related products, such as chargers, power equipment, outdoor cabinet
enclosures, and battery accessories, as well as offers related after-market and customer-support services. EnerSys markets its products through a
network of distributors, independent representatives, and its internal sales force. The company was formerly known as Yuasa, Inc. and
changed its name to EnerSys in January 2001 to reflect its focus on the energy systems business. EnerSys was founded in 1999 and is
headquartered in Reading, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
84.9%
Revenue
$2,505.5
$2,492.2
$2,583.8
$73.27
EBITDA
339.6
351.2
379.2
EBIT
282.5
288.3
321.7
EPS (Consensus)
$3.64
$4.42
$4.93
1.2x
1.2x
1.2x
8.0x
$62.20
50.63
278
Fiscal Year End
LTM
March
Market Data
($USD millions)
Enterprise Value
$2,763.8
3,019.0
8.9x
8.6x
1.5x
10.7x
10.5x
9.4x
0.7x
17.1x
14.1x
12.6x
$80.00
1,400
$70.00
1,200
1,000
$50.00
800
$40.00
600
$30.00
400
$20.00
200
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
71
7/15
Volume (000s)
Price ($USD)
$60.00
Engility Holdings, Inc.
Ticker:
EGL
Exchange:
NYSE
Rating:
Price:
Not Covered
$22.59
P
(as of July 30, 2015)
Founded:
Employees:
2012
Location:
6,600
Chantilly, VA (United States)
Engility Holdings, Inc., together with its subsidiaries, provides various engineering, technical, analytical, advisory, training,
logistics, and support services worldwide. The company offers specialized technical consulting, program and business support, engineering and
technology lifecycle support, information technology modernization and sustainment, supply chain and logistics management, and training and
education services. Its specialized technical consulting services include teams support for specific technology research and analysis,
and policy and operational implementation; and program and business support services comprise strategic planning, acquisition support,
program management, and enterprise transformation. The company’s engineering and technology lifecycle support services consist of systems
engineering and integration, modeling and simulation, test and evaluation, software engineering and sustainment, hardware engineering and
sustainment, and upgrade and modernization services. Its information technology modernization and sustainment services include project
management, software development and integration, hardware and network implementation, network and information security, cybersecurity and
information assurance, mobile application development, enterprise architecture, and secure cloud computing. The company also provides
information technology and management consulting services in the areas of healthcare, homeland security, research and development, and
financial regulation and reform, as well as intelligence, surveillance, and reconnaissance. It serves customers that span the federal services
market, including the Department of Defense, the intelligence community, and space and federal civilian agencies. Engility Holdings, Inc.
is headquartered in Chantilly, Virginia.
Trading Data
Share Price
($USD)
(July 30, 2015)
$22.59
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
46.1%
Revenue
$1,430.9
$2,176.2
$2,367.8
$49.00
EBITDA
118.3
203.1
237.0
93.6
114.9
167.0
$1.94
$1.90
$2.42
0.9x
21.40
EBIT
202
Fiscal Year End
LTM
EPS (Consensus)
December
Market Data
($USD millions)
$852.5
1.4x
0.9x
Enterprise Value
2,027.2
17.1x
10.0x
8.6x
21.7x
17.7x
12.1x
11.7x
11.9x
9.3x
10.1x
9.8x
$60.00
700
$50.00
600
500
$40.00
400
$30.00
300
$20.00
200
$10.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
72
7/15
Volume (000s)
Price ($USD)
Enphase Energy, Inc.
Ticker:
ENPH
Exchange:
NasdaqGM
Rating:
Price:
Not Covered
$5.99
P
(as of July 30, 2015)
Founded:
Employees:
2006
Location:
539
Petaluma, CA (United States)
Enphase Energy, Inc., together with its subsidiaries, designs, develops, and sells microinverter systems for the solar photovoltaic
industry in the United States and internationally. The company’s microinverter systems consists of an Enphase microinverter and related
accessories that convert direct current power to grid-compliant alternating current power; an Envoy communications gateway device that collects
and transmits performance information from each solar module to the company’s hosted data center; and an Enlighten Web-based software
platform, which collects and processes this information to enable customers to monitor and manage their solar power systems. It also offers
operations and maintenance services for photovoltaic systems comprising preventive and corrective maintenance, solar panel cleaning, and
solar system commissioning. The company sells its microinverter systems through distributors and directly to installers, as well as
through original equipment manufacturers and strategic partners. Enphase Energy, Inc. was founded in 2006 and is headquartered in Petaluma,
California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$5.99
33.3%
Revenue
$17.97
EBITDA
52-Week Low
5.55
EBIT
945
EPS (Consensus)
Fiscal Year End
LTM
CY 2015E
CY 2016E
$373.0
$426.0
$532.1
4.9
6.8
27.2
(4.0)
(5.3)
($0.10)
19.1
$0.17
$0.60
0.5x
December
Market Data
($USD millions)
Enterprise Value
$272.5
0.7x
0.6x
245.3
nm
nm
9.0x
nm
nm
12.8x
nm
nm
10.1x
–
(5.5x)
$20.00
4,500
$18.00
4,000
$16.00
3,500
Price ($USD)
3,000
$12.00
2,500
$10.00
2,000
$8.00
1,500
$6.00
$4.00
1,000
$2.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
73
7/15
Volume (000s)
$14.00
EnPro Industries, Inc.
Ticker:
NPO
Exchange:
NYSE
Rating:
Price:
Not Covered
$51.70
P
(as of July 30, 2015)
Founded:
Employees:
2002
Location:
4,900
EnPro Industries, Inc. designs, develops, manufactures, and markets engineered industrial products worldwide. The company’s Sealing
Products segment offers metallic, non-metallic, and composite material gaskets; dynamic seals; compression packing; resilient metal seals;
elastomeric seals; hydraulic components; expansion joints; heavy-duty truck wheel-end component systems; flange sealing and isolation
products; pipeline casing spacers/isolators; casing end seals; modular sealing systems for sealing pipeline penetrations; hole forming
products; manhole infiltration sealing systems; safety-related signage for pipelines; bellows and bellows assemblies; pedestals for semiconductor
manufacturing; and polytetrafluoroethylene products. This segment’s products are used in the chemical and petrochemical processing,
petroleum extraction and refining, pulp and paper processing, power generation, food and pharmaceutical processing, primary metal
manufacturing, mining, water and waste treatment, heavy-duty trucking, aerospace, medical, filtration, and semiconductor fabrication industries. Its
Engineered Products segment offers self-lubricating, non-rolling metal-polymer, solid polymer, and filament wound bearing products;
aluminum blocks for hydraulic applications; and precision engineered components and lubrication systems for reciprocating compressors. Its
products have applications in the automotive, pharmaceutical, pulp and paper, natural gas, health, power generation, machine tools, air
treatment, refining, petrochemical, and general industrial markets. The company’s Power Systems segment designs, manufactures, sells, and
services heavy-duty, medium-speed diesel, natural gas, and dual fuel reciprocating engines for shipyards, municipal utilities,
institutional and industrial organizations, sewage treatment plants, nuclear power plants, and offshore oil and gas platforms. EnPro Industries, Inc.
was founded in 2002 and is headquartered in Charlotte, North Carolina.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,194.9
$1,194.7
$1,250.3
$71.11
EBITDA
152.3
185.0
185.7
94.8
93.6
115.4
$1.87
$2.20
$2.29
1.5x
1.4x
LTM
50.06
EBIT
166
Fiscal Year End
72.7%
$51.70
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$1,181.7
1.5x
1,781.6
11.7x
9.6x
9.6x
4.4x
18.8x
19.0x
15.4x
3.9x
27.7x
23.5x
22.6x
$80.00
700
$70.00
600
500
$50.00
400
$40.00
300
$30.00
200
$20.00
100
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
74
7/15
Volume (000s)
Price ($USD)
$60.00
Entegris, Inc.
Ticker:
ENTG
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$14.73
P
(as of July 30, 2015)
Founded:
Employees:
1966
Location:
3,348
Billerica, MA (United States)
Entegris, Inc. manufactures and sells a range of products and services for purifying, protecting, and transporting the critical materials
used in processing and manufacturing in the microelectronics and other high-technology industries worldwide. The company operates in two
segments, Critical Materials Handling and Electronic Materials. The Critical Materials Handling segment provides a range of products
that filter, handle, dispense, and protect critical materials used in the semiconductor manufacturing process and in other high-technology
manufacturing. This segment’s products and subsystems include high-purity materials packaging, fluid handling and dispensing systems, and
liquid filters as well as microenvironment products that protect critical substrates, such as wafers during shipping and manufacturing.
It also provides specialized graphite components and specialty coatings for high-temperature applications. The Electronic Materials
segment offers performance materials, materials packaging, and materials delivery systems that enable semiconductor manufacturing. Its products
consist of specialized chemistries and performance materials, gas microcontamination control systems and components, and sub-atmospheric
pressure gas delivery systems for the safe and efficient handling of hazardous gases to semiconductor process equipment. The company
serves semiconductor device manufacturers, original equipment manufacturers (OEMs), gas and chemical manufacturing companies, and
high-precision electronics manufacturers; manufacturers and suppliers in the solar and life science industries; and electrical discharge machining
customers, glass container manufacturers, aerospace manufacturers, and biomedical implantation device manufacturers, as well as flat
panel display OEMs, materials suppliers, and end manufactures. Entegris, Inc. was founded in 1966 and is headquartered in Billerica,
Massachusetts.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,088.8
$1,098.0
$1,142.3
$15.11
EBITDA
187.0
247.6
259.5
82.9
195.8
215.8
$0.17
$0.83
$0.95
2.2x
2.1x
LTM
10.67
EBIT
708
Fiscal Year End
97.5%
$14.73
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$2,076.0
2.3x
2,451.2
13.1x
9.9x
9.4x
3.7x
29.6x
12.5x
11.4x
2.0x
nm
17.7x
15.5x
$16.00
3,500
$14.00
3,000
2,500
$10.00
2,000
$8.00
1,500
$6.00
1,000
$4.00
500
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
75
7/15
Volume (000s)
Price ($USD)
$12.00
Essentra plc
Ticker:
ESNT
Rating:
BUY
Price:
$14.98
Exchange:
LSE
Analyst:
Rob Virdee
Target Price:
$17.56
P
(as of July 30, 2015)
Founded:
Employees:
2005
Location:
6,388
Milton Keynes, United Kingdom
Essentra plc manufactures and supplies specialty plastic, fiber, foam, and packaging products worldwide. The company’s Distribution
strategic business units (SBUs) offers plastic injection molded, vinyl dip-molded, and metal items, as well as component solutions for
protection and finishing purposes. This SBUs also provides plastic and metal products for various industrial sectors; adhesive coated products
to various industries comprising point of purchase display, exhibit, printing, plastic fabrication, appliance, and education, as well as
heating, ventilation, and air conditioning; and identity card printers, systems, and accessories to direct and trade customers. Its
Specialist Technologies SBUs develops and manufactures custom fluid handling components that are used in healthcare, consumer, and industrial
applications, including medical diagnostics tests, wound care pads, inkjet printer cartridges, writing instruments, clean room wipes, and
air fresheners. It is also involved in the custom profile extrusion activities; and manufacture of high performance products comprising
commodity resins and engineering-grade thermoplastics, as well as polymer alloys. The company’s Health & Personal Care Packaging SBUs
offers a range of cartons, tapes, leaflets, foils, labels, and brand protection security solutions to health and personal care, consumer, and
specialist packaging sectors, as well as to the paper and board industries. Its Filter Products SBUs supplies a range of cigarette
filters, as well as provides packaging solutions and analytical laboratory services. The company was formerly known as Filtrona plc and
changed its name to Essentra plc in June 2013. Essentra plc was incorporated in 2005 and is headquartered in Milton Keynes, the United Kingdom.
Trading Data
Share Price
($USD)
(July 30, 2015)
$14.98
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
89.8%
Revenue
$1,351.1
$1,837.1
$1,971.7
$16.68
EBITDA
264.8
355.7
407.7
52-Week Low
9.75
EBIT
195.1
256.1
301.7
361
EPS (Jefferies)
$0.62
$0.76
$0.89
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$3,988.0
3.0x
2.2x
2.1x
4,114.1
15.5x
11.6x
10.1x
0.6x
21.1x
16.1x
13.6x
0.4x
24.1x
19.8x
16.9x
$18.00
1,600
$16.00
1,400
1,200
$12.00
1,000
$10.00
800
$8.00
600
$6.00
400
$4.00
200
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
76
7/15
Volume (000s)
Price ($USD)
$14.00
Evogene Ltd.
Ticker:
EVGN
Exchange:
TASE
Rating:
Price:
Not Covered
$9.07
P
(as of July 30, 2015)
Founded:
Employees:
1999
Location:
238
Rehovot, Israel
Evogene Ltd. operates as a plant genomics company that uses a technology infrastructure to enhance seed traits underlying crop
productivity. The company operates in two segments, Evogene and Evofuel. The Evogene segment develops technologies to enhance plant performance
through seed traits and ag-chemicals. Its seed trait operation utilizes to address yield and abiotic stress and biotic stress traits through
the genetic modification or breeding of seeds; and ag-chemical operations utilize to develop novel crop protection and crop enhancement
products, including herbicides. The Evofuel segment develops species of the castor bean plant for second generation feedstock for use in
the alternative fuel industry, primarily biodiesel and biojet. Its products focus on various crops comprising corn, soybean, wheat, rice,
and cotton. Evogene Ltd. has strategic collaborations with agricultural companies primarily to develop traits for yield and abiotic
stress tolerance, such as enhanced tolerance to drought, heat, and salinity; and biotic stress resistance, including resistance to disease,
pests, and insects. The company was founded in 1999 and is headquartered in Rehovot, Israel.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
66.0%
Revenue
$13.1
$15.8
$20.5
$13.75
EBITDA
(14.6)
(16.3)
(14.6)
EBIT
(17.0)
(18.7)
(16.7)
($0.36)
($0.70)
($0.64)
52-Week Low
8.26
22
Fiscal Year End
$9.07
EPS (Consensus)
CY 2015E
CY 2016E
December
Market Data
($USD millions)
Enterprise Value
$228.9
8.9x
7.4x
5.7x
116.8
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
$16.00
450
$14.00
400
350
300
$10.00
250
$8.00
200
$6.00
150
$4.00
100
$2.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
77
7/15
Volume (000s)
Price ($USD)
$12.00
Exponent, Inc.
Ticker:
EXPO
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$44.33
P
(as of July 30, 2015)
Founded:
Employees:
1967
Location:
981
Menlo Park, CA (United States)
Exponent, Inc., together with its subsidiaries, provides engineering and scientific consulting services worldwide. It operates in two
segments, Engineering and Other Scientific; and Environmental and Health. The Engineering and Other Scientific segment provides services in
the areas of biomechanics, biomedical engineering, buildings and structures, civil engineering, construction consulting, electrical
engineering and computer science, engineering management consulting, human factors, industrial structures, materials and corrosion
engineering, mechanical engineering, polymer science and materials chemistry, statistical and data sciences, technology development, thermal
sciences, and vehicle analysis. The Environmental and Health segment offers services in the areas of chemical regulation and food safety,
ecological and biological sciences, environmental and earth sciences, exposure assessment and occupational health, and toxicology and
mechanistic biology, as well as epidemiology, biostatistics, and computational biology. The company offers approximately 90 different technical
disciplines to solve complicated issues facing industry and government. It serves clients in automotive, aviation, chemical, construction,
consumer products, energy, government, health, insurance, manufacturing, technology, and other sectors. The company was formerly known as
The Failure Group, Inc. and changed its name to Exponent, Inc. in 1998. Exponent, Inc. was founded in 1967 and is headquartered in Menlo
Park, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$295.3
$295.1
$306.9
$48.50
EBITDA
72.6
74.5
80.0
EBIT
67.1
64.2
67.4
$1.65
$1.53
$1.60
34.92
133
Fiscal Year End
91.4%
$44.33
EPS (Consensus)
LTM
January
Market Data
($USD millions)
Enterprise Value
$1,202.6
3.6x
3.6x
3.4x
1,052.7
14.5x
14.1x
13.2x
15.7x
16.4x
15.6x
26.9x
29.0x
27.7x
–
(2.1x)
$60.00
600
$50.00
500
$40.00
400
$30.00
300
$20.00
200
$10.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
78
7/15
Volume (000s)
Price ($USD)
Federal Signal Corporation
Ticker:
FSS
Exchange:
NYSE
Rating:
Price:
Not Covered
$15.11
P
(as of July 30, 2015)
Founded:
Employees:
1901
Location:
2,700
Oak Brook, IL (United States)
Federal Signal Corporation designs and manufactures a suite of products and integrated solutions for municipal, governmental, industrial,
and commercial customers primarily in the United States, Europe, and Canada. It operates in three segments: Environmental Solutions
Group, Safety and Security Systems Group, and Fire Rescue Group. The Environmental Solutions Group segment manufactures and supplies a range
of street sweeper vehicles, sewer cleaner and vacuum loader trucks, hydro-excavation trucks, and water blasting equipment under the
Elgin, Vactor, Guzzler, and Jetstream brand names. It also engages in the sale of parts, equipment rental, and provision of service and
repair, and training under the FS Solutions brand. The Safety and Security Systems Group segment provides campus and community alerting,
emergency vehicles, first responder interoperable communications, industrial communications, and command and municipal networked security
systems. It manufactures and supplies systems and products for law enforcement, fire rescue, emergency medical services, campuses, military
facilities, and industrial sites to protect people and property. This segment sells its products primarily under the Federal Signal,
Federal Signal VAMA, and Victor brand names. The Fire Rescue Group segment offers telescopic and articulated aerial platforms under the Bronto
Skylift brand name for fire departments, industrial fire services, electric utilities, and maintenance rental companies for applications,
such as fire fighting and rescue, transmission line maintenance, and installation and maintenance of wind turbines. It also sells parts,
as well as provides services and training. The company sells its products through dealers, direct sales, and wholesalers and
distributors, as well as independent foreign distributors. Federal Signal Corporation was founded in 1901 and is headquartered in Oak Brook,
Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$936.1
$894.5
$918.5
$17.44
EBITDA
125.8
117.6
133.9
EBIT
110.4
102.0
118.0
EPS (Consensus)
$1.05
$1.00
$1.18
11.66
308
Fiscal Year End
86.6%
$15.11
LTM
December
Market Data
($USD millions)
Enterprise Value
$958.2
1.0x
1.1x
1.1x
970.9
7.3x
7.7x
8.3x
0.4x
8.8x
9.5x
8.2x
0.1x
14.4x
15.1x
12.8x
$18.00
1,200
$16.00
1,000
$12.00
800
$10.00
600
$8.00
$6.00
400
$4.00
200
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
79
7/15
Volume (000s)
Price ($USD)
$14.00
Fluor Corporation
Ticker:
FLR
Rating:
BUY
Price:
$50.90
Exchange:
NYSE
Analyst:
Luke Folta
Target Price:
$67.00
P
(as of July 30, 2015)
Founded:
Employees:
1912
Location:
37,508
Fluor Corporation, through its subsidiaries, provides engineering, procurement, construction, fabrication and modularization,
commissioning and maintenance, and project management services worldwide. The company operates in five segments: Oil & Gas, Industrial &
Infrastructure, Government, Global Services, and Power. The Oil & Gas segment offers a range of design, engineering, procurement, construction, and
project management services to upstream oil and gas production, liquefied natural gas, downstream refining, offshore production,
pipeline, chemicals, and petrochemicals industries. It also provides consulting services comprising feasibility studies, process assessment, and
project finance structuring and studies. The Industrial & Infrastructure segment offers design, engineering, procurement, operations and
maintenance, and project management services to the mining and metals, transportation, life sciences, manufacturing, commercial and
institutional, telecommunications, microelectronics, and water sectors. The Government segment provides engineering, construction, logistics,
base and facilities operations and maintenance, contingency response, and environmental and nuclear services to the United States
government focusing on the Department of Energy, the Department of Defense, and the Department of Homeland Security. The Global Services segment
offers industrial fleet, temporary staffing, fabrication, construction, modularization, and site equipment and tool services, as well as
supply chain solutions. The Power segment provides engineering, procurement, construction, program management, start-up and
commissioning, operations and maintenance, and technical services for the gas fueled, solid fueled, environmental compliance, renewables, nuclear,
and power services markets. The company also offers unionized management and construction services in the United States and Canada. Fluor
Corporation was founded in 1912 and is headquartered in Irving, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
$50.90
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
67.4%
Revenue
$20,254.0
$19,619.4
$19,862.7
$75.55
EBITDA
1,347.2
1,253.5
1,258.7
52-Week Low
47.09
EBIT
1,155.7
1,064.8
1,070.7
1,342
EPS (Jefferies)
$4.52
$4.20
$4.25
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$7,498.8
0.3x
0.3x
0.3x
6,688.0
5.0x
5.3x
5.3x
5.8x
6.3x
6.2x
11.2x
12.1x
12.0x
0.7x
(0.7x)
$80.00
6,000
$70.00
5,000
4,000
$50.00
$40.00
3,000
$30.00
2,000
$20.00
1,000
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
80
7/15
Volume (000s)
Price ($USD)
$60.00
Fuel-Tech, Inc.
Ticker:
FTEK
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$1.85
P
(as of July 30, 2015)
Founded:
Employees:
1987
Location:
198
Warrenville, IL (United States)
Fuel Tech, Inc. provides boiler optimization, efficiency improvement, and air pollution reduction and control solutions to utility and
industrial customers worldwide. It operates in two segments, Air Pollution Control Technology and FUEL CHEM Technology. The Air Pollution
Control Technology segment reduces nitrogen oxide (NOx) emissions in flue gas from boilers, incinerators, furnaces, and other stationary
combustion sources by utilizing low and ultra low NOx burners; over-fire air systems; NOxOUT and HERT selective non-catalytic reduction
systems; advanced selective catalytic reduction (SCR) systems; NOxOUT CASCADE and NOxOUT-SCR processes; ULTRA technology; and ammonia
injection grid and graduated straightening grid systems. The FUEL CHEM Technology segment improves the efficiency, reliability, and
environmental status of combustion units by controlling slagging, fouling, corrosion, opacity, and acid plume, as well as the formation of sulfur
trioxide, ammonium bisulfate, particulate matter (PM2.5), carbon dioxide, and unburned carbon in fly ash through the addition of chemicals
into the furnace using TIFI targeted in-furnace injection technology. This segment offers its FUEL CHEM program for plants operating in
the electric utility, industrial, pulp and paper, waste-to-energy, university, and district heating markets, as well as to the owners of
boilers, furnaces, and other combustion units. The company was founded in 1987 and is headquartered in Warrenville, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
32.9%
Revenue
$75.5
$5.61
EBITDA
52-Week Low
1.76
EBIT
49
Fiscal Year End
$1.85
EPS (Consensus)
CY 2015E
CY 2016E
$75.9
$95.0
1.7
(0.1)
(3.0)
(5.1)
0.9
0.9
($0.10)
($0.14)
$0.01
December
Market Data
($USD millions)
$42.7
0.3x
0.3x
0.3x
Enterprise Value
25.1
14.8x
nm
28.3x
0.5x
nm
nm
28.3x
nm
nm
nm
(10.3x)
$6.00
500
450
400
350
$4.00
300
$3.00
250
200
$2.00
150
100
$1.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
81
7/15
Volume (000s)
Price ($USD)
$5.00
FuelCell Energy, Inc.
Ticker:
FCEL
Exchange:
NasdaqGM
Rating:
Price:
Not Covered
$0.84
P
(as of July 30, 2015)
Founded:
Employees:
1969
Location:
622
Danbury, CT (United States)
FuelCell Energy, Inc., together its subsidiaries, designs, manufactures, sells, installs, operates, and services stationary fuel cell
power plants for distributed power generation. The company is also involved in the development, design, production, and sale of fuel cell
products under the Direct FuelCell name. Its power plants electrochemically produce electricity and heat using various fuels, including
natural gas, methanol, diesel, biogas, coal gas, coal mine methane, and propane. The company serves electric utilities, independent power
producers, and governments; and education and healthcare, gas transmission, industrial and data centers, commercial and hospitality, oil
production and refining, wastewater treatment, food and beverage, agriculture, and landfill gas sectors. It has an installed base and
backlog of approximately 300 megawatts. The company operates in the United States, South Korea, England, Indonesia, Germany, Canada, and
Spain. It has strategic alliances with POSCO Energy; The Fraunhofer Institute for Ceramic Technologies and Systems; and NRG Energy. The
company was founded in 1969 and is headquartered in Danbury, Connecticut.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2016E
$175.7
$251.3
29.7%
Revenue
$2.84
EBITDA
(20.7)
(13.6)
3.5
EBIT
(24.9)
(18.2)
(0.4)
($0.07)
($0.09)
($0.02)
0.81
2,824
Fiscal Year End
CY 2015E
$167.9
52-Week Low
LTM
$0.84
EPS (Consensus)
October
Market Data
($USD millions)
Enterprise Value
$257.0
1.6x
1.5x
1.0x
261.4
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
$3.00
18,000
16,000
14,000
$2.00
12,000
10,000
$1.50
8,000
$1.00
6,000
4,000
$0.50
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
82
7/15
Volume (000s)
Price ($USD)
$2.50
GEA Group Aktiengesellschaft
Ticker:
G1A
Rating:
BUY
Price:
$41.27
Exchange:
DB
Analyst:
Peter Reilly
Target Price:
$52.45
P
(as of July 30, 2015)
Founded:
Employees:
1881
Location:
18,161
Düsseldorf, Germany
GEA Group Aktiengesellschaft provides process technology and components for production processes primarily for the food industry. Its GEA
Farm Technologies segment offers product solutions for milk production and livestock farming, including milking equipment; parlor and
herd management systems; automatic milking systems; hygiene products for animal, equipment, and farm; milk cooling systems; barn equipment;
automatic feeding systems; manure technology; and consultancy and design services. The company’s GEA Mechanical Equipment segment
provides valves; pumps; cleaning and product recovery technology; in-line process systems; tank safety systems; tank washers; homogenizers;
separators; decanters; and centrifuges. This segment also offers machinery for preparing, marinating, processing, slicing, packaging, and
automation of meat, poultry, fish, cheese, and other products, as well as provides service and support. Its GEA Process Engineering segment
provides process solutions for the dairy, brewery, food, pharmaceutical, and chemical industries. This segment’s solutions include
liquid processing, concentration, industrial drying, powder processing and handling, emission control, solid dosage processing, and aseptic
packaging. The company’s GEA Refrigeration Technologies segment develops, constructs, installs, services, and maintains components and
technical solutions for refrigeration systems, such as piston compressors, compact piston compressors, screw compressors, packaged systems
and skids, chillers, heat pumps, ice machines, freezers, dryers, electronic controls, and purgers. The company serves food, dairy,
beverages, energy, breweries, pharma and cosmetics, chemistry, environment, and marine markets worldwide. The company was formerly known as mg
technologies ag and changed its name to GEA Group Aktiengesellschaft in 2005. GEA Group Aktiengesellschaft was founded in 1881 and is
headquartered in Düsseldorf, Germany.
Trading Data
Share Price
($USD)
(July 30, 2015)
$41.27
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
80.2%
Revenue
$5,030.6
$5,265.7
$5,528.8
$51.47
EBITDA
671.9
691.3
798.0
EBIT
585.7
605.4
710.3
EPS (Jefferies)
$2.38
$2.51
$2.64
1.3x
34.20
1
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$7,943.6
1.4x
1.4x
7,156.7
10.7x
10.4x
9.0x
12.2x
11.8x
10.1x
17.4x
16.5x
15.6x
0.8x
(1.2x)
$60.00
14
$50.00
12
10
$40.00
8
$30.00
6
$20.00
4
$10.00
2
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
83
7/15
Volume (000s)
Price ($USD)
General Dynamics Corporation
Ticker:
GD
Rating:
BUY
Price:
$150.28
Exchange:
NYSE
Analyst:
Howard Rubel
Target Price:
$175.00
P
(as of July 30, 2015)
Founded:
Employees:
1899
Location:
99,500
Falls Church, VA (United States)
General Dynamics Corporation operates as aerospace and defense company worldwide. It operates through four business groups: Aerospace;
Combat Systems; Information Systems and Technology; and Marine Systems. The Aerospace group designs, manufactures, and outfits business-jet
aircrafts; provides aircraft services, such as maintenance, repair work, fixed-based operations, and aircraft management services; and
performs aircraft completions for aircraft. The Combat Systems group is involved in the systems engineering, spanning design, development,
manufacture, and support of military vehicles, weapons systems, and munitions. This group’s product lines include wheeled combat and
tactical vehicles; main battle tanks and tracked combat vehicles; weapons systems and munitions; and maintenance and logistics support and
sustainment services. The Information Systems and Technology group provides technologies, products, and services that support a range of
military, federal/civilian, and commercial information-system needs. This group offers information technology solutions and mission
support services; secure communications systems; command and control solutions; signals and information collection, processing, and
distribution systems; imagery sensors; and cyber security, information assurance, and encryption products, systems, and services. The Marine Systems
group designs, builds, and supports submarines and surface ships for the U.S. Navy and Jones Act ships for commercial customers. This
group offers nuclear-powered submarines, surface combatants, auxiliary and combat-logistics ships, and commercial product carriers and
containerships; and provides design and engineering support services, as well as overhaul, repair, and lifecycle support services. The
company was founded in 1899 and is based in Falls Church, Virginia.
Trading Data
Share Price
($USD)
(July 30, 2015)
$150.28
% of 52-Week High
52-Week High
52-Week Low
CY 2016E
Revenue
$31,779.0
$31,709.6
$32,319.5
$153.40
EBITDA
4,661.0
4,708.0
4,866.0
EBIT
4,174.0
4,183.0
4,346.0
$8.66
$8.75
$9.50
1,467
Fiscal Year End
CY 2015E
98.0%
114.10
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
$50,492.0
1.6x
1.6x
1.5x
49,873.0
10.7x
10.6x
10.2x
11.9x
11.9x
11.5x
17.4x
17.2x
15.8x
Enterprise Value
0.7x
(0.1x)
$160.00
7,000
$140.00
6,000
5,000
$100.00
4,000
$80.00
3,000
$60.00
2,000
$40.00
1,000
$20.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
84
7/15
Volume (000s)
Price ($USD)
$120.00
General Moly, Inc.
Ticker:
GMO
Exchange:
AMEX
Rating:
Price:
Not Covered
$0.52
P
(as of July 30, 2015)
Founded:
Employees:
1925
Location:
26
Lakewood, CO (United States)
General Moly, Inc. engages in the exploration, development, and mining of mineral properties. The company explores for molybdenum and
copper deposits. It primarily holds 80% interest in the Mt. Hope Project that contains proven and probable molybdenum reserves totaling
approximately 1.4 billion pounds located in Eureka County, Nevada. It also holds interest in the Liberty Project located in Nye County,
Nevada. The company is headquartered in Lakewood, Colorado.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
47.7%
Revenue
$1.09
EBITDA
(11.4)
(11.6)
EBIT
(11.7)
(11.6)
(13.6)
($0.08)
($0.13)
($0.19)
52-Week Low
0.26
79
Fiscal Year End
LTM
$0.52
–
EPS (Consensus)
–
–
–
December
Market Data
($USD millions)
$51.8
na
na
Enterprise Value
218.4
na
nm
nm
na
nm
nm
nm
nm
nm
nm
nm
nm
$1.20
3,000
$1.00
2,500
$0.80
2,000
$0.60
1,500
$0.40
1,000
$0.20
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
85
7/15
Volume (000s)
Price ($USD)
GEVO, Inc.
Ticker:
GEVO
Exchange:
NasdaqCM
Rating:
Price:
Not Covered
$2.62
P
(as of July 30, 2015)
Founded:
Employees:
2005
Location:
97
Englewood, CO (United States)
Gevo, Inc., a renewable chemicals and biofuels company, focuses on the development and commercialization of alternatives to
petroleum-based products based on isobutanol produced from renewable feedstocks. The company operates in two segments, Gevo, Inc.; and Gevo
Development/Agri-Energy. The company engages in the research and development, and production of isobutanol; development of its proprietary
biocatalysts; production and sale of biojet fuel; and retrofit process of chemicals and biofuels. It is also involved in the production of
ethanol, isobutanol, and related products. Gevo, Inc. produces and separates its renewable isobutanol through the Gevo Integrated Fermentation
Technology platform. The company was formerly known as Methanotech, Inc. and changed its name to Gevo, Inc. in March 2006. Gevo, Inc. was
founded in 2005 and is headquartered in Englewood, Colorado.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
30.1%
Revenue
$33.3
$39.9
–
$8.70
EBITDA
(30.7)
(35.7)
–
EBIT
(36.4)
(35.8)
–
($4.08)
($3.37)
–
52-Week Low
1.32
3,867
Fiscal Year End
$2.62
EPS (Consensus)
CY 2015E
CY 2016E
December
Market Data
($USD millions)
$47.3
2.4x
2.0x
na
79.1
Enterprise Value
nm
nm
na
nm
nm
nm
na
nm
nm
nm
na
$12.00
45,000
40,000
35,000
$8.00
30,000
25,000
$6.00
20,000
$4.00
15,000
10,000
$2.00
5,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
86
7/15
Volume (000s)
Price ($USD)
$10.00
Global Brass and Copper Holdings
Ticker:
BRSS
Exchange:
NYSE
Rating:
Price:
Not Covered
$16.68
P
(as of July 30, 2015)
Founded:
Employees:
2007
Location:
1,896
Schaumburg, IL (United States)
Global Brass and Copper Holdings, Inc. operates as a converter, fabricator, distributor, and processor of copper and brass products in
the United States, the Asia Pacific, and Mexico. It operates in three segments: Olin Brass, Chase Brass, and A.J. Oster. The Olin Brass
segment manufactures, fabricates, and converts copper and brass sheets, strips, foils, tubes, and fabricated components, as well as rerolls
and forms other alloys, such as stainless steel, carbon steel, and aluminum. Its products are used in munitions, automotive, coinage,
building and housing, and electronics/electrical components end markets. The Chase Brass segment primarily manufactures and sells brass
rods, including round, hexagonal, and other shapes for use in building and housing, transportation, electronics/electrical components, and
industrial machinery and equipment end markets. The A.J. Oster segment processes and distributes primarily copper and copper-alloy sheet,
strip, and foil. This segment provides value-added processing services, which include precision slitting and traverse winding to provide
customer press up-time; hot air level tinning for corrosion resistance; and product enhancements, such as edging and cutting. This segment
markets its products for housing and commercial construction in building and housing, automotive, and electronics/electrical components
end markets. Global Brass and Copper Holdings, Inc. sells its products under the Olin Brass, Chase Brass, A.J. Oster, Green Dot, and Eco
Brass brands through its distribution network, direct mill sales, and third-party distributors. The company was founded in 2007 and is
headquartered in Schaumburg, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,667.8
$1,608.5
$1,719.9
$18.90
EBITDA
100.0
113.6
120.0
86.7
94.9
106.1
$1.38
$1.75
$2.06
LTM
11.49
EBIT
152
Fiscal Year End
88.3%
$16.68
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$358.7
0.4x
0.4x
0.4x
691.5
6.9x
6.1x
5.8x
3.8x
8.0x
7.3x
6.5x
3.3x
12.0x
9.5x
8.1x
$20.00
600
$18.00
500
$16.00
Price ($USD)
400
$12.00
$10.00
300
$8.00
200
$6.00
$4.00
100
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
87
7/15
Volume (000s)
$14.00
Globe Specialty Metals, Inc.
Ticker:
GSM
Rating:
HOLD
Price:
$15.49
Exchange:
NasdaqGS
Analyst:
Luke Folta
Target Price:
$19.00
P
(as of July 30, 2015)
Founded:
Employees:
2004
Location:
1,569
Miami, FL (United States)
Globe Specialty Metals, Inc. produces and sells silicon metal and silicon-based alloys in the United State, Argentina, Canada, China, and
Poland. The company operates through GMI, Globe Metales, Solsil, and Other segments. Its silicon metal is used as a primary raw material
in making silicone compounds, aluminum, and polysilicon. The company offers silicon-based alloy products in four general categories,
which comprise ferrosilicon, magnesium-ferrosilicon-based alloys, ferrosilicon-based alloys, and calcium silicon. Its silicon-based alloys
are used as raw materials in making steel, automotive components, and ductile iron. The company also captures, recycles, and sells
by-products generated in its production processes; and provides specialty metallurgical coal to silicon and silicon-based alloy industries. Its
customers include silicone chemical, aluminum, and steel manufacturers; auto companies and their suppliers; ductile iron foundries;
photovoltaic solar cells and computer chips manufacturers; and concrete producers. The company was formerly known as International Metal
Enterprises, Inc. and changed its name to Globe Specialty Metals, Inc. in November 2006. Globe Specialty Metals, Inc. was founded in 2004 and
is headquartered in Miami, Florida.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$804.1
$869.9
$918.4
$21.99
EBITDA
140.5
167.4
168.1
91.3
111.7
112.1
$0.76
$0.92
$0.92
1.6x
1.4x
1.4x
14.83
411
Fiscal Year End
June
Market Data
EBIT
EPS (Jefferies)
Enterprise Value
LTM
($USD millions)
70.4%
$15.49
$1,142.4
1,252.0
8.9x
7.5x
7.4x
0.7x
13.7x
11.2x
11.2x
0.2x
20.4x
16.8x
16.8x
$25.00
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
88
7/15
Volume (000s)
Price ($USD)
Golden Star Resources, Ltd.
Ticker:
GSC
Exchange:
TSX
Rating:
Price:
Not Covered
$0.25
P
(as of July 30, 2015)
Founded:
Employees:
1984
Location:
2,000
Toronto, Canada
Golden Star Resources Ltd. operates as a gold mining and exploration company. The company owns and operates the Wassa open-pit gold mine,
the Wassa underground development project, and a carbon-in-leach processing plant located approximately 35 kilometers from the town of
Bogoso in Ghana; and Bogoso gold mining and processing operation located near the town of Bogoso in Ghana. It also has a 90% interest in
the Prestea Underground mine in Ghana; and holds interests in various gold exploration projects in Ghana and other parts of West Africa,
and in South America, as well as holds and manages exploration properties in Brazil. Golden Star Resources Ltd. was founded in 1984 and is
headquartered in Toronto, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
CY 2015E
CY 2016E
$306.7
$254.6
$198.0
51.9%
Revenue
$0.48
EBITDA
(17.0)
(9.2)
EBIT
(78.5)
(40.5)
($0.10)
($0.20)
52-Week High
52-Week Low
0.16
86
Fiscal Year End
LTM
$0.25
EPS (Consensus)
25.4
3.4
($0.03)
December
Market Data
($USD millions)
$64.7
0.3x
0.4x
Enterprise Value
105.6
0.5x
nm
nm
4.2x
nm
nm
nm
30.7x
nm
nm
nm
nm
$0.60
1,400
$0.50
1,200
1,000
$0.40
800
$0.30
600
$0.20
400
$0.10
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
89
7/15
Volume (000s)
Price ($USD)
Graham Corporation
Ticker:
GHM
Exchange:
NYSE
Rating:
Price:
Not Covered
$19.52
P
(as of July 30, 2015)
Founded:
Employees:
1936
Location:
397
Batavia, NY (United States)
Graham Corporation, together with its subsidiaries, engages in the design, manufacture, and sale of heat transfer and vacuum equipment
for the chemical, petrochemical, refining, energy, defense, and electric power generating industries worldwide. The company offers heat
transfer equipment, including surface condensers, Heliflows, water heaters, and various types of heat exchangers; and vacuum equipment
consisting of steam jet ejector vacuum systems and liquid ring vacuum pumps. It also services and sells spare parts for its equipment; and
supplies components used inside reactor vessels and outside containment vessels of nuclear power facilities. The company sells its products
directly, as well as through independent sales representatives. Graham Corporation was founded in 1936 and is headquartered in Batavia,
New York.
Trading Data
Share Price
($USD)
(July 30, 2015)
$19.52
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
56.3%
Revenue
$134.3
$102.2
$108.0
$34.65
EBITDA
25.5
13.5
13.8
EBIT
23.1
11.2
11.8
$1.44
$0.75
$0.83
1.3x
17.11
44
Fiscal Year End
EPS (Consensus)
March
Market Data
($USD millions)
Enterprise Value
$198.6
1.0x
1.3x
136.1
5.3x
10.1x
9.9x
5.9x
12.1x
11.5x
13.6x
26.2x
23.5x
0.0x
(2.5x)
$40.00
300
$35.00
250
200
$25.00
$20.00
150
$15.00
100
$10.00
50
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
90
7/15
Volume (000s)
Price ($USD)
$30.00
Green Plains, Inc.
Ticker:
GPRE
Rating:
BUY
Price:
$22.86
Exchange:
NasdaqGS
Analyst:
Laurence Alexander
Target Price:
$28.00
P
(as of July 30, 2015)
Founded:
Employees:
2004
Location:
840
Omaha, NE (United States)
Green Plains Inc. produces, markets, and distributes ethanol in the United States. The company operates through four segments: Ethanol
Production, Corn Oil Production, Agribusiness, and Marketing and Distribution. It produces ethanol and co-products, such as wet, modified
wet, or dried distillers grains, as well as extracts non-edible corn oil that is used as feedstock for biodiesel, livestock feed
additives, rubber substitutes, rust preventatives, inks, textiles, soaps, and insecticides. The company is also involved in buying and selling
bulk grain primarily corn and soybeans to grain processing companies and livestock producers; and cattle to meat processors, as well as
providing grain drying and storage services to these producers. In addition, it markets and provides logistical services for ethanol and
other commodities for third-party producers; purchases and sells ethanol, distillers grains, corn oil, grain, natural gas, and other
commodities; and sources, stores, blends, and distributes ethanol and biodiesel across various states. The company was formerly known as Green
Plains Renewable Energy, Inc. and changed its name to Green Plains Inc. in May 2014. Green Plains Inc. was founded in 2004 and is
headquartered in Omaha, Nebraska.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$3,146.7
$2,962.0
$2,984.0
$46.28
EBITDA
229.1
139.9
171.0
EBIT
167.0
79.6
110.7
EPS (Jefferies)
$2.00
$0.60
$1.30
0.4x
0.4x
LTM
20.31
864
Fiscal Year End
49.4%
$22.86
December
Market Data
($USD millions)
$916.1
0.4x
Enterprise Value
1,151.5
5.0x
8.2x
6.7x
2.8x
6.9x
14.5x
10.4x
1.0x
11.4x
nm
17.6x
$50.00
6,000
$45.00
5,000
$40.00
Price ($USD)
4,000
$30.00
$25.00
3,000
$20.00
2,000
$15.00
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
91
7/15
Volume (000s)
$35.00
Haynes International, Inc.
Ticker:
HAYN
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$42.78
P
(as of July 30, 2015)
Founded:
Employees:
1912
Location:
1,053
Kokomo, IN (United States)
Haynes International, Inc. develops, manufactures, markets, and distributes high-performance nickel- and cobalt-based alloys in sheet,
coil, and plate forms primarily in the United States, Europe, and Asia. The company offers high-temperature resistant alloys (HTA) and
corrosion-resistant alloys (CRA). Its HTA products are used by manufacturers of jet engines for the aerospace market, gas turbine engines
used for power generation and waste incineration, and industrial heating equipment. The company’s CRA products are used in applications,
such as chemical processing, power plant emissions control, and hazardous waste treatment. Its products also have applications in flue-gas
desulphurization, oil and gas, waste incineration, industrial heat treating, automotive, instrumentation, biopharmaceuticals, and solar
and nuclear fuel industries. In addition, the company produces products as seamless and welded tubulars, as well as in slab, bar, billet,
and wire forms. It sells its products primarily through direct sales organization, and network of independent distributors and sales
agents. Haynes International, Inc. was founded in 1912 and is headquartered in Kokomo, Indiana.
Trading Data
Share Price
($USD)
(July 30, 2015)
$42.78
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
82.2%
Revenue
$495.7
$554.0
$618.4
$52.05
EBITDA
56.6
67.1
83.2
EBIT
38.9
52.1
76.3
$1.97
$2.66
$3.96
37.75
54
Fiscal Year End
EPS (Consensus)
September
Market Data
($USD millions)
Enterprise Value
$532.4
1.0x
0.9x
0.8x
501.0
8.9x
7.5x
6.0x
12.9x
9.6x
6.6x
21.7x
16.1x
10.8x
0.0x
(0.6x)
$60.00
180
160
140
$40.00
120
100
$30.00
80
$20.00
60
40
$10.00
20
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
92
7/15
Volume (000s)
Price ($USD)
$50.00
Hecla Mining Co.
Ticker:
HL
Exchange:
NYSE
Rating:
Price:
Not Covered
$2.06
P
(as of July 30, 2015)
Founded:
Employees:
1891
Location:
1,354
Coeur d'Alene, ID (United States)
Hecla Mining Company, together with its subsidiaries, discovers, acquires, develops, produces, and markets precious and base metal
deposits worldwide. The company offers unrefined gold and silver bullion bars to precious metals traders; and lead, zinc, and bulk concentrates
to custom smelters and brokers. It owns 100% interests in the Greens Creek mine located on Admiralty Island in Southeast Alaska; the
Lucky Friday unit located in the Coeur d’Alene mining district in northern Idaho; and the Casa Berardi mine located in the Abitibi region of
north-western Quebec, Canada. The company was founded in 1891 and is based in Coeur d'Alene, Idaho.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$470.6
$524.6
EBITDA
145.2
125.6
163.6
33.5
34.6
$3.54
EBIT
4,834
Fiscal Year End
CY 2016E
$494.1
58.2%
1.98
CY 2015E
Revenue
52-Week Low
LTM
$2.06
EPS (Consensus)
$0.05
49.6
($0.04)
$0.03
December
Market Data
($USD millions)
$767.5
2.2x
2.3x
Enterprise Value
1,092.0
2.1x
7.5x
8.7x
6.7x
3.6x
nm
nm
22.0x
2.2x
nm
nm
nm
$4.00
90,000
$3.50
80,000
70,000
60,000
$2.50
50,000
$2.00
40,000
$1.50
30,000
$1.00
20,000
$0.50
10,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
93
7/15
Volume (000s)
Price ($USD)
$3.00
HEICO Corporation
Ticker:
HEI
Rating:
HOLD
Price:
$54.47
Exchange:
NYSE
Analyst:
Sheila Kahyaoglu
Target Price:
$63.00
P
(as of July 30, 2015)
Founded:
Employees:
1949
Location:
3,500
Hollywood, FL (United States)
HEICO Corporation, through its subsidiaries, designs, manufactures, and sells aerospace, defense, and electronic related products and
services in the United States and internationally. The company’s Flight Support Group segment provides jet engine and aircraft component
replacement parts; thermal insulation blankets and parts; and specialty components for aerospace and industrial original equipment
manufacturers, and the United States government. This segment also distributes hydraulic, pneumatic, mechanical, and electro-mechanical components
for the commercial, regional, and general aviation markets; and offers repair and overhaul services for jet engine and aircraft
component parts, avionics, instruments, composites, and flight surfaces of commercial airlines, as well as for avionics and navigation systems,
subcomponents, and other instruments utilized on military aircrafts. Its Electronic Technologies Group segment provides electro-optical
infrared simulation and test equipment; electro-optical laser products; electro-optical, microwave, and other power equipment;
electromagnetic and radio interference shielding; high-speed interface products; high voltage interconnection devices; high voltage advanced power
electronics; power conversion products; underwater locator beacons; traveling wave tube amplifiers and microwave power modules;
three-dimensional microelectronic and stacked memory products; harsh environment connectivity products and custom molded cable assemblies; and radio
frequency and microwave amplifiers, transmitters, and receivers that link devices, such as telemetry receivers, digital cameras, high
resolution scanners, simulation systems, and test systems to computers. The company serves the U.S. and foreign military agencies; prime
defense contractors; and medical, telecommunications, electronics, commercial, and defense satellite and spacecraft equipment
manufacturers. The company was founded in 1949 and is headquartered in Hollywood, Florida.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,142.9
$1,231.5
$1,312.2
$63.73
EBITDA
252.8
275.6
291.4
EBIT
206.0
227.6
243.4
EPS (Jefferies)
$1.87
$2.03
$2.19
LTM
46.03
260
Fiscal Year End
85.5%
$54.47
October
Market Data
($USD millions)
Enterprise Value
$3,328.0
3.3x
3.1x
2.9x
3,777.8
14.9x
13.7x
13.0x
1.3x
18.3x
16.6x
15.5x
1.2x
29.2x
26.9x
24.9x
$70.00
4,000
$60.00
3,500
3,000
Price ($USD)
2,500
$40.00
2,000
$30.00
1,500
$20.00
1,000
$10.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
94
7/15
Volume (000s)
$50.00
Hexcel Corporation
Ticker:
HXL
Rating:
HOLD
Price:
$51.47
Exchange:
NYSE
Analyst:
Howard Rubel
Target Price:
$50.00
P
(as of July 30, 2015)
Founded:
Employees:
1946
Location:
5,663
Stamford, CT (United States)
Hexcel Corporation, together with its subsidiaries, develops, manufactures, and markets structural materials for use in commercial
aerospace, space and defense, and industrial markets in the United States and internationally. The company operates through two segments,
Composite Materials and Engineered Products. The Composite Materials segment manufactures and markets carbon fibers, fabrics and specialty
reinforcements, prepregs and other fiber-reinforced matrix materials, structural adhesives, honeycombs, molding compounds, tooling
materials, polyurethane systems, and laminates used in various applications, such as military and commercial aircraft, wind turbine blades,
recreational products, transport, and other industrial applications. The Engineered Products segment manufactures and markets aircraft
structures and finished aircraft components, including wing to body fairings, wing panels, flight deck panels, door liners, helicopter blades,
spars, and tip caps; aircraft structural sub-components and semi-finished components used in helicopter blades, engine nacelles, and
aircraft surfaces; and geometric parts for commercial aircrafts, including window frames, primary structure brackets, and fittings as well as
for certain industrial applications. The company sells its products directly through its sales personnel, as well as through independent
distributors and manufacturer representatives. Hexcel Corporation was founded in 1946 and is based in Stamford, Connecticut.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,871.2
$1,890.0
$2,075.0
$52.89
EBITDA
399.8
429.9
476.3
EBIT
329.3
342.2
376.0
EPS (Jefferies)
$2.44
$2.50
$2.65
LTM
36.85
522
Fiscal Year End
97.3%
$51.47
December
Market Data
($USD millions)
Enterprise Value
$5,043.3
2.9x
2.9x
2.7x
5,516.0
13.8x
12.8x
11.6x
1.3x
16.8x
16.1x
14.7x
1.2x
21.1x
20.6x
19.5x
$60.00
3,500
$50.00
3,000
2,500
$40.00
2,000
$30.00
1,500
$20.00
1,000
$10.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
95
7/15
Volume (000s)
Price ($USD)
Hillenbrand, Inc.
Ticker:
HI
Exchange:
NYSE
Rating:
Price:
Not Covered
$27.98
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
5,900
Batesville, IN (United States)
Hillenbrand, Inc., a diversified industrial company, makes and sells business-to-business products and services for various industries
worldwide. The company operates in two segments, Process Equipment Group and Batesville. The Process Equipment Group segment designs,
engineers, manufactures, markets, and services process and material handling equipment and systems for various industries, plastics, processed
food, chemicals, fertilizers, industrial minerals, mining, energy, and forest products. This segment offers compounding equipment
ranging from twin screw compounders for laboratory machines to large scale systems; extrusion systems under the Coperion brand; and material
handling equipment comprising pneumatic conveying equipment, high-precision feeders, blenders, rotary valves, diverters, and slide gate
valves under the Coperion and Coperion K-Tron brands. This segment also provides crushers and sizing equipment; screening and separating
equipment; and replacement parts and services under the Pennsylvania Crusher, Gundlach, and Jeffrey Rader brands. It sells equipment and
systems to industrial and engineering customers directly, as well as through a network of independent sales representatives and
distributors. The Batesville segment designs, manufactures, distributes, and sells funeral services products and solutions, such as burial caskets;
cremation caskets, containers, urns, and cremation vaults; selection room display fixturing for funeral homes; personalization and
memorialization products and services; and Web-based applications that include funeral planning, Website products, and back office software for
licensed funeral homes under the Batesville brand to licensed funeral professionals operating licensed funeral establishments. It also
develops and markets operational management software solutions for cemeteries under the HMIS brand. Hillenbrand, Inc. is headquartered in
Batesville, Indiana.
Trading Data
Share Price
($USD)
(July 30, 2015)
$27.98
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
80.0%
Revenue
$1,691.6
$1,646.1
–
$34.99
EBITDA
290.3
270.6
–
EBIT
232.5
211.7
–
EPS (Consensus)
$2.00
$2.08
–
27.30
252
Fiscal Year End
LTM
September
Market Data
($USD millions)
Enterprise Value
$1,776.8
1.4x
1.4x
na
2,315.7
8.0x
8.6x
na
2.0x
10.0x
10.9x
na
1.8x
14.0x
13.5x
na
$40.00
1,400
$35.00
1,200
1,000
$25.00
800
$20.00
600
$15.00
400
$10.00
200
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
96
7/15
Volume (000s)
Price ($USD)
$30.00
Honeywell International, Inc.
Ticker:
HON
Rating:
BUY
Price:
$105.38
Exchange:
NYSE
Analyst:
Howard Rubel
Target Price:
$118.00
P
(as of July 30, 2015)
Founded:
Employees:
1920
Location:
127,000
Morris Township, NJ (United States)
Honeywell International Inc. operates as a diversified technology and manufacturing company worldwide. Its Aerospace segment provides
aircraft engines, integrated avionics, systems and service solutions, and related products and services for aircraft manufacturers and
operators, airlines, military services, and defense and space contractors; and spare parts, and repair and maintenance services for the
aftermarket. This segment provides auxiliary power units; propulsion engines; turbochargers and thermal systems; engine controls; environmental
control, electric power, flight safety, communications, navigation, radar, and surveillance systems; aircraft lighting; systems and
instruments; aircraft wheels and brakes; and management, technical, logistics, repair, and overhaul services for original equipment
manufacturers in the air transport, regional, business, and general aviation aircraft, as well as for automotive and truck manufacturers. The
company’s Automation and Control Solutions segment offers environmental and combustion, and sensing controls; security and life safety
products and services; scanning and mobility devices; and building solutions and services for homes, commercial buildings, and industrial
facilities. Its Performance Materials and Technologies segment offers catalysts and adsorbents; equipment and consulting services for the
petroleum refining, gas processing, petrochemical, and other industries; fluorocarbons, hydrofluoroolefins, caprolactam, resins, ammonium
sulfate fertilizers, phenol, specialty films, waxes, additives, fibers, research chemicals and intermediates, and electronic materials and
chemicals; and process solutions, such as automation control, instrumentation, and services for the oil and gas, refining, pulp and paper,
industrial power generation, chemicals and petrochemicals, biofuels, life sciences, metals, minerals, and mining industries. Honeywell
International Inc. was founded in 1920 and is based in Morris Township, New Jersey.
Trading Data
Share Price
($USD)
(July 30, 2015)
$105.38
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
98.4%
Revenue
$39,362.0
$39,245.0
$43,675.0
$107.10
EBITDA
7,597.0
8,157.0
8,920.0
52-Week Low
82.89
EBIT
7,203.0
7,665.0
8,305.0
2,656
EPS (Jefferies)
$5.81
$6.10
$6.75
1.9x
Fiscal Year End
December
Market Data
($USD millions)
$83,278.9
2.1x
2.1x
83,590.9
11.0x
10.2x
9.4x
11.6x
10.9x
10.1x
18.1x
17.3x
15.6x
Enterprise Value
1.3x
(0.0x)
$120.00
12,000
$100.00
10,000
$80.00
8,000
$60.00
6,000
$40.00
4,000
$20.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
97
7/15
Volume (000s)
Price ($USD)
Horizon Global Corporation
Ticker:
HZN
Exchange:
NYSE
Rating:
Price:
Not Covered
$12.41
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
2,800
Bloomfield Hills, MI (United States)
Horizon Global Corporation designs, manufactures, and distributes towing, trailer, and cargo management products and other accessories
worldwide. It operates through two segments, Cequent Americas and Cequent APEA. The company offers towing products, such as hitches, fifth
wheels, gooseneck hitches, weight distribution systems, wiring harnesses, draw bars, ball mounts, crossbars, towbars, security, and other
towing accessories for attaching a trailer, camper, etc. It also provides trailering products, including control devices and components
of the trailer itself comprising brake controls, jacks, winches, couplers, interior and exterior vehicle lighting, and brake replacement
parts. In addition, the company offers cargo management products consisting of bike racks, roof cross bar systems, cargo carriers,
luggage boxes, car interior protective products, rope, tie-downs, tarps, tarp straps, bungee cords, loading ramps, and interior travel
organizers. Further, its products comprise commercial brooms and brushes, skid plates, oil pans, tubular push bars, side steps, and sports bars.
The company operates under the Aqua Clear, Bulldog, BTM, DHF, Draw-Tite, Engetran, Fulton, Harper, Hayman-Reese, Hidden Hitch, Highland,
Kovil, Laitner, Parkside, Pro Series, Reese, Reese CarryPower, Reese Outfitter, Reese Power Sports, Reese Towpower, ROLA, Tekonsha,
TriMotive, Trojan, Wesbarg, and Witter Towbar Systems brands. It serves original equipment manufacturers, original equipment suppliers,
retail, and aftermarket customers in the agricultural, automotive, construction, horse/livestock, industrial, marine, military, recreational,
trailer, and utility markets. The company also serves end-user through retailers. Horizon Global Corporation is based in Bloomfield Hills,
Michigan. Horizon Global Corporation operates independently of TriMas Corporation as of June 30, 2015.
Trading Data
Share Price
($USD)
(July 30, 2015)
$12.41
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
78.1%
Revenue
$606.1
$603.1
$619.7
$15.88
EBITDA
42.9
52.8
59.8
EBIT
24.3
33.1
39.5
$0.58
$0.81
$1.11
0.7x
11.38
334
Fiscal Year End
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$224.7
0.7x
0.7x
420.0
9.8x
8.0x
7.0x
4.7x
17.3x
12.7x
10.6x
4.6x
21.6x
15.4x
11.2x
$16.00
900
$14.00
800
700
600
$10.00
500
$8.00
400
$6.00
300
$4.00
200
$2.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
98
7/15
Volume (000s)
Price ($USD)
$12.00
Huntsman Corporation
Ticker:
HUN
Rating:
BUY
Price:
$19.20
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$28.00
P
(as of July 30, 2015)
Founded:
Employees:
1970
Location:
16,000
Salt Lake City, UT (United States)
Huntsman Corporation, together with its subsidiaries, manufactures and sells differentiated organic and inorganic chemical products
worldwide. The company operates in five segments: Polyurethanes, Performance Products, Advanced Materials, Textile Effects, and Pigments and
Additives. The Polyurethanes segment offers polyurethane chemicals, including methyl diphenyl diisocyanate, propylene oxide, polyols,
propylene glycol, thermoplastic polyurethane, aniline, and methyl tertiary-butyl ether products, which are used to produce rigid and flexible
foams, as well as coatings, adhesives, sealants, and elastomers. The Performance Products segment provides amines, carbonates,
surfactants, linear alkyl benzene, maleic anhydride, other performance chemicals, ethylene glycol, olefins, and technology licenses. The Advanced
Materials segment offers liquid and solid epoxy resins; specialty resin compounds; cross-linking, matting, and curing agents; and epoxy,
acrylic, and polyurethane-based formulations. The Textile Effects segment provides textile chemicals and dyes. The Pigments and Additives
segment offers titanium dioxide, functional additives, color pigments, timber treatment, and water treatment chemicals. The company’s
products are used in various applications, including adhesives, aerospace, automotive, construction products, personal care and hygiene,
durable and non-durable consumer products, electronics, medical, packaging, paints and coatings, power generation, refining, synthetic
fiber, textile chemicals, and dye industries. Huntsman Corporation was founded in 1970 and is based in Salt Lake City, Utah.
Trading Data
Share Price
($USD)
(July 30, 2015)
$19.20
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
65.5%
Revenue
$11,164.0
$11,596.0
$12,220.0
$29.33
EBITDA
1,318.0
1,375.0
1,617.5
52-Week Low
17.94
EBIT
934.0
975.0
1,117.0
2,748
EPS (Jefferies)
$1.95
$2.05
$2.45
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$4,553.6
0.8x
0.8x
0.7x
8,992.6
6.8x
6.5x
5.6x
3.8x
9.6x
9.2x
8.1x
3.4x
9.8x
9.3x
7.9x
$35.00
18,000
16,000
$30.00
14,000
Price ($USD)
12,000
$20.00
10,000
$15.00
8,000
6,000
$10.00
4,000
$5.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
99
7/15
Volume (000s)
$25.00
IDEX Corporation
Ticker:
IEX
Rating:
HOLD
Price:
$76.28
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$85.00
P
(as of July 30, 2015)
Founded:
Employees:
1987
Location:
6,712
Lake Forest, IL (United States)
IDEX Corporation, through its subsidiaries, provides various pumps, flow meters, other fluidics systems and components, and engineered
products worldwide. Its Fluid & Metering Technologies segment designs, produces, and distributes positive displacement pumps, flow meters,
injectors, other fluid-handling pump modules and systems, and specialty chemical processing valves, as well as provides flow monitoring
and other services for the food, chemical, general industrial, water and wastewater, agricultural, and energy industries. The company’s
Health & Science Technologies segment designs, produces, and distributes precision fluidics, rotary lobe pumps, centrifugal and positive
displacement pumps, roll compaction, and drying systems for beverage, food processing, pharmaceutical, and cosmetics; pneumatic components
and sealing solutions, such as pumping solutions for analytical instrumentation, clinical diagnostics, and drug discovery; biocompatible
medical devices and implantables; and air compressors for medical, dental, and industrial applications. This segment also provides
optical components and coatings for scientific research, defense, biotechnology, aerospace, telecommunications, and electronics manufacturing
applications; laboratory and commercial equipment for the production of micro and nano scale materials; precision photonic solutions for
life sciences, research, and defense markets; and precision gear and peristaltic pump technologies. Its Fire & Safety/Diversified Products
segment produces firefighting pumps and controls, rescue tools, lifting bags, and other components and systems for the fire and rescue
industry; engineered stainless steel banding and clamping devices for various industrial and commercial applications; and precision
equipment for dispensing, metering, and mixing colorants and paints for retail and commercial businesses. The company was founded in 1987 and
is based in Lake Forest, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
$76.28
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
95.0%
Revenue
$2,074.2
$2,065.7
$2,134.0
$80.31
EBITDA
509.8
509.7
543.5
EBIT
430.6
430.2
461.5
EPS (Jefferies)
$3.49
$3.52
$3.85
65.91
321
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$5,959.3
3.1x
3.2x
3.1x
6,523.0
12.8x
12.8x
12.0x
1.7x
15.1x
15.2x
14.1x
1.1x
21.8x
21.7x
19.8x
$90.00
1,000
$80.00
900
$70.00
800
700
$60.00
600
$50.00
500
$40.00
400
$30.00
300
$20.00
200
$10.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
100
7/15
Volume (000s)
Price ($USD)
Innophos Holdings, Inc.
Ticker:
IPHS
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$51.48
P
(as of July 30, 2015)
Founded:
Employees:
2004
Location:
1,445
Cranbury, NJ (United States)
Innophos Holdings, Inc., through its subsidiaries, produces performance-critical and nutritional specialty ingredients with applications
in food, beverage, dietary supplements, pharmaceutical, oral care, and industrial end markets. It operates through Specialty Phosphates
US & Canada, Specialty Phosphates Mexico, and GTSP & Other segments. The company’s specialty ingredients include specialty phosphate
salts, specialty phosphoric acids, and other mineral and botanical based specialty ingredients that are used as flavor enhancers in beverages;
electrolytes in sports drinks; texture modifiers in cheeses; leavening agents in baked goods; mineral and botanical sources for
nutritional supplements; pharmaceutical excipients; and abrasives in toothpaste, as well as in industrial applications, such as asphalt
modification and petrochemical catalysis. It also provides food and technical grade purified phosphoric acid (PPA) used in the production of
fertilizer, and specialty phosphate salts and acids, as well as in beverage and water treatment applications; technical grade sodium tri
polyphosphate (STPP), a specialty phosphate, which is used as an ingredient in cleaning products, such as industrial and institutional
cleaners, automatic dishwashing detergents, and consumer laundry detergents, as well as in water treatment, clay processing, and copper ore
processing activities; and detergent grade PPA that is primarily used in the production of STPP. In addition, the company offers granular
triple super phosphate (GTSP), a fertilizer product line used for enhancing crop yields in various agricultural sectors. It serves primarily
consumer goods manufacturers, distributors, and specialty chemical manufacturers in the United States, Canada, Mexico, and
internationally. Innophos Holdings, Inc. was founded in 2004 and is headquartered in Cranbury, New Jersey.
Trading Data
Share Price
($USD)
(July 30, 2015)
$51.48
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
81.3%
Revenue
$822.2
$839.9
$867.9
$63.29
EBITDA
133.5
130.0
150.5
95.7
90.1
109.1
$2.44
$2.67
$3.35
1.4x
47.82
EBIT
153
Fiscal Year End
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$1,024.6
1.4x
1.4x
1,188.7
8.9x
9.1x
7.9x
1.8x
12.4x
13.2x
10.9x
1.2x
21.1x
19.3x
15.4x
$70.00
700
$60.00
600
$50.00
500
$40.00
400
$30.00
300
$20.00
200
$10.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
101
7/15
Volume (000s)
Price ($USD)
Insteel Industries, Inc.
Ticker:
IIIN
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$16.68
P
(as of July 30, 2015)
Founded:
Employees:
1958
Location:
847
Mount Airy, NC (United States)
Insteel Industries, Inc., together with its subsidiaries, manufactures and markets steel wire reinforcing products for concrete
construction applications. The company offers pre-stressed concrete strand (PC strand) and welded wire reinforcement (WWR) products. Its PC strand
is a seven-wire strand that is used to impart compression forces into precast concrete elements and structures providing reinforcement
for bridges, parking decks, buildings, and other concrete structures. The company’s WWR is an engineered reinforcing product for use in
nonresidential and residential construction. It produces a range of WWR products, including engineered structural mesh (ESM), concrete pipe
reinforcement (CPR), and standard welded wire reinforcement (SWWR). ESM is an engineered made-to-order product used as the primary
reinforcement for concrete elements or structures serving as a replacement for hot-rolled rebar; CPR is an engineered made-to-order product,
which is used as the primary reinforcement in concrete pipe, box culverts, and precast manholes for drainage and sewage systems, water
treatment facilities, and other related applications; and SWWR is a secondary reinforcing product for crack control applications in
residential and light nonresidential construction, including driveways, sidewalks, and various slab-on-grade applications. The company sells its
products through sales representatives to the manufacturers of concrete products, distributors, rebar fabricators, and contractors
primarily in the United States, as well as in Canada, Mexico, and Central and South America. Insteel Industries, Inc. was founded in 1958 and
is headquartered in Mount Airy, North Carolina.
Trading Data
Share Price
($USD)
(July 30, 2015)
$16.68
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
67.1%
Revenue
$446.5
$479.3
$485.1
$24.85
EBITDA
35.5
59.1
64.1
EBIT
24.0
45.9
51.2
$0.78
$1.53
$1.67
16.36
47
Fiscal Year End
EPS (Consensus)
September
Market Data
($USD millions)
Enterprise Value
$309.2
0.7x
0.6x
0.6x
297.7
8.4x
5.0x
4.6x
12.4x
6.5x
5.8x
21.3x
10.9x
10.0x
–
(0.3x)
$30.00
350
$25.00
300
250
$20.00
200
$15.00
150
$10.00
100
$5.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
102
7/15
Volume (000s)
Price ($USD)
Intrexon Corporation
Ticker:
XON
Exchange:
NYSE
Rating:
Price:
Not Covered
$63.42
P
(as of July 30, 2015)
Founded:
Employees:
1998
Location:
519
Germantown, MD (United States)
Intrexon Corporation, a biotechnology company, operates in the synthetic biology field in the United States. The company, through a suite
of proprietary and complementary technologies, designs, builds, and regulates gene programs, which are DNA sequences that consist of key
genetic components. Its technologies include UltraVector gene design and fabrication platform, and its associated library of modular DNA
components; cell systems informatics; RheoSwitch inducible gene switch; AttSite Recombinases; protein engineering; mAbLogix; and
laser-enabled analysis and processing. Intrexon Corporation has collaboration agreements with ZIOPHARM Oncology, Inc.; Synthetic Biologics,
Inc.; Oragenics, Inc.; Fibrocell Science, Inc.; Genopaver, LLC; AquaBounty Technologies, Inc.; S & I Ophthalmic, LLC; Biological & Popular
Culture, Inc.; OvaXon, LLC; Intrexon Energy Partners, LLC; and Persea Bio, LLC; and strategic collaboration and licensing agreement with
Merck Serono S.A. The company was formerly known as Genomatix Ltd. and changed its name to Intrexon Corporation in 2005. Intrexon
Corporation was founded in 1998 and is based in Germantown, Maryland.
Trading Data
Share Price
($USD)
(July 30, 2015)
$63.42
% of 52-Week High
52-Week High
LTM
99.5%
Revenue
$97.9
$63.74
EBITDA
(125.9)
CY 2015E
CY 2016E
$165.4
$218.1
9.8
52-Week Low
16.13
EBIT
(138.1)
(138.0)
1,303
EPS (Consensus)
($0.85)
$0.08
Fiscal Year End
31.6
(45.0)
($0.46)
December
Market Data
($USD millions)
Enterprise Value
$7,452.2
nm
nm
nm
7,293.8
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
nm
$70.00
6,000
$60.00
5,000
Price ($USD)
4,000
$40.00
3,000
$30.00
2,000
$20.00
1,000
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
103
7/15
Volume (000s)
$50.00
Jinpan International Limited
Ticker:
JST
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$4.65
P
(as of July 30, 2015)
Founded:
Employees:
1993
Location:
10
Haikou, China
Jinpan International Limited, through its subsidiaries, designs, manufactures, and sells electrical power control and distribution
equipment in the People’s Republic of China, the United States, and Europe. It offers cast resin transformers for use in various
infrastructural and industrial applications, including electric grids, power plants, subways and light rail systems, board ships or off shore
platforms, and wind and solar farms, as well as in infrastructural, commercial, and residential developments. The company also provides vacuum
pressure impregnated (VPI) transformers that supply electricity to wind power converters, photo voltaic inverters, uninterrupted power
supplies, variable frequency control drives, traction rectifier systems, and for ship board use; and VPI reactors for original equipment
manufacturer(OEM) customer’s wind turbine platform and certain switchgears and low voltage switchboards manufacturing. In addition, it offers
conventional and gas insulated switchgear products for general power distribution and for specialized infrastructural and industrial
applications; and unit substations for various applications, where the transformer is installed outdoors and exposed to the elements. The
company markets its products through marketing and sales representatives to resellers or end users of power control and distribution
equipment, including OEMs, utilities, municipal governments, industrial companies, and commercial and residential developers. Jinpan
International Limited was founded in 1993 and is headquartered in Haikou, the People's Republic of China.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
54.1%
Revenue
$254.2
–
–
$8.59
EBITDA
24.3
–
–
EBIT
15.8
–
–
$0.69
–
–
52-Week Low
3.87
33
Fiscal Year End
LTM
$4.65
EPS (Consensus)
December
Market Data
($USD millions)
$76.3
0.3x
na
na
Enterprise Value
86.1
3.5x
na
na
1.1x
5.4x
na
na
0.4x
6.8x
na
na
$9.00
300
$8.00
250
$6.00
200
$5.00
150
$4.00
$3.00
100
$2.00
50
$1.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
104
7/15
Volume (000s)
Price ($USD)
$7.00
KLX, Inc.
Ticker:
KLXI
Rating:
HOLD
Price:
$39.22
Exchange:
NasdaqGS
Analyst:
Sheila Kahyaoglu
Target Price:
$49.00
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
3,500
Wellington, FL (United States)
KLX Inc., together with its subsidiaries, distributes aerospace fasteners and consumables, and provides logistics services for the
commercial, business jet, and military markets worldwide. It operates through two segments, Aerospace Solutions Group (ASG) and Energy Services
Group (ESG). The ASG segment distributes bolts, clips, hinges, rings, screws, carbon-faced seals, gaskets, O-rings, and others;
chemicals, sealants and adhesives, lubricants, paints, cleaners, and degreasers; Honeywell proprietary parts; and bearings, tooling, electrical
components, and clamps. This segment also provides inventory management services and customer services. It serves commercial airlines;
business jet and defense original equipment manufacturers and their subcontractors; maintenance, repair, and overhaul operators; and fixed
base operators worldwide. The ESG segment offers onshore completion services, including placement and removal of flow control nipples and
valves, completion packers, bridge plugs, and composite flow through frac plugs, as well as downhole services tools; and wireline
services, such as composite frac plug pump downs, pipe recovery and perforation, and evaluation and logging services. This segment also provides
pressure control services and rental equipment to assist its clients at the well site; machine shop services, which consist of CNC
lathes, milling machines, spindle lathes, and other machining equipment to rework and rectify damaged equipment and to design/build
specialized fit-for-purpose tools; and fishing (retrieval) services and equipment. In addition, it offers mobile, customizable workforce
accommodations and offices, and associated rental equipment to its customers at their remote field locations, as well as on-site customer services.
It primarily serves regional or independent oil companies in North America. KLX Inc. is based in Wellington, Florida.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,704.2
$1,630.5
$1,715.3
$47.25
EBITDA
378.4
249.2
356.4
EBIT
303.8
192.3
291.5
EPS (Jefferies)
$1.34
$1.43
$2.77
LTM
37.10
526
Fiscal Year End
83.0%
$39.22
December
Market Data
($USD millions)
Enterprise Value
$2,068.8
1.6x
1.7x
1.6x
2,798.0
7.9x
7.4x
11.2x
3.2x
9.2x
14.6x
9.6x
1.9x
29.3x
27.4x
14.2x
$50.00
7,000
$45.00
6,000
$40.00
Price ($USD)
$30.00
4,000
$25.00
3,000
$20.00
$15.00
2,000
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
105
7/15
Volume (000s)
5,000
$35.00
KMG Chemicals, Inc.
Ticker:
KMG
Exchange:
NYSE
Rating:
Price:
Not Covered
$22.22
P
(as of July 30, 2015)
Founded:
Employees:
1992
Location:
733
Houston, TX (United States)
KMG Chemicals, Inc., through its subsidiaries, engages in the manufacture, formulation, and distribution of specialty chemicals in the
United States, Mexico, Canada, Europe, Israel, and Singapore. It operates in two segments, Electronic Chemicals and Wood Treating
Chemicals. The Electronic Chemicals segment sells high purity wet process chemicals primarily to the semiconductor industry. Its products include
sulfuric, phosphoric, and nitric and hydrofluoric acids; ammonium hydroxide; hydrogen peroxide; isopropyl alcohol; other specialty
organic solvents; and various blends of chemicals used to clean and etch silicon wafers in the production of semiconductors. The Wood Treating
Chemicals segment supplies penta to industrial customers who use these products to pressure treat wood products, primarily utility poles,
to extend their life. Its penta products include solid blocks and concentrated solutions to treat utility poles, protecting them from
insect damage and decay. This segment also produces hydrochloric acid as a byproduct of penta for use in the steel and oil well service
industries. KMG Chemicals, Inc. was founded in 1992 and is based in Houston, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
$22.22
% of 52-Week High
52-Week High
52-Week Low
CY 2016E
Revenue
$335.7
$313.6
$322.4
EBITDA
34.8
38.5
42.4
EBIT
21.2
25.6
29.1
$0.93
$1.21
$1.67
86
Fiscal Year End
July
EPS (Consensus)
($USD millions)
Enterprise Value
CY 2015E
69.7%
LTM
$31.90
13.89
Market Data
$259.7
0.9x
0.9x
0.9x
287.8
8.3x
7.5x
6.8x
1.0x
13.6x
11.3x
9.9x
0.8x
23.8x
18.4x
13.3x
$35.00
350
$30.00
300
$25.00
250
$20.00
200
$15.00
150
$10.00
100
$5.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
106
7/15
Volume (000s)
Price ($USD)
Kraton Performance Polymers, Inc.
Ticker:
KRA
Exchange:
NYSE
Rating:
Price:
Not Covered
$20.19
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
934
Kraton Performance Polymers, Inc. produces and sells styrenic block copolymers (SBCs) and other engineered polymers in the Americas,
Europe, the Middle East, Africa, and the Asia Pacific. It offers performance products comprising unhydrogenated SBCs, which are primarily
used in paving, roofing, packaging and industrial adhesives, industrial, and other applications; and specialty polymers consisting of
hydrogenated SBCs that are used in lubricant additives, polymer modification, personal care, cable gels, and adhesives and coatings, as well as
in medical, industrial, consumer, and other applications. The company’s products are also used in personal care products, such as
disposable diapers and the rubberized grips of toothbrushes, razor blades, and power tools. It also provides isoprene rubber products that have
applications in medical products, paints, coatings, and specialized footwear; and isoprene rubber latex products primarily for use in
synthetic surgical gloves and condoms, as well as in medical, healthcare, personal care, and food contact operations. In addition, the
company is involved in the development and commercialization of polyvinyl chloride alternatives for wire, cable, and medical applications;
polymers and compounds for soft skin and coated fabric applications for transportation and consumer markets; highly-modified asphalt for
paving applications; membrane polymers for use in heating, ventilation, air conditioning, and breathable fabrics; and synthetic cement
formulations and polymers that are used in oilfield applications. Kraton Performance Polymers, Inc. markets its products through various
channels, including direct sales force, marketing representatives, and distributors under the Kraton, Elexar, Giving Innovators Their Edge,
NEXAR, and Cariflex brands. The company was formerly known as Polymer Holdings LLC and changed its name to Kraton Performance Polymers,
Inc. in December 2009. Kraton Performance Polymers, Inc. is based in Houston, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
$20.19
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
80.1%
Revenue
$1,112.3
$1,079.0
$1,164.8
$25.22
EBITDA
75.5
167.8
181.6
EBIT
11.6
103.1
112.4
$1.98
$2.29
15.52
192
Fiscal Year End
LTM
EPS (Consensus)
($0.19)
December
Market Data
($USD millions)
$633.0
0.9x
0.9x
0.9x
Enterprise Value
1,006.0
13.3x
6.0x
5.5x
5.2x
nm
9.8x
9.0x
4.4x
nm
10.2x
8.8x
$30.00
1,000
900
800
700
$20.00
600
$15.00
500
400
$10.00
300
200
$5.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
107
7/15
Volume (000s)
Price ($USD)
$25.00
KUKA Aktiengesellschaft
Ticker:
KU2
Rating:
UNDERPERFORM
Price:
$83.14
Exchange:
DB
Analyst:
Benjamin Glaeser
Target Price:
$63.38
P
(as of July 30, 2015)
Founded:
Employees:
1898
Location:
10,536
Augsburg, Germany
KUKA Aktiengesellschaft, an automation company, develops and sells robot-based automation systems under the KUKA brand worldwide. The
company develops, produces, sells, and services industrial robots for various applications and industry sectors, mobile platforms, control
systems, and software solutions; and develops and markets products for the service robotics and health care sectors. It also offers
automated production and assembly solutions for industrial manufacturing; operates as a system integrator for systems, tools, and customized
mechanical engineering; and automates individual production processes, such as welding and brazing, processing various materials, and
integrating various production steps to foam a fully automatic system. KUKA Aktiengesellschaft serves companies in the aerospace sector, solar
technology, and the metalworking industry. The company was formerly known as Industrie-Werke Karlsruhe Augsburg Aktiengesellschaft and
changed its name to KUKA Aktiengesellschaft in 2007. KUKA Aktiengesellschaft was founded in 1898 and is headquartered in Augsburg, Germany
Germany.
Trading Data
Share Price
($USD)
(July 30, 2015)
$83.14
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
91.9%
Revenue
$2,882.3
$3,137.1
$3,272.4
$90.48
EBITDA
239.9
260.9
282.6
EBIT
194.2
196.4
216.0
EPS (Jefferies)
$2.94
$3.21
$3.51
44.51
1
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$3,307.5
1.1x
1.0x
0.9x
3,108.7
13.0x
11.9x
11.0x
16.0x
15.8x
14.4x
28.3x
25.9x
23.7x
0.0x
(0.9x)
$100.00
14
$90.00
12
$80.00
Price ($USD)
$60.00
8
$50.00
6
$40.00
$30.00
4
$20.00
2
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
108
7/15
Volume (000s)
10
$70.00
L-3 Communications Holdings, Inc.
Ticker:
LLL
Rating:
HOLD
Price:
$114.75
Exchange:
NYSE
Analyst:
Howard Rubel
Target Price:
$124.00
P
(as of July 30, 2015)
Founded:
Employees:
1997
Location:
43,000
New York, NY (United States)
L-3 Communications Holdings, Inc., through its subsidiary, L-3 Communications Corporation, provides intelligence, surveillance, and
reconnaissance (ISR) systems; aircraft sustainment; and simulation and training products and services in the United States and
internationally. The company operates in four segments: Electronic Systems, Aerospace Systems, Communication Systems, and National Security Solutions.
It offers a range of products and services, including components, products, subsystems, and systems, as well as related services to
military and commercial customers in various business areas, including precision engagement and training, sensor systems, power and propulsion
systems, marine systems, aviation products, warrior systems, and security and detection systems. The company also provides fleet
management sustainment and support, such as procurement, systems integration, sensor development, modifications, and periodic depot maintenance
for ISR, and special mission aircraft and airborne systems; strategic and tactical signals intelligence systems; secure data links;
microwave products; secure terminal and communication network equipment and encryption management; and communication systems for surface and
undersea vessels, and manned space flights. In addition, it offers modernization, upgrades and sustainment, maintenance, and logistics
support services for military and government aircraft, and other platforms. Further, the company provides cybersecurity solutions,
high-performance computing, enterprise information technology services, analytics, and intelligence analysis; and night vision and image
intensification equipment. It serves the United States (U.S.) Department of Defense and its prime contractors, U.S. Government intelligence
agencies, the U.S. Department of Homeland Security, foreign governments, and domestic and international commercial customers. L-3 Communications
Holdings, Inc. was founded in 1997 and is headquartered in New York, New York.
Trading Data
Share Price
($USD)
(July 30, 2015)
$114.75
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
86.3%
Revenue
$11,654.0
$11,525.0
$11,500.0
$132.92
EBITDA
99.33
617
Fiscal Year End
LTM
1,152.0
1,180.0
1,374.0
EBIT
926.0
955.0
1,139.0
EPS (Jefferies)
$6.83
$6.75
$8.20
1.1x
December
Market Data
($USD millions)
$9,520.1
1.1x
1.1x
Enterprise Value
13,182.1
11.4x
11.2x
9.6x
3.4x
14.2x
13.8x
11.6x
3.1x
16.8x
17.0x
14.0x
$140.00
6,000
$120.00
5,000
Price ($USD)
4,000
$80.00
3,000
$60.00
2,000
$40.00
1,000
$20.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
109
7/15
Volume (000s)
$100.00
LANXESS AG
Ticker:
LXS
Exchange:
XTRA
Rating:
Price:
Not Covered
$57.27
P
(as of July 30, 2015)
Founded:
Employees:
1863
Location:
16,347
Cologne, Germany
LANXESS Aktiengesellschaft develops, manufactures, and markets plastics, rubber, intermediates, and specialty chemicals worldwide. It
operates in three segments: Performance Polymers, Advanced Intermediates, and Performance Chemicals. The Performance Polymers segment offers
rubbers for use in vehicles, tiers, construction, and footwear industries; engineering plastics; and polyamide compounds. The Advanced
Intermediates segment offers intermediates for the agrochemical and coating industries; and fine chemicals as precursors and intermediates
for pharmaceuticals, agrochemicals, and specialty chemicals, as well as custom manufacturing services. The Performance Chemicals segment
provides material protection products; inorganic pigments for the coloring of concrete, emulsion paints, and other coatings; finishing
agents for the leather industry; rubber chemicals; reverse osmosis membrane elements and ion exchange resins for water treatment; and
plastics additives, such as flame retardants and plasticizers. LANXESS Aktiengesellschaft was founded in 1863 and is headquartered in
Cologne, Germany.
Trading Data
Share Price
($USD)
(July 30, 2015)
$57.27
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
91.3%
Revenue
$8,595.4
$9,133.0
$9,423.1
$62.73
EBITDA
923.9
944.9
1,071.7
EBIT
487.7
436.6
570.5
EPS (Consensus)
$2.52
$2.61
$3.61
0.7x
37.22
601
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$5,241.9
0.8x
0.7x
6,783.5
7.3x
7.2x
6.3x
2.2x
13.9x
15.5x
11.9x
1.7x
22.7x
22.0x
15.9x
$70.00
4,500
4,000
$60.00
3,500
Price ($USD)
3,000
$40.00
2,500
$30.00
2,000
1,500
$20.00
1,000
$10.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
110
7/15
Volume (000s)
$50.00
Largo Resources Ltd.
Ticker:
LGO
Exchange:
TSXV
Rating:
Price:
Not Covered
$0.51
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
na
Toronto, Canada
Largo Resources Ltd. is engaged in the acquisition, mining, exploration, and development of mineral properties in Brazil and Canada. It
primarily explores for vanadium, tungsten, and molybdenum. The company principally holds a 99.7% interest in the Maracás vanadium project
covering approximately 28,587 hectares located in Bahia State, Brazil. It also owns 100% interests in other projects comprising the
Currais Novos Tungsten Tailings project and the Campo Alegre de Lourdes iron-vanadium project in Brazil; and the Northern Dancer
tungsten-molybdenum property in the Yukon Territory, Canada. The company is headquartered in Toronto, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
18.6%
Revenue
$75.4
$100.6
$2.76
EBITDA
(11.6)
10.1
20.8
EBIT
(11.6)
–
52-Week Low
0.48
39
Fiscal Year End
LTM
$0.51
–
EPS (Consensus)
($0.37)
–
($0.09)
($0.03)
December
Market Data
($USD millions)
$56.2
na
3.1x
2.4x
Enterprise Value
236.9
nm
23.6x
11.4x
na
nm
na
na
na
nm
nm
nm
$3.50
800
$3.00
700
600
Price ($USD)
500
$2.00
400
$1.50
300
$1.00
200
$0.50
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
111
7/15
Volume (000s)
$2.50
Lincoln Electric Holdings, Inc.
Ticker:
LECO
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$60.82
P
(as of July 30, 2015)
Founded:
Employees:
1895
Location:
10,000
Cleveland, OH (United States)
Lincoln Electric Holdings, Inc., through its subsidiaries, designs, manufactures, and sells welding, cutting, and brazing products in the
United States, China, and Internationally. The company’s welding products comprise arc welding power sources, wire feeding systems,
robotic welding packages, fume extraction equipment, consumable electrodes, and fluxes. It also offers computer numeric controlled plasma and
oxy-fuel cutting systems, and regulators and torches used in oxy-fuel welding, cutting, and brazing; and consumables used in the brazing
and soldering alloys market. The company serves general metal fabrication, power generation and process industry, structural steel
construction, heavy equipment fabrication, shipbuilding, automotive, pipe mills and pipelines, and offshore oil and gas exploration and
extraction markets. It sells its products directly to users of welding products, as well as through industrial distributors, retailers, and
agents. The company was founded in 1895 and is headquartered in Cleveland, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$2,722.4
$2,636.4
$2,727.0
$75.49
EBITDA
505.4
445.0
475.1
EBIT
440.0
380.0
411.1
EPS (Consensus)
$3.22
$3.66
$4.11
1.7x
1.7x
1.7x
LTM
56.10
469
Fiscal Year End
80.6%
$60.82
December
Market Data
($USD millions)
Enterprise Value
$4,613.5
4,515.9
0.4x
(0.2x)
8.9x
10.1x
9.5x
10.3x
11.9x
11.0x
18.9x
16.6x
14.8x
$80.00
1,600
$70.00
1,400
$60.00
1,200
$50.00
1,000
$40.00
800
$30.00
600
$20.00
400
$10.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
112
7/15
Volume (000s)
Price ($USD)
Linde AG
Ticker:
LIN
Rating:
BUY
Price:
$188.52
Exchange:
DB
Analyst:
Laurence Alexander
Target Price:
$245.86
P
(as of July 30, 2015)
Founded:
Employees:
1879
Location:
65,662
Munich, Germany
Linde Aktiengesellschaft operates as a gases and engineering company worldwide. It operates in three divisions: Gases, Engineering, and
Other Activities. The Gases division offers a range of compressed and liquefied gases, and chemicals for use in steel and glass
production, chemical and food processing, environmental protection, welding, and electronics industries, as well as in the energy sector. It also
produces and markets oxygen, nitrogen, argon, hydrogen, acetylene, carbon monoxide, carbon dioxide, shielding gases, noble gases, and
high-purity specialty gases for use in trade, science, and research industry sectors, as well as develops and markets systems and plants for
gas applications. In addition, this division offers pharmaceutical gases, medical devices, and services for chronic obstructive pulmonary
disease, sleep apnoea, pulmonary hypertension, anaesthesia, and pain relief; develops hydrogen technology; and supplies welding and
safety products, as well as provides support services and technical equipment. The Engineering division provides planning, project
development, and construction services with a focus on market segments, such as olefin plants, natural gas plants, air separation plants, and
hydrogen and synthesis gas plants. This division’s plants are used in various fields, including in the petrochemical and chemical industries,
in refineries and fertilizer plants, to recover air gases, to produce hydrogen and synthesis gases, to treat natural gas, and in the
pharmaceutical industry. The Other Activities division supplies logistics and supply chain solutions; and distributes chilled food and
beverages. Linde Aktiengesellschaft was founded in 1879 and is headquartered in Munich, Germany.
Trading Data
Share Price
($USD)
(July 30, 2015)
$188.52
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
87.5%
Revenue
$19,528.0
$20,185.1
$21,521.0
$215.43
EBITDA
4,620.0
4,663.7
4,969.7
EBIT
2,339.5
2,532.9
2,826.1
$7.58
$8.25
$9.39
2.1x
157.44
2
Fiscal Year End
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
$34,643.5
2.3x
2.2x
45,194.3
9.8x
9.7x
9.1x
Enterprise Value
2.6x
19.3x
17.8x
16.0x
2.1x
24.9x
22.8x
20.1x
$220.00
30
$210.00
25
$200.00
20
$190.00
15
$180.00
10
$170.00
5
$160.00
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
113
7/15
Volume (000s)
Price ($USD)
Luxfer Holdings PLC
Ticker:
LXFR
Rating:
BUY
Price:
$12.87
Exchange:
NYSE
Analyst:
Luke Folta
Target Price:
$18.00
P
(as of July 30, 2015)
Founded:
Employees:
1898
Location:
1,833
Salford, United Kingdom
Luxfer Holdings PLC, a materials technology company, designs, manufactures, and supplies materials, components, and high-pressure
gas-containment devices for environmental, healthcare, protection, and specialty end-markets in Europe, North America, and internationally. The
company operates through two divisions, Elektron and Gas Cylinders. The Elektron division focuses on specialty materials based on
magnesium, zirconium, and rare earths. This segment develops and manufactures magnesium alloys and powders, magnesium products,
seawater-activated batteries, magnesium-based heating pads, chemical agent detection and decontamination kits, and seawater desalination kits, as well as
magnesium, copper, zinc, and brass photo-engraving plates under the Magnesium Elektron brand. It also develops and manufactures
specialty zirconium products, including zirconium-based materials, zirconium oxides, filters, thermal barrier coatings, Zirconium-based reactive
chemicals, and carbon-capturing sorption products under the MEL Chemicals brand. The Gas Cylinders division manufactures and markets
aluminum and composite cylinders, systems and accessories, which are used for breathing apparatus, alternative fuels, bulk gas
transportation, specialty gases, medical, fire extinguishers, beverages, scuba, and aerospace applications under the Luxfer Gas Cylinders brand. This
segment also designs and manufactures aluminum and magnesium panels for use in aerospace, automotive, rail, architectural, and healthcare
components and products under the Superform brand; and spun steel cylinders for petroleum sampling, containment of oxygen used by pilots,
and parachutists at high altitudes. The company was founded in 1898 and is headquartered in Salford, the United Kingdom.
Trading Data
Share Price
($USD)
(July 30, 2015)
$12.87
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
66.6%
Revenue
$483.1
$479.8
$502.7
$19.33
EBITDA
64.2
66.9
77.3
EBIT
45.8
48.5
58.9
$1.08
$1.11
$1.40
11.99
48
Fiscal Year End
EPS (Jefferies)
December
Market Data
($USD millions)
Enterprise Value
$351.4
0.9x
1.0x
0.9x
457.2
7.1x
6.8x
5.9x
1.9x
10.0x
9.4x
7.8x
1.6x
11.9x
11.5x
9.2x
$25.00
900
800
700
600
$15.00
500
400
$10.00
300
200
$5.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
114
7/15
Volume (000s)
Price ($USD)
$20.00
LyondellBasell Industries N.V.
Ticker:
LYB
Rating:
HOLD
Price:
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$94.15
P
(as of July 30, 2015)
$113.00
Founded:
Employees:
2005
Location:
13,100
Rotterdam, Netherlands
LyondellBasell Industries N.V. operates as a manufacturer of chemicals and polymers, refiner of crude oil, producer of gasoline blending
components, and developer and licensor of technologies for production of polymers. The company operates in five segments: Olefins and
Polyolefins—Americas; Olefins and Polyolefins—Europe, Asia, International; Intermediates and Derivatives; Refining; and Technology. It
produces and markets olefins, including ethylene, propylene, and butadiene; polyolefins, which consist of high density polyethylene, low
density polyethylene, linear low density polyethylene, and polypropylene (PP); specialty polyolefins comprising PP compounds, catalloy process
resins, and polybutene-1 resins; and aromatics, which include benzene. The company also produces and markets propylene oxide (PO); PO
co-products, such as styrene monomers and tertiary butyl alcohol; PO derivatives consisting of propylene glycol, propylene glycol ethers,
and butanediol; acetyls, including methanol, acetic acid, and vinyl acetate monomers; and ethylene derivatives, such as ethylene oxide,
ethylene glycol, ethylene glycol ethers, and ethanol. In addition, it refines gasoline and components, ultra low sulfur diesel, jet fuel,
lube oils, and aromatics. Further, the company develops and licenses chemical, polyolefin, and other process technologies, as well as
provides associated engineering and other services; and develops, manufactures, and sells polyolefin catalysts. LyondellBasell Industries
N.V. was founded in 2005 and is based in Rotterdam, the Netherlands.
Trading Data
Share Price
($USD)
(July 30, 2015)
$94.15
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
81.6%
Revenue
$39,472.0
$32,860.0
$33,010.0
$115.40
EBITDA
7,671.0
7,662.1
6,994.7
52-Week Low
70.06
EBIT
6,994.7
6,237.1
5,418.3
3,340
EPS (Jefferies)
$10.30
$9.74
$9.00
Fiscal Year End
December
Market Data
($USD millions)
$44,311.9
1.2x
1.5x
1.5x
49,333.9
6.4x
6.4x
7.1x
Enterprise Value
1.1x
7.1x
7.9x
9.1x
0.7x
9.1x
9.7x
10.5x
$140.00
14,000
$120.00
12,000
$100.00
10,000
$80.00
8,000
$60.00
6,000
$40.00
4,000
$20.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
115
7/15
Volume (000s)
Price ($USD)
Manitex International, Inc.
Ticker:
MNTX
Exchange:
NasdaqCM
Rating:
Price:
Not Covered
$6.03
P
(as of July 30, 2015)
Founded:
Employees:
1993
Location:
663
Bridgeview, IL (United States)
Manitex International, Inc. provides engineered lifting solutions. The company’s Lifting Equipment segment designs, manufactures, and
distributes boom trucks and crane products that are used for industrial projects and energy exploration, as well as for roads, bridges, and
commercial construction; and specialized rough terrain cranes and material handling products for the construction, municipality, and
railroad industries, as well as rough terrain forklifts for use in commercial and military applications. This segment also offers specialty
mission oriented vehicles; specialized mobile tanks for petrochemical, waste management, and oil and gas drilling markets; and other
specialized carriers, heavy material handling transporters, and steel mill equipment, as well as specialized custom trailers and hauling
systems used for transporting heavy equipment. Its ASV segment manufactures and sells compact rubber tracked and skid steer loaders for use in
the site clearing, general construction, forestry, and golf course maintenance and landscaping industries. The company’s Equipment
Distribution segment distributes rough terrain and truck cranes for infrastructure development and commercial construction, road and bridge
construction, general contracting, roofing, scrap handling, and sign construction and maintenance; provides used lifting and construction
equipment; and supplies repair parts for medium to heavy duty construction equipment. It sells its products under the Manitex, CVS
Ferrari, PM, Badger, Liftking, Load King, Sabre, and Valla brand names in the United States, Canada, Italy, Australia, South Africa, Russia,
Peru, Turkey, Egypt, Germany, Mexico, the Czech Republic, Venezuela, the United Arab Emirates, Korea, Brazil, Switzerland, France, and other
countries. The company was formerly known as Veri-Tek International, Corp. and changed its name to Manitex International, Inc. in May
2008. The company was founded in 1993 and is headquartered in Bridgeview, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
Revenue
$307.4
$433.4
$476.8
EBITDA
21.9
34.0
44.5
15.2
23.2
33.5
$0.45
$0.50
$0.86
40.8%
$14.79
52-Week Low
5.61
EBIT
174
EPS (Consensus)
Fiscal Year End
LTM
$6.03
December
Market Data
($USD millions)
$99.9
1.0x
0.7x
0.7x
Enterprise Value
318.2
14.5x
9.4x
7.2x
9.1x
21.0x
13.7x
9.5x
8.9x
13.3x
12.1x
7.1x
$16.00
2,000
$14.00
1,800
1,600
1,400
$10.00
1,200
$8.00
1,000
$6.00
800
600
$4.00
400
$2.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
116
7/15
Volume (000s)
Price ($USD)
$12.00
Martin Marietta Materials, Inc.
Ticker:
MLM
Rating:
HOLD
Price:
$156.01
Exchange:
NYSE
Analyst:
Mike Betts
Target Price:
$138.00
P
(as of July 30, 2015)
Founded:
Employees:
1993
Location:
7,193
Raleigh, NC (United States)
Martin Marietta Materials, Inc., together with its subsidiaries, supplies aggregates products and heavy building materials for the
construction industry in the United States and internationally. It operates through Mid-America Group, Southeast Group, West Group, Cement, and
Magnesia Specialties segments. The company mines, processes, and sells granite, limestone, sand, gravel, and other aggregate products
for use in the public infrastructure, and nonresidential and residential construction industries, as well as in the agriculture, railroad
ballast, chemical, and other applications. It also offers asphalt products, ready mixed concrete, and road paving construction services;
and produces Portland and specialty cements, such as masonry and oil well cements for use in infrastructure projects, and nonresidential
and residential construction, as well as in the railroad, agricultural, utility, and environmental industries. In addition, the company
manufactures and markets magnesia-based chemical products for the industrial, agricultural, and environmental applications; and dolomitic
lime primarily for use in the steel industry. Its chemical products are used in flame retardants, wastewater treatment, pulp and paper
production, and other environmental applications. Martin Marietta Materials, Inc. was founded in 1993 and is headquartered in Raleigh, North
Carolina.
Trading Data
Share Price
($USD)
(July 30, 2015)
$156.01
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
95.9%
Revenue
$3,220.7
$3,873.4
$4,637.5
$162.75
EBITDA
603.9
876.1
1,157.2
EBIT
358.6
608.1
870.2
EPS (Jefferies)
$3.09
$5.46
$8.25
103.09
877
Fiscal Year End
LTM
December
Market Data
($USD millions)
$10,527.7
3.7x
3.1x
2.6x
12,054.0
20.0x
13.8x
10.4x
Enterprise Value
2.6x
nm
19.8x
13.9x
2.5x
nm
28.6x
18.9x
$180.00
4,500
$160.00
4,000
$140.00
3,500
$120.00
3,000
$100.00
2,500
$80.00
2,000
$60.00
1,500
$40.00
1,000
$20.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
117
7/15
Volume (000s)
Price ($USD)
Materion Corporation
Ticker:
MTRN
Rating:
HOLD
Price:
$30.55
Exchange:
NYSE
Analyst:
Luke Folta
Target Price:
$35.00
P
(as of July 30, 2015)
Founded:
Employees:
1931
Location:
2,671
Mayfield Heights, OH (United States)
Materion Corporation manufactures and sells advanced engineered materials used in consumer electronics, industrial components, medical,
automotive electronics, energy, telecommunications infrastructure, defense, and commercial aerospace markets worldwide. The company
operates through three segments: Performance Alloys and Composites, Advanced Materials, and Other. The Performance Alloys and Composites
segment provides strip products, including thin gauge precision strips, and thin diameter rod and wire; copper and nickel-based alloys
manufactured in plate, rod, bar, tube, and other customized forms; beryllium hydroxide; and beryllium products, such as beryllium and aluminum
metal matrix composites, beryllia ceramics, and bulk metallic glass materials. This segment also produces strip metal products with clad
inlay and overlay metals consisting of precious and base metals electroplated systems, electron beam welded systems, contour profiled
systems, and solder-coated metal systems. The Advanced Materials segment provides advanced chemicals, microelectronics packaging, precious
metal, non-precious metal, and specialty metal products, including vapor deposition targets, frame lid assemblies, clad and precious metal
pre-forms, high temperature braze materials, and ultra-fine wire. Its products are used in semiconductor, wireless, LED, and data storage
applications within the consumer electronics, industrial components, and telecommunications infrastructure markets, as well as energy,
medical, defense, and science markets. The Other segment offers sputter-coated precision thin film coatings and optical filter materials.
The company distributes its products through a combination of company-owned facilities, and independent distributors and agents. The
company was formerly known as Brush Engineered Materials Inc. and changed its name to Materion Corporation in 2011. Materion Corporation was
founded in 1931 and is headquartered in Mayfield Heights, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
$30.55
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
73.0%
Revenue
$1,146.9
$1,176.0
$1,259.2
$41.85
EBITDA
83.2
89.4
112.2
EBIT
44.2
44.5
68.2
$1.33
$1.93
$2.35
26.64
107
Fiscal Year End
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
Enterprise Value
$615.6
0.6x
0.5x
0.5x
639.6
7.7x
7.2x
5.7x
0.5x
14.5x
14.4x
9.4x
0.3x
22.9x
15.8x
13.0x
$45.00
600
$40.00
500
$30.00
400
$25.00
300
$20.00
$15.00
200
$10.00
100
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
118
7/15
Volume (000s)
Price ($USD)
$35.00
Matrix Service Company
Ticker:
MTRX
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$19.51
P
(as of July 30, 2015)
Founded:
Employees:
1984
Location:
4,491
Tulsa, OK (United States)
Matrix Service Company provides engineering, fabrication, infrastructure, construction, and maintenance services primarily to the oil,
gas, power, petrochemical, industrial, and mining and minerals markets in the United States and Canada. It operates through four segments:
Electrical Infrastructure, Oil Gas & Chemical, Storage Solutions, and Industrial. The Electrical Infrastructure segment offers
construction and maintenance services to various power generation facilities, such as combined cycle plants, natural gas fired power stations, and
renewable energy installations; and high voltage services comprising construction of new substations, upgrade of existing substations,
short-run transmission line installations, distribution upgrades and maintenance, and storm restoration services to investor owned
utilities. The Oil Gas & Chemical segment provides turnaround, plant maintenance, and construction services in the downstream petroleum industry;
and industrial cleaning services, such as hydro blasting, hydro excavating, chemical cleaning, and vacuum services, as well as performs
work in the petrochemical, natural gas, gas processing and compression, and upstream petroleum markets. The Storage Solutions segment is
involved in the new construction of crude and refined products aboveground storage tanks comprising floating roof seals; and provision of
planned and emergency maintenance services. This segment also undertakes work related to specialty storage tanks, including liquefied
natural gas, liquid nitrogen/liquid oxygen, liquid petroleum tanks, and other specialty vessels comprising spheres; and plant work in
storage terminals and tank farms. The Industrial segment constructs and maintains work in the iron and steel, and mining and minerals
industries, as well as for bulk material handling, fertilizer production facilities, and other industrial markets clients. The company was
founded in 1984 and is headquartered in Tulsa, Oklahoma.
Trading Data
Share Price
($USD)
(July 30, 2015)
$19.51
% of 52-Week High
52-Week High
52-Week Low
Revenue
$1,323.1
$1,468.8
$1,545.6
EBITDA
29.5
83.4
99.8
6.6
59.6
76.7
$0.83
$1.44
$1.66
245
Fiscal Year End
June
EBIT
EPS (Consensus)
($USD millions)
Enterprise Value
CY 2016E
66.5%
CY 2015E
$29.35
16.47
Market Data
LTM
$523.8
0.3x
0.3x
0.3x
420.7
14.2x
5.0x
4.2x
nm
7.1x
5.5x
23.4x
13.5x
11.8x
0.3x
(3.2x)
$35.00
4,000
$30.00
3,500
3,000
Price ($USD)
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
119
7/15
Volume (000s)
$25.00
Mercer International, Inc.
Ticker:
MERC
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$12.58
P
(as of July 30, 2015)
Founded:
Employees:
1968
Location:
1,430
Vancouver, Canada
Mercer International Inc., together with its subsidiaries, manufactures and sells northern bleached softwood kraft (NBSK) pulp worldwide.
It produces NBSK pulp principally from wood chips and pulp logs, as well as carbon neutral or green energy using carbon-neutral
biofuels, such as black liquor and wood waste. The company sells its pulp to tissue, specialty papers, and printing and writing paper
manufacturers; and green energy to third party utilities. Mercer International Inc. was founded in 1968 and is based in Vancouver, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
78.9%
Revenue
$1,108.7
$1,062.8
$1,088.9
$15.95
$12.58
LTM
EBITDA
250.3
250.0
271.3
52-Week Low
9.06
EBIT
178.0
166.8
179.6
220
EPS (Consensus)
$1.06
$1.15
$1.36
Fiscal Year End
December
Market Data
($USD millions)
$826.4
1.3x
1.3x
1.3x
Enterprise Value
1,431.6
5.7x
5.7x
5.3x
2.8x
8.0x
8.6x
8.0x
2.4x
11.9x
10.9x
9.3x
$18.00
1,200
$16.00
1,000
$12.00
800
$10.00
600
$8.00
$6.00
400
$4.00
200
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
120
7/15
Volume (000s)
Price ($USD)
$14.00
Mercury Systems, Inc.
Ticker:
MRCY
Rating:
HOLD
Price:
$13.97
Exchange:
NasdaqGS
Analyst:
Sheila Kahyaoglu
Target Price:
$16.00
P
(as of July 30, 2015)
Founded:
Employees:
1981
Location:
641
Chelmsford, MA (United States)
Mercury Systems, Inc. provides open sensor processing systems and services. The company operates through two segments, Mercury Commercial
Electronics (MCE) and Mercury Defense Systems (MDS). The MCE segment designs, develops, and builds open sensor processing products and
subsystems that include embedded processing modules and subsystems; radio frequency (RF) and microwave multi-function assemblies, as well
as subsystems; and RF and microwave components for critical commercial, defense, and intelligence applications. The MDS segment develops
integrated sensor processing subsystems, including classified application-specific software and intellectual property for the command,
control, communications, computers, intelligence, surveillance, and reconnaissance, as well as electronic warfare and electronic counter
measure markets. The company operates in the United States, Europe, and the Asia Pacific region. Mercury Systems, Inc. was formerly known
as Mercury Computer Systems, Inc. The company was founded in 1981 and is headquartered in Chelmsford, Massachusetts.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
79.4%
Revenue
$224.4
$240.6
$264.5
$17.59
EBITDA
21.2
35.6
43.7
EBIT
10.1
20.1
31.4
$0.23
$0.41
$0.70
1.6x
$13.97
10.47
97
Fiscal Year End
EPS (Jefferies)
LTM
June
Market Data
($USD millions)
Enterprise Value
$480.5
1.8x
1.7x
413.9
–
(3.1x)
19.6x
11.6x
9.5x
nm
20.6x
13.2x
nm
nm
19.9x
$20.00
900
$18.00
800
$16.00
700
Price ($USD)
600
$12.00
500
$10.00
400
$8.00
300
$6.00
$4.00
200
$2.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
121
7/15
Volume (000s)
$14.00
Meritor, Inc.
Ticker:
MTOR
Exchange:
NYSE
Rating:
Price:
Not Covered
$14.22
P
(as of July 30, 2015)
Founded:
Employees:
1921
Location:
9,050
Troy, MI (United States)
Meritor, Inc. designs, develops, manufactures, sells, markets, distributes, services, and supports integrated systems, modules, and
components to original equipment manufacturers (OEMs) and the aftermarket for the commercial vehicle, transportation, and industrial sectors.
It operates through two segments, Commercial Truck & Industrial, and Aftermarket & Trailer. The Commercial Truck & Industrial segment
supplies drive train systems and components, including axles, drivelines, and braking and suspension systems primarily for medium and
heavy-duty trucks, off-highway, military, construction, bus and coach, fire and emergency, and other applications. The Aftermarket & Trailer
segment supplies axles, brakes, drivelines, suspension parts, and other replacement and remanufactured parts to commercial vehicle and
industrial aftermarket customers. This segment also offers various undercarriage products and systems for trailer applications. The company
sells its products under Meritor, Meritor Wabco, Euclid, Trucktechnic, and Meritor AllFit brand names primarily to OEMs and its parts
marketing operations, dealers, and other independent distributors, as well as service garages in the aftermarket industry. It operates in
North America, South America, Europe, and the Asia-Pacific. The company was formerly known as ArvinMeritor, Inc. and changed its name to
Meritor, Inc. in March 2011. Meritor, Inc. was founded in 1921 and is headquartered in Troy, Michigan.
Trading Data
Share Price
($USD)
(July 30, 2015)
$14.22
% of 52-Week High
52-Week High
CY 2016E
90.9%
Revenue
$3,585.0
$3,640.0
$3,754.1
EBITDA
295.0
328.5
351.6
EBIT
229.0
230.4
257.4
EPS (Consensus)
$0.97
$1.35
$1.75
9.46
1,277
Fiscal Year End
CY 2015E
$15.65
52-Week Low
LTM
September
Market Data
($USD millions)
Enterprise Value
$1,390.9
0.6x
0.6x
0.6x
2,169.9
7.4x
6.6x
6.2x
9.5x
9.4x
8.4x
14.6x
10.5x
8.1x
3.7x
2.5x
$18.00
8,000
$16.00
7,000
6,000
$12.00
5,000
$10.00
4,000
$8.00
3,000
$6.00
2,000
$4.00
1,000
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
122
7/15
Volume (000s)
Price ($USD)
$14.00
Methanex Corporation
Ticker:
MEOH
Rating:
BUY
Price:
$46.08
Exchange:
NasdaqGS
Analyst:
Laurence Alexander
Target Price:
$70.00
P
(as of July 30, 2015)
Founded:
Employees:
1968
Location:
1,231
Vancouver, Canada
Methanex Corporation produces and supplies methanol in the Asia Pacific, North America, Europe, and South America. It also purchases
methanol produced by others under methanol offtake contracts and on the spot market. The company was founded in 1968 and is headquartered in
Vancouver, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
$46.08
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
65.0%
Revenue
$2,678.2
$2,244.0
$2,908.0
$70.89
EBITDA
513.0
543.0
861.8
EBIT
423.9
451.0
731.0
EPS (Jefferies)
$2.40
$3.10
$5.40
42.32
–
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$4,247.0
2.1x
2.5x
1.9x
5,573.3
10.9x
10.3x
6.5x
3.0x
13.1x
12.4x
7.6x
2.1x
19.2x
14.8x
8.5x
$80.00
3,500
$70.00
3,000
2,500
$50.00
2,000
$40.00
1,500
$30.00
1,000
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
123
7/15
Volume (000s)
Price ($USD)
$60.00
MSC Industrial Direct Co., Inc.
Ticker:
MSM
Rating:
BUY
Price:
$70.23
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$85.00
P
(as of July 30, 2015)
Founded:
Employees:
1941
Location:
6,500
Melville, NY (United States)
MSC Industrial Direct Co., Inc., together with its subsidiaries, markets and distributes various ranges of metalworking and maintenance,
repair, and operations (MRO) products primarily in the United States. The company’s MRO products comprise cutting tools, measuring
instruments, tooling components, metalworking products, fasteners, flat stock, raw materials, abrasives, machinery hand and power tools, safety
and janitorial supplies, plumbing supplies, materials handling products, power transmission components, and electrical supplies. It
offers approximately 850,000 stock-keeping units through its master catalogs; weekly, monthly, and quarterly specialty and promotional
catalogs; brochures; and the Internet, such as its Websites comprising mscdirect.com and use-enco.com. The company serves primarily through its
distribution network of 103 branch offices and 12 customer fulfillment centers. In addition, it distributes fasteners and other
consumables for customers in manufacturing, government, transportation, and natural resources end-markets. The company was founded in 1941 and is
headquartered in Melville, New York.
Trading Data
Share Price
($USD)
(July 30, 2015)
$70.23
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
76.4%
Revenue
$2,909.6
$2,989.4
na
$91.91
EBITDA
457.8
470.5
na
EBIT
389.1
399.2
na
EPS (Jefferies)
$3.83
$3.93
na
67.41
484
Fiscal Year End
August
Market Data
($USD millions)
Enterprise Value
$4,333.9
1.6x
1.6x
na
4,769.3
10.4x
10.1x
na
1.0x
12.3x
11.9x
na
1.0x
18.3x
17.9x
na
$100.00
2,500
$90.00
$80.00
2,000
Price ($USD)
$60.00
1,500
$50.00
$40.00
1,000
$30.00
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
124
7/15
Volume (000s)
$70.00
Navistar International
Ticker:
NAV
Rating:
BUY
Price:
$17.59
Exchange:
NYSE
Analyst:
Stephen Volkmann
Target Price:
$45.00
P
(as of July 30, 2015)
Founded:
Employees:
1902
Location:
14,493
Lisle, IL (United States)
Navistar International Corporation manufactures and sells commercial and military trucks, diesel engines, and school and commercial
buses; and provides service parts for trucks and diesel engines worldwide. It operates through four segments: North America Truck, North
America Parts, Global Operations, and Financial Services. The company manufactures and distributes Class 4 through 8 trucks and buses in the
common carrier, private carrier, government, leasing, construction, energy/petroleum, military vehicle, and student and commercial
transportation markets under the International and IC brands; and designs, engineers, and produces sheet metal components, including truck cabs.
It also provides customers with proprietary products needed to support the International commercial and military truck, IC bus, and
MaxxForce engine lines, as well as other product lines; and a selection of other standard truck, trailer, and engine aftermarket parts. In
addition, the company designs and manufactures diesel engines across the 50 through 550 horsepower range under the MaxxForce and MWM brand
names; produces mid-range diesel engines primarily under contract manufacturing arrangements for sale to original equipment
manufacturers; and manufactures diesel engines for the pickup truck, van, and sport-utility vehicle markets. Further, it provides retail, wholesale,
and lease financing of its trucks and parts, as well as financing for wholesale accounts and retail accounts receivable. The company
markets its commercial products through an independent dealer network, as well as through distribution and service network retail outlets; and
its reconditioned used trucks to owner-operators and fleet buyers through its network of used truck dealers. As of October 31, 2014, it
had approximately 758 outlets in the United States and Canada, and 87 outlets in Mexico. The company was founded in 1902 and is
headquartered in Lisle, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
$17.59
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
43.8%
Revenue
$10,966.0
$11,572.1
$12,234.1
$40.17
EBITDA
447.0
672.9
1,034.3
52-Week Low
16.32
EBIT
147.0
363.7
702.6
1,312
EPS (Jefferies)
($2.22)
$0.47
$4.13
0.4x
0.4x
Fiscal Year End
October
Market Data
($USD millions)
Enterprise Value
$1,442.0
0.4x
4,693.0
10.5x
7.0x
4.5x
9.0x
nm
12.9x
6.7x
7.2x
nm
nm
4.3x
$45.00
7,000
$40.00
6,000
5,000
$30.00
$25.00
4,000
$20.00
3,000
$15.00
2,000
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
125
7/15
Volume (000s)
Price ($USD)
$35.00
Neenah Paper, Inc.
Ticker:
NP
Exchange:
NYSE
Rating:
Price:
Not Covered
$59.35
P
(as of July 30, 2015)
Founded:
Employees:
2004
Location:
2,000
Alpharetta, GA (United States)
Neenah Paper, Inc. produces and sells technical products and fine papers worldwide. The company’s Technical Products segment provides
filtration media for automotive transportation; saturated and unsaturated crepe and flat paper tapes to manufacturers; lightweight abrasive
paper for waterproof and dry sanding; label and tag products to pressure sensitive coaters; latex saturated and coated papers; premask,
medical packaging, image transfer, and decorative components papers; clean room papers, durable printing papers, release papers, and
furniture backers; and wall covering substrates for commercial and consumer-do-it-yourself markets. Its Fine Paper and Packaging segment
manufactures and sells writing papers for business and personal stationery, corporate identity packages, and related end-use applications;
text and cover papers, and envelopes used in corporate brochures, pocket folders, corporate annual reports, advertising inserts, direct
mail, business cards, hang tags, scrapbooks, and other uses; custom colors, paper finishes, and duplex/laminated papers; and bright papers
used in direct mail, advertising inserts, scrapbooks, and marketing collateral applications. This segment also offers packaging and label
papers for retail, cosmetics, spirits, and electronics end-use markets; and specialty paper products for enhanced image, such as
translucent and art papers, papers for optical scanning, and other specialized applications. Neenah Paper, Inc. markets its products under the
JET-PRO, SofStretch, KIMDURA, MUNISING LP, PREVAIL, NEENAH, GESSNER, varitess, CLASSIC, ENVIRONMENT, CAPITOL BOND, ROYAL SUNDANCE,
SOUTHWORTH, CRANE'S CREST, CRANE'S BOND, CRANE'S LETTRA, SO...SILK, PLIKE, STARDREAM, CLASSIC CREST, ESSE, ASTROBRIGHTS, and EXACT BRIGHT
The company sells its products through authorized paper distributors, converters, retailers, specialty businesses, and direct sales.
Neenah Paper, Inc. was founded in 2004 and is headquartered in Alpharetta, Georgia.
Trading Data
Share Price
($USD)
(July 30, 2015)
$59.35
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
92.9%
Revenue
$905.8
$914.6
$1,050.2
$63.87
EBITDA
129.8
139.0
155.5
99.8
110.0
127.7
$3.32
$3.59
$4.02
1.3x
1.3x
1.1x
7.5x
48.89
EBIT
71
Fiscal Year End
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$1,004.3
1,168.7
9.0x
8.4x
1.7x
11.7x
10.6x
9.2x
1.3x
17.9x
16.6x
14.8x
$70.00
350
$60.00
300
$50.00
250
$40.00
200
$30.00
150
$20.00
100
$10.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
126
7/15
Volume (000s)
Price ($USD)
Neff Corp.
Ticker:
NEFF
Rating:
BUY
Price:
Exchange:
NYSE
Analyst:
Justin Jordan
Target Price:
$8.41
P
(as of July 30, 2015)
$14.00
Founded:
1989
Employees:
Location:
1,064
Miami, FL (United States)
Neff Corporation, through its subsidiary, Neff Holdings LLC, operates as an equipment rental company in the United States. The company
offers earthmoving moving equipment, including excavators, backhoes, loaders, bulldozers, mini-excavators, trenchers, sweepers and
tractors, track loaders and skid steers; and material handling equipment comprising reach forklifts, industrial forklifts, and straight-mast
forklifts. The company also offers aerial equipment, such as personnel lifts, electric scissor lifts, dual fuel scissor lifts, articulating
boom lifts, and straight boom lifts; and other rental equipment consisting of compaction and concrete, trucks and trailers, sweepers, air
equipment, generators, welders, lighting, pumps, and other small equipment and tools. In addition, it is involved in the sale of used and
new equipment; and sale of complementary parts, supplies, fuel, and merchandise, as well as provides repair and maintenance services.
The company serves various industries, such as industrial and civil construction, manufacturing, public utilities, offshore oil exploration
and drilling, refineries and petrochemical facilities, municipalities, golf course construction, shipping, and the military. Neff
Corporation was founded in 1989 and is headquartered in Miami, Florida.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2016E
Revenue
$378.3
$398.0
$432.2
EBITDA
190.4
200.1
217.3
76.4
103.7
118.2
$1.47
$1.53
$1.84
53.3%
$15.78
6.91
EBIT
64
Fiscal Year End
CY 2015E
52-Week Low
LTM
$8.41
EPS (Jefferies)
December
Market Data
($USD millions)
$90.3
1.9x
1.8x
1.7x
Enterprise Value
728.7
3.8x
3.6x
3.4x
3.8x
9.5x
7.0x
6.2x
3.8x
5.7x
5.5x
4.6x
Price / Volume — Since 11/21/2015 IPO
$16.00
7,000
$14.00
6,000
5,000
$10.00
4,000
$8.00
3,000
$6.00
2,000
$4.00
1,000
$2.00
–
11/14
12/14
1/15
2/15
3/15
Volume
4/15
5/15
6/15
Price
Sources: Company filings, Company website and Capital IQ as of July 30, 2015 Balance sheet data is as of the most recent SEC filing available on July 30, 2015.
Conference
127
7/15
Volume (000s)
Price ($USD)
$12.00
NORMA Group SE
Ticker:
NOEJ
Rating:
BUY
Price:
$46.55
Exchange:
DB
Analyst:
Benjamin Glaeser
Target Price:
$60.10
P
(as of July 30, 2015)
Founded:
Employees:
1896
Location:
4,828
Maintal, Germany
NORMA Group SE, together with its subsidiaries, manufactures and sells various engineered joining technology solutions in Europe, the
Middle East, Africa, the Americas, and the Asia-Pacific. The company provides quick connectors, hose clamps, retaining clamps, and pipe
couplings. Its products are used in cooling system, emission control, air intake and induction, ancillary system, aviation, infrastructure,
marine, off-road, pharma and biotech, and road applications. The company sells its products to distributors, original equipment
manufacturer aftermarket customers, technical wholesalers, and hardware stores under the ABA, Breeze, CONNECTORS, Clamp-All, FISH, Five Star, Gemi,
NDS, NORMA, R.G.RAY, Serflex, Serratub, Terry, and TORCA brand names through its distribution network, sales representatives, retailers,
and importers. NORMA Group SE was founded in 1896 and is headquartered in Maintal, Germany.
Trading Data
Share Price
($USD)
(July 30, 2015)
$46.55
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
82.6%
Revenue
$819.7
$976.5
$1,021.0
$56.39
EBITDA
158.6
196.5
212.7
EBIT
121.5
167.6
183.6
EPS (Jefferies)
$2.03
$3.26
$3.58
1.9x
34.20
0
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$1,495.2
2.4x
2.0x
1,943.3
12.3x
9.9x
9.1x
3.4x
16.0x
11.6x
10.6x
2.8x
22.9x
14.3x
13.0x
$60.00
6
$50.00
5
$40.00
4
$30.00
3
$20.00
2
$10.00
1
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
128
7/15
Volume (000s)
Price ($USD)
Northwest Pipe Co.
Ticker:
NWPX
Rating:
HOLD
Price:
$18.20
Exchange:
NasdaqGS
Analyst:
Scott Graham
Target Price:
$23.00
P
(as of July 30, 2015)
Founded:
Employees:
1966
Location:
943
Vancouver, WA (United States)
Northwest Pipe Company manufactures and markets welded steel pipe and tube products primarily in the United States, Canada, and Mexico.
It operates in two segments, Water Transmission and Tubular Products. The Water Transmission segment offers large diameter, high pressure,
and engineered welded steel pipe products; and pipes for piling and hydroelectric projects, wastewater treatment plants, and other
applications. This segment sells its products primarily to public water agencies directly or through installation contractors. The Tubular
Products segment provides smaller diameter, electric resistance welded steel pipes used for various applications, including energy,
construction, agriculture, and other commercial and industrial uses. This segment markets its products through a network of direct sales force
personnel and sales agents. Northwest Pipe Company was founded in 1966 and is headquartered in Vancouver, Washington.
Trading Data
Share Price
($USD)
(July 30, 2015)
$18.20
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
46.8%
Revenue
$405.5
$356.1
$364.7
$38.86
EBITDA
30.2
22.0
37.6
EBIT
17.1
11.1
26.9
$0.41
$1.63
17.43
69
Fiscal Year End
EPS (Jefferies)
($0.82)
December
Market Data
($USD millions)
Enterprise Value
$173.9
0.5x
0.6x
0.6x
200.7
6.6x
9.1x
5.3x
11.7x
18.1x
7.5x
nm
nm
11.2x
0.9x
0.9x
$40.00
450
$35.00
400
350
300
$25.00
250
$20.00
200
$15.00
150
$10.00
100
$5.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
129
7/15
Volume (000s)
Price ($USD)
$30.00
NovaGold Resources, Inc.
Ticker:
NG
Exchange:
TSX
Rating:
Price:
Not Covered
$2.96
P
(as of July 30, 2015)
Founded:
Employees:
1984
Location:
13
Vancouver, Canada
NovaGold Resources Inc. explores and develops mineral properties in Canada and the United States. The company primarily explores for
gold, silver, and copper deposits. Its flagship project is the 50%-owned Donlin Gold project covering an area of 81,361 acres located in the
Kuskokwim region of southwestern Alaska. The company was formerly known as NovaCan Mining Resources (1985) Limited and changed its name
to NovaGold Resources Inc. in March 1987. NovaGold Resources Inc. was founded in 1984 and is based in Vancouver, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$2.96
73.8%
Revenue
$4.01
EBITDA
CY 2015E
–
(21.7)
52-Week Low
2.03
EBIT
154
EPS (Consensus)
Fiscal Year End
LTM
CY 2016E
–
–
(23.3)
(23.1)
(21.7)
(17.9)
(17.1)
($0.07)
($0.08)
($0.08)
November
Market Data
($USD millions)
Enterprise Value
$946.5
na
na
na
890.0
nm
nm
nm
na
nm
nm
nm
na
nm
nm
nm
$4.50
3,500
$4.00
3,000
2,500
$3.00
$2.50
2,000
$2.00
1,500
$1.50
1,000
$1.00
500
$0.50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
130
7/15
Volume (000s)
Price ($USD)
$3.50
Nucor Corporation
Ticker:
NUE
Rating:
BUY
Price:
$44.85
Exchange:
NYSE
Analyst:
Luke Folta
Target Price:
$55.00
P
(as of July 30, 2015)
Founded:
Employees:
1940
Location:
23,600
Nucor Corporation manufactures and sells steel and steel products in the United States and internationally. It operates through three
segments: Steel Mills, Steel Products, and Raw Materials. The Steel Mills segment produces and distributes hot-rolled, cold-rolled, and
galvanized sheet steel products; plate steel products; structural steel products comprising wide-flange beams, beam blanks, H-pilings, and
sheet pilings; and bar steel products, such as blooms, billets, concrete reinforcing bars, merchant bars, and special bar quality products.
This segment sells its products to steel service centers, fabricators, and manufacturers in automotive, energy, agricultural, heavy
equipment, and transportation sectors. The Steel Products segment offers steel joists and joist girders, steel decks, fabricated concrete
reinforcing and cold finished steel products, steel fasteners, metal building systems, steel grating and expanded metals, and wire and wire
mesh to general contractors, fabricators, distributors, and manufacturers. Its products are used by contractors in constructing highways,
bridges, reservoirs, utilities, hospitals, schools, airports, stadiums, and high-rise buildings. The Raw Materials segment produces
direct reduced iron (DRI); brokers ferrous and nonferrous metals, pig iron, hot briquetted iron, and DRI; supplies ferro-alloys; and
processes ferrous and nonferrous scrap metal, as well as holds working interest in natural gas drilling programs. This segment sells its ferrous
scrap to electric arc furnace steel mills and foundries for use in manufacturing process; and nonferrous scrap metal to aluminum can
producers, secondary aluminum smelters, steel mills, and other processors and consumers of various nonferrous metals. The company offers its
products through its in-house sales forces, as well as internal distribution and trading companies. Nucor Corporation was founded in 1940
and is based in Charlotte, North Carolina.
Trading Data
Share Price
($USD)
(July 30, 2015)
$44.85
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
76.3%
Revenue
$19,462.7
$17,725.3
$18,594.3
$58.76
EBITDA
1,995.7
1,681.3
2,717.8
1,282.6
979.9
2,017.8
$2.03
$1.40
$3.45
52-Week Low
41.46
EBIT
1,958
EPS (Jefferies)
Fiscal Year End
LTM
December
Market Data
($USD millions)
$14,313.2
0.9x
1.0x
0.9x
17,350.4
8.7x
10.3x
6.4x
Enterprise Value
2.2x
13.5x
17.7x
8.6x
1.4x
22.1x
nm
13.0x
$70.00
9,000
8,000
$60.00
7,000
Price ($USD)
6,000
$40.00
5,000
$30.00
4,000
3,000
$20.00
2,000
$10.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
131
7/15
Volume (000s)
$50.00
Nuverra Environmental Solutions, Inc.
Ticker:
NES
Rating:
HOLD
Price:
$2.94
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$4.50
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
2,400
Scottsdale, AZ (United States)
Nuverra Environmental Solutions, Inc. provides full-cycle environmental solutions to customers focused on the development and ongoing
production of oil and natural gas from shale formations in the United States. It offers environmental solutions for unconventional oil and
gas exploration and production, including the delivery, collection, treatment, recycle, and disposal of restricted environmental products
used in the development of unconventional oil and natural gas fields in the Bakken, Utica, Eagle Ford, Mississippian Lime, and Permian
Shale areas, as well as the Haynesville, Marcellus, and Barnett Shale areas. The company also serves customers seeking fresh water
acquisition, temporary water transmission and storage, transportation, treatment, recycling, or disposal of complex water flows, such as flowback
and produced brine water, and solids, such as drill cuttings, and management of other environmental products in connection with shale
oil and gas hydraulic fracturing operations; and rents equipment to customers, including providing for delivery and pickup. The company
owns a 50-mile underground pipeline network in the Haynesville Shale area for the delivery of fresh water and removal of produced water; a
fleet of approximately 1,000 trucks for delivery and collection; and approximately 5,500 storage tanks, as well as owns or leases 56
operating saltwater disposal wells in the Bakken, Marcellus/Utica, Haynesville, Eagle Ford, and Tuscaloosa Marine Shale areas. Its customers
include major domestic and international oil and gas companies, foreign national oil and gas companies, and independent oil and natural
gas production companies. The company was formerly known as Heckmann Corporation and changed its name to Nuverra Environmental Solutions,
Inc. in May 2013. Nuverra Environmental Solutions, Inc. is headquartered in Scottsdale, Arizona.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
Revenue
$527.4
$416.8
$363.6
EBITDA
97.5
75.8
73.2
15.1
5.9
15.2%
$19.30
52-Week Low
1.65
EBIT
394
EPS (Jefferies)
Fiscal Year End
LTM
$2.94
($1.23)
3.3
($1.50)
($1.59)
December
Market Data
($USD millions)
$83.0
1.2x
1.5x
1.8x
Enterprise Value
639.8
6.6x
8.4x
8.7x
6.1x
nm
nm
nm
5.7x
nm
nm
nm
$20.00
7,000
$18.00
6,000
$16.00
Price ($USD)
$12.00
4,000
$10.00
3,000
$8.00
$6.00
2,000
$4.00
1,000
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
132
7/15
Volume (000s)
5,000
$14.00
OCI Resources LP
Ticker:
OCIR
Exchange:
NYSE
Rating:
Price:
Not Covered
$23.28
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
269
Atlanta, GA (United States)
OCI Resources LP engages in the trona ore mining and soda ash production businesses in the United States and internationally. It
processes trona ore into soda ash, which is a raw material in flat glass, container glass, detergents, chemicals, paper, and other consumer and
industrial products. The company has approximately 23,500 acres of leased and licensed subsurface mining areas in the Green River Basin of
Wyoming. As of December 31, 2014, it had proven and probable reserves of approximately 271.5 million short tons of trona. OCI Resource
Partners LLC serves as the general partner of the company. OCI Resources LP is based in Atlanta, Georgia. OCI Resources LP is a subsidiary
of OCI Wyoming Holding Co.
Trading Data
Share Price
($USD)
(July 30, 2015)
$23.28
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
86.2%
Revenue
$469.2
$487.4
$511.8
$27.00
EBITDA
124.6
128.6
130.6
EBIT
101.9
105.8
107.0
EPS (Consensus)
$2.35
$2.54
$2.59
20.70
33
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$465.0
1.4x
1.4x
1.3x
680.3
5.5x
5.3x
5.2x
1.2x
6.7x
6.4x
6.4x
0.9x
9.9x
9.2x
9.0x
$30.00
140
$25.00
120
100
$20.00
80
$15.00
60
$10.00
40
$5.00
20
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
133
7/15
Volume (000s)
Price ($USD)
Olympic Steel, Inc.
Ticker:
ZEUS
Rating:
HOLD
Price:
$12.09
Exchange:
NasdaqGS
Analyst:
Luke Folta
Target Price:
$17.00
P
(as of July 30, 2015)
Founded:
Employees:
1954
Location:
1,801
Bedford Heights, OH (United States)
Olympic Steel, Inc. processes and distributes metal products in the United States, Canada, Puerto Rico, Mexico, and internationally. It
operates in two segments, Flat Products, and Tubular and Pipe Products. The Flat Products segment distributes processed carbon, coated,
aluminum and stainless steel, flat-rolled coil, sheet, and plate products. The Tubular and Pipe Products segment distributes metal tubing,
pipe, bar, valves, and fittings; and fabricates pressure parts to various industrial markets. The company also provides various
processing services comprising cutting-to-length, slitting, flattening, sawing and shearing, and value-added processes of blanking, tempering,
plate burning, laser cutting, precision machining, welding, fabricating, bending, polishing, kitting, and painting to process metals to
specified lengths, widths, and shapes. It serves metal consuming industries, such as manufacturers and fabricators of transportation and
material handling equipment, construction, mining and farm equipment, storage tanks, environmental and energy generation equipment,
automobiles, food service and electrical equipment, and military vehicles and equipment, as well as general and plate fabricators and metals
service centers through direct sales force. Olympic Steel, Inc. was founded in 1954 and is headquartered in Bedford Heights, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
$12.09
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
48.6%
Revenue
$1,435.2
$1,334.0
$1,378.0
$24.87
EBITDA
31.5
30.6
48.2
EBIT
11.6
11.3
29.0
$0.27
$0.30
$1.30
0.3x
10.44
132
Fiscal Year End
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
Enterprise Value
$133.0
0.3x
0.3x
365.7
11.6x
12.0x
7.6x
7.5x
31.5x
32.3x
12.6x
7.4x
44.0x
40.9x
9.3x
$30.00
600
$25.00
500
$20.00
400
$15.00
300
$10.00
200
$5.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
134
7/15
Volume (000s)
Price ($USD)
OMNOVA Solutions, Inc.
Ticker:
OMN
Rating:
BUY
Price:
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$6.48
P
(as of July 30, 2015)
$10.00
Founded:
Employees:
1999
Location:
2,320
Beachwood, OH (United States)
OMNOVA Solutions Inc. provides emulsion polymers, specialty chemicals, and engineered surfaces for various commercial, industrial, and
residential end uses in North America, Europe, and Asia. The company operates in two segments, Performance Chemicals and Engineered
Surfaces. The Performance Chemicals segment produces a range of emulsion polymers and specialty chemicals based primarily on styrene butadiene,
styrene butadiene acrylonitrile, styrene butadiene vinyl pyridine, nitrile butadiene, polyvinyl acetate, acrylic, styrene acrylic, vinyl
acrylic, glyoxal, fluorochemicals, and bio-based chemistries. Its custom-formulated products include tailored resins, binders, adhesives,
specialty rubbers, antioxidants, hollow plastic pigments, and elastomeric modifiers, which are used in paper, specialty coatings,
carpets, nonwovens, construction, oil/gas drilling and recovery, adhesives, tapes, tire cords, floor care, textiles, graphic arts, polymer
stabilization, industrial rubbers and hoses, bio-based polymers, and other specialty applications. This segment primarily sells its products
directly to manufacturers. The Engineered Surfaces segment develops, designs, produces, and markets a line of engineered surfacing
products, including coated fabrics, vinyl, paper and specialty laminates, and industrial films. Its products are used in various applications,
such as commercial building refurbishment, remodeling, and new construction; residential cabinets, flooring, ceiling tiles, and
furnishings; retail display; office furniture; transportation markets; recreational vehicles; manufactured housings; and various performance film
applications. This segment distributes its products primarily through a direct sales force and agents to manufacturers of cabinets,
furniture, seating and health care components, and other products. OMNOVA Solutions Inc. was founded in 1999 and is headquartered in
Beachwood, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
75.2%
Revenue
$968.4
$1,000.0
$1,060.0
$8.62
EBITDA
81.9
92.3
98.8
EBIT
48.1
57.0
64.0
$0.22
$0.40
$0.60
0.6x
0.6x
0.6x
6.3x
52-Week Low
5.15
99
Fiscal Year End
$6.48
LTM
EPS (Jefferies)
November
Market Data
($USD millions)
Enterprise Value
$303.1
621.3
7.6x
6.7x
5.0x
12.9x
10.9x
9.7x
3.9x
29.3x
16.0x
10.8x
$9.00
700
$8.00
600
500
$6.00
$5.00
400
$4.00
300
$3.00
200
$2.00
100
$1.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
135
7/15
Volume (000s)
Price ($USD)
$7.00
Orbital ATK, Inc.
Ticker:
OA
Rating:
HOLD
Price:
$70.14
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$18.00
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
12,300
Dulles, VA (United States)
Orbital ATK, Inc. designs, builds, and delivers space, defense, and aviation-related systems in the United States and internationally. It
operates through three segments: Flight Systems Group, Defense Systems Group, and Space Systems Group. The Flight Systems Group segment
develops rockets that are used as small-and medium-class space launch vehicles to place satellites into Earth orbit and escape
trajectories; interceptor and target vehicles for missile defense systems; suborbital launch vehicles that place payloads into various
high-altitude trajectories; rocket propulsion systems for human and cargo launch vehicles; strategic missiles; missile defense interceptors and
target vehicles; composite structures for military and commercial aircraft and launch structures markets; and illuminating flares and aircraft
countermeasures. The Defense Systems Group segment develops and produces military ammunition; small-caliber commercial ammunition;
precision weapons and munitions; high-performance gun systems; propellant and energetic materials; propulsion systems for tactical missiles
and missile defense applications; strike weapons; aircraft survivability systems; fuzes and warheads; special mission aircraft; airborne
missile warning systems; defense electronics; and advanced anti-radiation guided missile and multi-stage supersonic target products. The
Space Systems Group segment offers small-and medium-class satellites that are used to enable global and regional communications and
broadcasting; conduct space-related scientific research; and perform other activities related to national security. This segment also provides
human-rated space systems for Earth-orbit and deep-space exploration, including re-supplying the international space station; and
spacecraft components and subsystems, as well as specialized engineering and operations services to the United States government agencies. The
company is headquartered in Dulles, Virginia.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
86.6%
Revenue
$4,440.0
$4,400.0
$4,715.0
$80.99
EBITDA
614.3
625.7
704.7
EBIT
446.8
455.7
534.7
EPS (Jefferies)
$4.33
$4.45
$5.45
$70.14
60.23
426
Fiscal Year End
LTM
March
Market Data
($USD millions)
Enterprise Value
$5,697.3
1.6x
1.6x
1.5x
7,157.2
11.7x
11.4x
10.2x
2.6x
16.0x
15.7x
13.4x
2.4x
16.2x
15.7x
12.9x
$90.00
2,500
$80.00
2,000
$60.00
1,500
$50.00
$40.00
1,000
$30.00
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
136
7/15
Volume (000s)
Price ($USD)
$70.00
Orchids Paper Products Company
Ticker:
TIS
Rating:
BUY
Price:
$24.54
Exchange:
AMEX
Analyst:
Philip Ng
Target Price:
$30.00
P
(as of July 30, 2015)
Founded:
Employees:
1976
Location:
313
Pryor, OK (United States)
Orchids Paper Products Company manufactures and sells tissue products for at-home and away from home markets in the United States. Its
products include paper towels, bathroom tissues, and paper napkins. The company offers its products under Colortex, My Size, Velvet, Big
Mopper, Linen Soft, Soft & Fluffy, and Tackle brands; and licensed brands, such as Virtue, Truly Green, Golden Gate Paper, and Big Quality.
It also sells parent rolls to other converters. The company serves discount retailers, grocery stores, grocery wholesalers and
cooperatives, convenience stores, janitorial supply stores, and stores in the food service market. Orchids Paper Products Company was founded in
1976 and is headquartered in Pryor, Oklahoma.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$165.5
$173.9
$207.8
$30.00
EBITDA
27.3
32.9
46.3
EBIT
17.0
21.9
31.1
$1.28
$1.46
$1.89
1.7x
1.4x
6.4x
21.42
84
Fiscal Year End
81.8%
$24.54
EPS (Jefferies)
LTM
December
Market Data
($USD millions)
Enterprise Value
$265.6
1.8x
297.1
10.9x
9.0x
1.7x
17.5x
13.5x
9.6x
1.2x
19.1x
16.8x
13.0x
$35.00
1,400
$30.00
1,200
$25.00
1,000
$20.00
800
$15.00
600
$10.00
400
$5.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
137
7/15
Volume (000s)
Price ($USD)
Orion Engineered Carbons SA
Ticker:
OEC
Exchange:
NYSE
Rating:
Price:
Not Covered
$18.37
P
(as of July 30, 2015)
Founded:
Employees:
2011
Location:
1,300
Luxembourg, Luxembourg
Orion Engineered Carbons S.A. manufactures and sells carbon black products in Germany and the rest of Europe, the United States, South
Korea, Brazil, South Africa, and internationally. It operates through two segments, Specialty Carbon Black and Rubber Carbon Black. The
company provides ozone oxidized specialty carbon black grades for coatings and printing applications, as well as various conductive carbon
black grades for use in polymer, printing, and battery electrodes applications. It also offers rubber carbon black products for
applications in mechanical rubber goods under the PUREX brand name, as well as in tires under the ECORAX brand name. The company was formerly known
as Orion Engineered Carbons S.à r.l. and changed its name to Orion Engineered Carbons S.A. in July 2014. The company was incorporated in
2011 and is headquartered in Luxembourg. Orion Engineered Carbons S.A. is a subsidiary of Kinove Luxembourg Holdings 1 S.à r.l.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$1,373.3
$1,279.4
$1,353.7
$21.06
EBITDA
203.7
237.8
255.5
EBIT
127.4
162.6
182.7
EPS (Consensus)
$0.50
$1.42
$1.53
1.3x
1.3x
1.3x
6.7x
LTM
12.60
135
Fiscal Year End
87.2%
$18.37
December
Market Data
($USD millions)
Enterprise Value
$1,095.5
1,723.9
3.7x
3.1x
8.5x
7.2x
13.5x
10.6x
9.4x
nm
12.9x
12.0x
$25.00
900
800
700
600
$15.00
500
400
$10.00
300
200
$5.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
138
7/15
Volume (000s)
Price ($USD)
$20.00
Oshkosh Corporation
Ticker:
OSK
Rating:
BUY
Price:
$36.05
Exchange:
NYSE
Analyst:
Stephen Volkmann
Target Price:
$45.00
P
(as of July 30, 2015)
Founded:
Employees:
1917
Location:
12,000
Oshkosh, WI (United States)
Oshkosh Corporation designs, manufactures, and markets specialty vehicles and vehicle bodies worldwide. Its Access Equipment segment
offers aerial work platforms and telehandlers used in construction, agricultural, industrial, institutional, and general maintenance
applications. This segment also offers towing and recovery equipment, and carriers and wreckers; and installs equipment and sells chassis and
service parts, as well as offers rental fleet loans and leases, and floor plan and retail financing through third-party funding
arrangements. Its Defense segment manufactures severe-duty, heavy, and medium-payload tactical trucks for the department of defense, including
hauling tanks, missile systems, ammunition, fuel, troops and cargo for combat units, and light-payload tactical vehicles. The company’s Fire
and Emergency segment provides custom and commercial fire apparatus; and emergency vehicles, such as pumpers, aerial and ladder trucks,
tankers, wildland rough terrain response vehicles, mobile command and control centers, bomb squad vehicles, hazardous materials control
vehicles, rescue vehicles, and other emergency response vehicles. This segment also offers snow removal vehicles in airports; broadcast and
communication vehicles, including electronic field production trailers, satellite news gathering, and electronic news gathering vehicles;
command trucks; and military simulator shelters and trailers. Its Commercial segment provides discharge concrete mixers, and portable and
stationary concrete batch plants for the concrete ready-mix industry; refuse collection vehicles for the waste services industry; and
field service vehicles and truck-mounted cranes for the construction, equipment dealer, building supply, utility, tire service, and mining
industries. The company was formerly known as Oshkosh Truck Corporation and changed its name to Oshkosh Corporation in February 2008.
Oshkosh Corporation was founded in 1917 and is based in Oshkosh, Wisconsin.
Trading Data
Share Price
($USD)
(July 30, 2015)
$36.05
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
64.7%
Revenue
$6,187.5
$6,179.3
$6,435.3
$55.69
EBITDA
553.9
547.5
595.2
52-Week Low
32.56
EBIT
425.5
417.4
461.8
1,030
EPS (Jefferies)
$3.21
$3.20
$3.68
Fiscal Year End
September
Market Data
($USD millions)
Enterprise Value
$2,829.5
0.6x
0.6x
0.6x
3,683.3
6.7x
6.7x
6.2x
8.7x
8.8x
8.0x
11.2x
11.3x
9.8x
1.6x
1.5x
$60.00
6,000
$50.00
5,000
$40.00
4,000
$30.00
3,000
$20.00
2,000
$10.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
139
7/15
Volume (000s)
Price ($USD)
OSI Systems, Inc.
Ticker:
OSIS
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$69.79
P
(as of July 30, 2015)
Founded:
Employees:
1987
Location:
5,607
Hawthorne, CA (United States)
OSI Systems, Inc., together with its subsidiaries, designs and manufactures specialized electronic systems and components worldwide. The
company’s Security division provides security screening, threat detection, and non-intrusive inspection products and services under the
Rapiscan Systems trade name. Its products include baggage and parcel inspection, cargo and vehicle inspection, hold baggage screening,
people screening, radiation detection, and trace detection systems. This division also offers various turnkey security screening solutions
under the S2 trade name. The company’s Healthcare division provides patient monitoring, diagnostic cardiology, anesthesia delivery and
ventilation systems, and related accessories under the Spacelabs and Statcorp Medical names for care providers in critical care, emergency,
and perioperative areas within hospitals, as well as physician’s offices, medical clinics, and ambulatory surgery centers. Its
Optoelectronics and Manufacturing division offers optoelectronic devices for the aerospace and defense, avionics, medical imaging and diagnostic,
biochemistry analysis, pharmaceutical, nanotechnology, telecommunications, construction, and homeland security markets under the OSI
Optoelectronics name; and electronics manufacturing services to original equipment manufacturers under the OSI Electronics and APlus Products
name. This division also provides laser-based remote sensing devices to detect and classify vehicles in toll and traffic management
systems under the OSI Laserscan and Autosense names; passive optical components under the Ferson Technologies name; and solid-state laser
products for aerospace, defense, telecommunication, and medical applications under the OSI LaserDiode trade name. The company was founded in
1987 and is headquartered in Hawthorne, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
$69.79
% of 52-Week High
52-Week High
52-Week Low
CY 2016E
$951.7
$979.5
$1,005.0
$76.70
EBITDA
161.9
193.3
201.2
EBIT
102.2
106.6
114.6
EPS (Consensus)
$3.11
$3.64
$3.85
1.5x
1.4x
1.4x
117
Fiscal Year End
June
($USD millions)
Enterprise Value
CY 2015E
Revenue
LTM
91.0%
58.54
Market Data
$1,425.3
1,394.1
0.1x
(0.2x)
8.6x
7.2x
6.9x
13.6x
13.1x
12.2x
22.5x
19.2x
18.1x
$90.00
900
$80.00
800
$70.00
700
$60.00
600
$50.00
500
$40.00
400
$30.00
300
$20.00
200
$10.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
140
7/15
Volume (000s)
Price ($USD)
OSRAM Licht AG
Ticker:
OSR
Rating:
BUY
Price:
$55.71
Exchange:
XTRA
Analyst:
Peter Reilly
Target Price:
$71.00
P
(as of July 30, 2015)
Founded:
Employees:
1906
Location:
32,400
Munich, Germany
OSRAM Licht AG provides various lighting products and solutions worldwide. The company operates through LED Lamps & Systems (LLS),
Classic Lamps & Ballasts (CLB), Luminaires & Solutions (LS), Specialty Lighting (SL), and Opto Semiconductors segments. The LLS segment offers
LED lamps, and light management systems drivers and components that are used in the areas of lighting for private households, office
buildings, and industrial applications, as well as in hospitality, and retail and supermarkets. The CLB segment provides traditional lamps
and electronic control gears, which are used in the areas of lighting for private households, office buildings, and industrial
applications, as well as in hospitality, and retail and supermarkets. The LS segment offers luminaires, lighting solutions and projects, light
management systems, and installation and maintenance services for uses in the areas of street and external lighting, office buildings and
industrial applications, architectural lighting, sports venues, retail and supermarkets, and lighting for private households. The SL segment
offers automotive lighting for forward, signal, and interior lighting assemblies; display optics; and lamps for special applications. Its
products are used in automotive lighting, projection systems, medical applications, airfield lighting, microlithography, and cleaning and
disinfection areas, as well as in studio, stage, and TV lighting applications. The OS segment provides LED and infrared components,
laser diodes, and optical sensors for general lighting, automotive, industrial, consumer electronic device, medical technology, materials
processing, and measurement and printing technology applications. The company was formerly known as Kyros A AG and changed its name to OSRAM
Licht AG in November 2012. OSRAM Licht AG was founded in 1906 and is headquartered in Munich, Germany.
Trading Data
Share Price
($USD)
(July 30, 2015)
$55.71
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
96.7%
Revenue
$5,822.5
$6,227.5
$6,595.5
$57.63
EBITDA
839.9
871.1
987.9
EBIT
562.1
601.1
712.0
EPS (Jefferies)
$4.55
$4.50
$4.94
27.66
364
Fiscal Year End
LTM
September
Market Data
($USD millions)
Enterprise Value
$5,831.9
0.9x
0.8x
0.8x
5,198.8
6.2x
6.0x
5.3x
9.2x
8.6x
7.3x
12.2x
12.4x
11.3x
0.1x
(0.8x)
$60.00
1,800
1,600
1,400
$40.00
1,200
1,000
$30.00
800
$20.00
600
400
$10.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
141
7/15
Volume (000s)
Price ($USD)
$50.00
Owens Corning
Ticker:
OC
Rating:
BUY
Price:
$44.20
Exchange:
NYSE
Analyst:
Philip Ng
Target Price:
$56.00
P
(as of July 30, 2015)
Founded:
Employees:
1938
Location:
14,000
Toledo, OH (United States)
Owens Corning, together with its subsidiaries, produces and sells glass fiber reinforcements and other materials for composite systems;
and residential and commercial building materials worldwide. It operates in three segments: Composites, Insulation, and Roofing. The
Composites segment manufactures, fabricates, and sells glass reinforcements in the form of fiber; and manufactures and sells glass fiber
products in the form of fabrics, mat, veil, and other specialized products. Its products are used in pipe, roofing shingles, sporting goods,
consumer electronics, telecommunications cables, boats, aircraft, defense, automotive, industrial containers, and wind-energy applications
in the power and energy, housing, water distribution, industrial, transportation, consumer, and aerospace/military markets. The
Insulation segment manufactures and sells fiberglass insulation into residential, commercial, industrial, and other markets for thermal and
acoustical applications; and manufactures and sells glass fiber pipe insulation, flexible duct media, bonded and granulated mineral wool
insulation, and foam insulation used in above- and below-grade construction applications. It sells its products primarily to the insulation
installers, home centers, lumberyards, retailers, and distributors. The Roofing segment manufactures and sells residential roofing shingles
and oxidized asphalt materials used in residential and commercial construction, and specialty applications. This segment sells its
products through home centers, lumberyards, retailers, distributors, and contractors, as well as to roofing contractors and distributors for
built-up roofing asphalt systems and to manufacturers various other industries, including automotive, chemical, rubber, and construction.
The company was founded in 1938 and is headquartered in Toledo, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
$44.20
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
94.7%
Revenue
$5,264.0
$5,331.3
$5,652.6
$46.69
EBITDA
751.0
796.6
956.7
52-Week Low
28.38
EBIT
450.0
486.6
641.7
1,695
EPS (Jefferies)
$1.64
$2.23
$3.25
1.3x
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$5,326.3
1.4x
1.4x
7,463.3
9.9x
9.4x
7.8x
2.9x
16.6x
15.3x
11.6x
2.8x
27.0x
19.8x
13.6x
$50.00
9,000
$45.00
8,000
$40.00
7,000
Price ($USD)
6,000
$30.00
5,000
$25.00
4,000
$20.00
3,000
$15.00
$10.00
2,000
$5.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
142
7/15
Volume (000s)
$35.00
Pacific Ethanol, Inc.
Ticker:
PEIX
Exchange:
NasdaqCM
Rating:
Price:
Not Covered
$7.33
P
(as of July 30, 2015)
Founded:
Employees:
2003
Location:
180
Sacramento, CA (United States)
Pacific Ethanol, Inc. produces and markets low-carbon renewable fuels in the Western United States. It sells ethanol primarily to
gasoline refining and distribution companies. The company also provides ethanol transportation, storage, and delivery services through
third-party service providers. In addition, it markets ethanol co-products, including wet distiller grains and syrup to dairy operators and animal
feed distributors; and corn oil to poultry and biodiesel customers. The company serves integrated oil companies and gasoline marketers
primarily in California, Arizona, Nevada, Utah, Oregon, Colorado, Idaho, and Washington. Pacific Ethanol, Inc. was founded in 2003 and is
headquartered in Sacramento, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$7.33
LTM
CY 2015E
CY 2016E
30.6%
Revenue
$965.6
$1,268.0
$1,859.0
$23.97
EBITDA
37.6
48.2
146.9
52-Week Low
7.05
EBIT
24.1
31.3
125.7
957
EPS (Consensus)
$0.44
$0.93
$3.00
0.3x
0.3x
0.2x
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$337.7
317.5
0.8x
(0.5x)
8.4x
6.6x
2.2x
13.2x
10.1x
2.5x
16.7x
7.9x
2.4x
$25.00
12,000
10,000
8,000
$15.00
6,000
$10.00
4,000
$5.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
143
7/15
Volume (000s)
Price ($USD)
$20.00
PolyOne Corporation
Ticker:
POL
Rating:
BUY
Price:
$34.12
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$47.00
P
(as of July 30, 2015)
Founded:
Employees:
1927
Location:
6,900
Avon Lake, OH (United States)
PolyOne Corporation provides specialized polymer materials, services, and solutions with operations in specialty polymer formulations,
color and additive systems, plastic sheet and packaging solutions, and polymer distribution. The company’s Global Specialty Engineered
Materials segment offers specialty polymer formulations, services, and solutions for designers, assemblers, and processors of thermoplastic
materials. Its Global Color, Additives and Inks segment provides specialized color and additive concentrates for thermoplastics; and
dispersions for thermosets, as well as specialty inks, plastisols, and vinyl slush molding solutions. The company’s Designed Structures and
Solutions segment provides various solutions in engineered polymer structures, rigid barrier packaging, and specialty cast acrylics to
produce portfolio of sheet, custom rollstock and specialty films, laminate, and acrylic solutions. This segment also offers stock and custom
packaging solutions for various industry processes that are used in the food, medical, consumer, and graphic arts markets. Its
Performance Products and Solutions segment provides vinyl molding and extrusion processors to various manufacturers of plastic parts and
consumer-oriented products. This segment also offers materials testing and component analysis, custom formulation development, colorant and
additive, part design assistance, structural analysis, process simulations, mold design and flow analysis, and extruder screw design services,
as well as contract manufacturing services and outsourced polymer manufacturing services to resin producers and polymer marketers. The
PolyOne Distribution segment distributes approximately 3,500 grades of engineering and commodity grade resins to custom injection molders
and extruders. PolyOne Corporation sells its products worldwide through direct sales personnel, sales agents, and distributors. The company
was founded in 1927 and is headquartered in Avon Lake, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$3,587.9
$3,857.5
$4,002.2
$41.20
EBITDA
444.9
460.7
477.9
EBIT
323.1
342.7
355.5
EPS (Jefferies)
$1.88
$2.00
$2.20
1.1x
1.0x
1.0x
LTM
32.01
586
Fiscal Year End
82.8%
$34.12
December
Market Data
($USD millions)
Enterprise Value
$3,055.6
3,878.1
8.7x
8.4x
8.1x
2.4x
12.0x
11.3x
10.9x
1.8x
18.2x
17.1x
15.5x
$45.00
3,000
$40.00
2,500
$30.00
2,000
$25.00
1,500
$20.00
$15.00
1,000
$10.00
500
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
144
7/15
Volume (000s)
Price ($USD)
$35.00
Power Solutions International, Inc.
Ticker:
PSIX
Exchange:
NasdaqCM
Rating:
Price:
Not Covered
$41.19
P
(as of July 30, 2015)
Founded:
Employees:
1985
Location:
509
Wood Dale, IL (United States)
Power Solutions International, Inc. designs, manufactures, distributes, and supports power systems and custom-engineered integrated
electrical power generation systems for original equipment manufacturers (OEMs) of off-highway industrial equipment. It offers spark-ignited
water-cooled internal combustion engines that run on alternative fuels and gasoline; other engine power products, including power take off
clutch assemblies for industrial applications; and engine packaging, subsystems, kits, and componentry associated with cooling systems,
electronic systems, air intake systems, fuel systems, housings and power takeoff systems, exhaust systems, hydraulic systems, and
enclosures to industrial OEMs for incorporation into their applications. The company also distributes Perkins and Caterpillar diesel power
systems; and designs and manufactures electronic fuel-injection systems that enable gasoline engines to be fueled by liquid propane. It serves
industrial OEMs across a range of industries, including stationary electricity power generation, oil and gas, material handling, aerial
work platforms, industrial sweepers, arbor, welding, airport ground support, turf, agricultural, construction, and
psixirrigation. The
company sells its products and services primarily in North America, as well as in Asia and Europe. Power Solutions International, Inc. was
founded in 1985 and is headquartered in Wood Dale, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
$41.19
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
51.8%
Revenue
$367.4
$504.9
$632.6
$79.50
EBITDA
33.2
53.1
72.1
EBIT
27.3
44.0
59.7
$1.61
$2.28
$3.23
1.0x
40.25
102
Fiscal Year End
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$505.5
1.6x
1.2x
601.3
18.1x
11.3x
8.3x
3.2x
22.0x
13.7x
10.1x
2.9x
25.6x
18.1x
12.8x
$90.00
350
$80.00
300
250
$60.00
$50.00
200
$40.00
150
$30.00
100
$20.00
50
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
145
7/15
Volume (000s)
Price ($USD)
$70.00
PowerSecure International, Inc.
Ticker:
POWR
Exchange:
NYSE
Rating:
Price:
Not Covered
$15.27
P
(as of July 30, 2015)
Founded:
Employees:
1991
Location:
809
Wake Forest, NC (United States)
PowerSecure International, Inc. provides products and services to electric utilities and to their commercial, institutional, and
industrial customers in the United States. The company’s Distributed Generation segment provides interactive distributed generation power
systems, PowerBlock generator solutions, smart grid monitoring for electric utilities, peak shaving, demand response, and PowerControl standby
power dispatch and control software; PowerSecure solar distributed generation energy systems; and switchgear products and services under
the NexGear brand. Its Utility Infrastructure segment offers transmission and distribution systems, and substation construction and
maintenance, and storm restoration; UtilityEngineering and PowerServices engineering, regulatory consulting, and electric grid system design
services; and cybersecurity consulting services. The Energy Efficiency segment provides light emitting diode (LED) lighting for grocery
retailers under the EfficientLights brand name; utilities, and commercial and industrial customers under the IES and EnergyLite brands; and
retailers under the Solaris brand name. It also offers energy efficiency services and related solutions for energy services companies,
and utility and retail customers, including energy efficiency services upgrades for lighting, building envelope, water, and heating/cooling
systems. The company markets and sells its products to large and mid-sized commercial and industrial businesses, public and private
institutions, as well as investor-owned utilities, cooperatives, and municipalities. The company was formerly known as Metretek Technologies,
Inc. and changed its name to PowerSecure International, Inc. in August 2007. PowerSecure International, Inc. was founded in 1991 and is
headquartered in Wake Forest, North Carolina.
Trading Data
Share Price
($USD)
(July 30, 2015)
$15.27
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
92.7%
Revenue
$283.4
$387.8
$461.8
$16.47
EBITDA
6.3
25.4
45.0
(2.9)
10.9
30.1
($0.11)
$0.24
$0.75
0.8x
52-Week Low
8.17
EBIT
214
EPS (Consensus)
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$349.3
1.2x
0.9x
347.1
nm
13.7x
7.7x
nm
nm
11.5x
nm
nm
20.4x
3.4x
(0.4x)
$18.00
1,800
$16.00
1,600
$14.00
1,400
$12.00
1,200
$10.00
1,000
$8.00
800
$6.00
600
$4.00
400
$2.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
146
7/15
Volume (000s)
Price ($USD)
PPG Industries, Inc.
Ticker:
PPG
Rating:
BUY
Price:
$108.52
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$135.00
P
(as of July 30, 2015)
Founded:
Employees:
1883
Location:
44,400
Pittsburgh, PA (United States)
PPG Industries, Inc. manufactures and distributes coatings, specialty materials, and glass products. The company's Performance Coatings
segment provides coatings products for automotive and commercial transport/fleet repair and refurbishing; light industrial and specialty
coatings for signs; sealants, coatings, maintenance cleaners, and transparencies for commercial, military, regional jet and general
aviation aircraft, and transparent armor for specialty applications; and chemical management services. This segment also offers protective and
marine coatings and finishes for the protection of metals and structures to metal fabricators and heavy duty maintenance contractors, as
well as to the manufacturers of ships, bridges, and rail cars; architectural coatings used by painting and maintenance contractors, and
consumers for decoration and maintenance of residential and commercial building structures; and purchased sundries to painting contractors
and consumers. Its Industrial Coatings segment provides adhesives and sealants for the automotive industry, and metal pretreatments and
related chemicals for industrial and automotive applications; precipitated silicas for tire, battery separator, and other markets;
substrates used in radio frequency identification tags and labels, e-passports, drivers' licenses, and identification cards applications;
organic light emitting diode materials for use in displays and lighting; optical lens materials and photochromic dyes for optical lenses and
color-change products. The company's Glass segment produces flat glass and fiber glass for commercial and residential construction, and
wind energy, energy infrastructure, transportation, and electronics industries. PPG Industries, Inc. sells its products through owned
stores, home centers, paint dealers, concessionaires, other consumer retail outlets, independent distributors, and directly to customers. The
company was founded in 1883 and is headquartered in Pittsburgh, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
$108.52
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
91.2%
Revenue
$15,404.0
$15,530.0
$16,345.7
$118.95
EBITDA
2,533.5
2,707.0
2,928.8
52-Week Low
85.78
EBIT
1,989.0
2,102.0
2,305.7
1,628
EPS (Jefferies)
$5.34
$5.80
$6.60
Fiscal Year End
December
Market Data
($USD millions)
$29,617.4
2.1x
2.1x
2.0x
33,035.4
Enterprise Value
13.0x
12.2x
11.3x
1.8x
16.6x
15.7x
14.3x
1.3x
20.3x
18.7x
16.4x
$140.00
6,000
$120.00
5,000
Price ($USD)
4,000
$80.00
3,000
$60.00
2,000
$40.00
1,000
$20.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
147
7/15
Volume (000s)
$100.00
Praxair, Inc.
Ticker:
PX
Rating:
HOLD
Price:
$114.27
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$160.00
P
(as of July 30, 2015)
Founded:
Employees:
1907
Location:
27,302
Danbury, CT (United States)
Praxair, Inc. produces, sells, and distributes atmospheric, process, and specialty gases, as well as surface coatings in North America,
Europe, South America, and Asia. The company offers atmospheric gases, such as oxygen, nitrogen, argon, and rare gases; and process gases
comprising carbon dioxide, helium, hydrogen, electronic gases, specialty gases, and acetylene. It also designs, engineers, and builds
equipment that produces industrial gases; and manufactures precious metal and ceramic sputtering targets used primarily in the production of
semiconductors. In addition, the company supplies wear-resistant and high-temperature corrosion-resistant metallic and ceramic coatings
and powders to the aircraft, energy, printing, primary metals, petrochemical, textile, and other industries. Further, it provides
electric arc, plasma, and high-velocity oxy-fuel equipment; and distributes hardgoods and welding equipment purchased from independent
manufacturers. The company sells its products primarily through independent distributors. It serves various industries, such as healthcare,
petroleum refining, computer-chip manufacturing, beverage carbonation, fiber-optics, steel making, aerospace, chemicals, and water treatment.
The company was founded in 1907 and is headquartered in Danbury, Connecticut.
Trading Data
Share Price
($USD)
(July 30, 2015)
$114.27
% of 52-Week High
52-Week High
52-Week Low
CY 2016E
Revenue
$12,004.0
$11,315.0
$12,225.0
$134.06
EBITDA
3,856.0
3,955.6
4,467.3
EBIT
2,694.0
2,595.0
2,896.0
$6.19
$5.90
$6.80
3.5x
1,350
Fiscal Year End
CY 2015E
85.2%
111.54
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
$33,604.8
3.6x
3.8x
43,370.8
Enterprise Value
11.2x
11.0x
9.7x
2.4x
16.1x
16.7x
15.0x
2.4x
18.5x
19.4x
16.8x
$140.00
6,000
$135.00
5,000
4,000
$125.00
$120.00
3,000
$115.00
2,000
$110.00
1,000
$105.00
$100.00
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
148
7/15
Volume (000s)
Price ($USD)
$130.00
Pure Technologies Ltd.
Ticker:
PUR
Exchange:
TSX
Rating:
Price:
Not Covered
$5.44
P
(as of July 30, 2015)
Founded:
Employees:
1993
Location:
340
Calgary, Canada
Pure Technologies Ltd. engages in the development and application of technologies for inspection, monitoring, and management of physical
infrastructure worldwide. The company offers SoundPrint technology, an acoustic monitoring system used to provide continuous remote
health monitoring of water and wastewater pipelines, bridges, buildings, parking structures, and other infrastructure components; SoundPrint
acoustic fiber-optic technology, an acoustic fiber-optic monitoring system for structural monitoring of pre-stressed concrete water and
wastewater pipelines; and an Internet based pig tracking and pipeline monitoring systems. It also provides PureEM, an electromagnetic
technology, which provides a snapshot of the condition of large-diameter water and wastewater transmission pipelines; SmartBall in-line
inspection system that is a leak detection technology and includes a free-swimming ball with an instrumented aluminum core; and Sahara in-line
inspection system, which is a leak detection and video inspection system used for detecting leaks, gas pockets, illegal taps, and other
anomalies in water and wastewater pipelines. In addition, the company offers PipeDiver in-line inspection system that is a free-swimming
condition assessment platform for in-service inspection of water and wastewater pressure pipelines; PureRobotics, a robotic pipeline
inspection platform; PureMFL, which is an electromechanical method of non-destructive testing used to detect and quantify corrosion-induced
wall loss in metallic pipe; Spectrum XLI technology, an indirect auditable inspection system; and PipeWISE, an integrity data management
software. Further, it provides pipeline engineering services; and technology-driven integrity services to the oil and gas pipeline
industry. Additionally, the company offers data analysis and site maintenance services; and licenses its technology. Pure Technologies Ltd. was
founded in 1993 and is headquartered in Calgary, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
LTM
81.3%
Revenue
$63.1
$85.1
$109.3
$6.69
EBITDA
13.0
16.7
25.0
EBIT
(5.9)
9.7
16.7
($0.05)
$0.13
$0.21
52-Week Low
4.87
57
Fiscal Year End
$5.44
EPS (Consensus)
CY 2015E
CY 2016E
December
Market Data
($USD millions)
Enterprise Value
$288.0
4.2x
3.1x
2.4x
265.0
20.4x
15.9x
10.6x
nm
27.2x
15.9x
nm
nm
25.3x
–
(1.8x)
$9.00
900
$8.00
800
$7.00
700
$6.00
600
$5.00
500
$4.00
400
$3.00
300
$2.00
200
$1.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
149
7/15
Volume (000s)
Price ($USD)
Quaker Chemical Corporation
Ticker:
KWR
Rating:
BUY
Price:
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$80.17
P
(as of July 30, 2015)
$110.00
Founded:
Employees:
1918
Location:
1,941
Conshohocken, PA (United States)
Quaker Chemical Corporation develops, produces, and markets various formulated chemical specialty products for various heavy industrial
and manufacturing applications worldwide. Its products include rolling lubricants used by manufacturers of steel in the hot and cold
rolling of steel, and by manufacturers of aluminum in the hot rolling of aluminum; corrosion preventives to protect metal during manufacture,
storage, and shipment; and metal finishing compounds to prepare metal surfaces for special treatments, such as galvanizing and tin
plating, as well as to prepare metal for further processing. The company also offers machining and grinding compounds for use in cutting,
shaping, and grinding metal parts; forming compounds to facilitate the drawing and extrusion of metal products; bio-lubricants for forestry
and construction industries machinery; hydraulic fluids for steel, metalworking, and other customers to operate hydraulically activated
equipment; and chemical milling maskants for the aerospace industry, and temporary and permanent coatings for metal and concrete products.
In addition, it provides construction products, including flexible sealants and protective coatings for various applications; specialty
greases; die casting lubricants; and chemical management services. It serves various industries, such as steel, aluminum, automotive,
mining, aerospace, tube and pipe, cans, and other industries. Quaker Chemical Corporation sells its products directly, as well as through
distributors and agents. The company was formerly known as Quaker Chemical Products Corporation and changed its name to Quaker Chemical
Corporation in August 1962. Quaker Chemical Corporation was founded in 1918 and is headquartered in Conshohocken, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
$80.17
% of 52-Week High
LTM
CY 2015E
CY 2016E
85.7%
Revenue
$758.0
$781.0
$857.4
52-Week High
$93.56
EBITDA
98.2
101.4
111.3
52-Week Low
67.29
EBIT
80.4
84.8
94.7
$4.29
$4.40
$5.00
1.3x
61
Fiscal Year End
EPS (Jefferies)
December
Market Data
($USD millions)
$1,088.1
1.4x
1.4x
1,092.2
11.1x
10.8x
9.8x
13.6x
12.9x
11.5x
18.7x
18.2x
16.0x
Enterprise Value
0.6x
(0.0x)
$100.00
200
$90.00
180
$80.00
160
$70.00
140
$60.00
120
$50.00
100
$40.00
80
$30.00
60
$20.00
40
$10.00
20
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
150
7/15
Volume (000s)
Price ($USD)
Quanta Services, Inc.
Ticker:
PWR
Exchange:
NYSE
Rating:
Price:
Not Covered
$27.78
P
(as of July 30, 2015)
Founded:
Employees:
1997
Location:
24,600
Quanta Services, Inc. provides specialty contracting services to the electric power, and oil and gas industries in North America and
internationally. The company’s Electric Power Infrastructure Services segment provides network solutions comprising design, installation,
upgrade, repair, and maintenance of electric power transmission and distribution infrastructure, and substation facilities. It also provides
emergency restoration services, including the repair of infrastructure. In addition, this segment designs, installs, and maintains
renewable energy generation facilities comprising solar, wind, and various types of natural gas generation facilities. The company’s Oil and
Gas Infrastructure Services segment provides network solutions to customers involved in the development and transportation of natural gas,
oil, and other pipeline products. Its services include the design, installation, repair, and maintenance of pipeline transmission and
distribution systems, gathering systems, production systems, and compressor and pump stations, as well as related trenching, directional
boring, and automatic welding services. This segment also provides pipeline protection; integrity testing; rehabilitation and replacement;
fabrication of pipeline support systems, and related structures and facilities; and infrastructure services for the offshore and inland
water energy markets. In addition, it designs, installs, and maintains fueling systems, as well as water and sewer infrastructure. The
company’s Fiber Optic Licensing and Other segment designs, procures, constructs, maintains, and owns fiber optic telecommunications
infrastructure, as well as licenses the right to use these point-to-point fiber optic telecommunications facilities to its customers. This
segment offers its services to communication carriers, as well as education, financial services, healthcare, and other businesses. The company
was founded in 1997 and is headquartered in Houston, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
$27.78
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
74.1%
Revenue
$7,975.6
$8,360.1
$8,918.4
$37.49
EBITDA
692.6
854.0
966.6
52-Week Low
25.34
EBIT
490.9
619.7
716.4
2,203
EPS (Consensus)
$1.30
$2.02
$2.30
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$5,681.0
0.7x
0.7x
0.6x
5,683.1
8.2x
6.7x
5.9x
11.6x
9.2x
7.9x
21.3x
13.8x
12.1x
0.2x
(0.0x)
$40.00
8,000
$35.00
7,000
$30.00
6,000
$25.00
5,000
$20.00
4,000
$15.00
3,000
$10.00
2,000
$5.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
151
7/15
Volume (000s)
Price ($USD)
Rassini, S.A.B. de C.V.
Ticker:
RASSINI A
Exchange:
BMV
Rating:
Price:
Not Covered
$1.94
P
(as of July 30, 2015)
Founded:
Employees:
1984
Location:
na
Mexico City, Mexico
Rassini, S.A.B. de C.V. designs, manufactures, and sells auto parts for brake and suspension systems in North America and Brazil. The
company operates through Car Suspension Systems and Components for Brakes segments. It offers suspension products comprising multi-leaf
springs, parabolic leaf springs, coils springs, torsion bars, bushings, and stabilizer bars. The company also provides braking system
components, which include rotors, disks, drums, assemblies, hubs, and other castings for use in light and commercial vehicles, passenger cars,
and high performance platforms. In addition, it is involved in the production of assembled and injected bushings for suspension
components, such as leaf springs and shock absorbers. Further, the company provides engineering services comprising design, development, testing,
and logistic services. Its products are used in commercial and sports cars, as well as in light and heavy duty trucks. The company was
formerly known as SANLUIS Corporacion, S.A.B. de C.V. and changed its name to Rassini, S.A.B. de C.V. in November 2014. Rassini, S.A.B. de
C.V. was incorporated in 1984 and is headquartered in Mexico City, Mexico.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
Revenue
$794.5
$796.7
$848.9
EBITDA
104.9
121.8
129.0
72.8
84.3
91.8
$0.11
$0.17
$0.19
94.5%
$2.06
52-Week Low
1.00
EBIT
101
EPS (Consensus)
Fiscal Year End
LTM
$1.94
December
Market Data
($USD millions)
Enterprise Value
$606.5
1.0x
1.0x
0.9x
770.2
7.3x
6.3x
6.0x
1.9x
10.6x
9.1x
8.4x
1.4x
17.3x
11.1x
10.4x
$2.50
2,500
$2.00
2,000
$1.50
1,500
$1.00
1,000
$0.50
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
152
7/15
Volume (000s)
Price ($USD)
Rayonier Advanced Materials, Inc.
Ticker:
RYAM
Exchange:
NYSE
Rating:
Price:
Not Covered
$13.27
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
1,300
Jacksonville, FL (United States)
Rayonier Advanced Materials Inc. manufactures and sells cellulose specialty products in the United States, China, Japan, Canada, Europe,
Latin America, and other Asian countries. Its products include cellulose specialties, such as cellulose acetate and cellulose ethers,
which are natural polymers that are used as raw materials to manufacture a range of consumer-oriented products, such as cigarette filters,
liquid crystal displays, impact-resistant plastics, thickeners for food products, pharmaceuticals, cosmetics, high-tenacity rayon yarn for
tires and industrial hoses, food casings, paints, and lacquers. The company also offers commodity products, including commodity viscose
used in the manufacture of textiles for clothing and other fabrics, and in non-woven applications, such as baby wipes, cosmetic and
personal wipes, industrial wipes, and mattress ticking; and absorbent materials comprising fluff fibers that are used as an absorbent medium
in products, such as disposable baby diapers, feminine hygiene products, incontinence pads, convalescent bed pads, industrial towels and
wipes, and non-woven fabrics. Rayonier Advanced Materials Inc. is headquartered in Jacksonville, Florida.
Trading Data
Share Price
($USD)
(July 30, 2015)
$13.27
% of 52-Week High
LTM
CY 2015E
CY 2016E
35.0%
Revenue
$935.5
$915.1
$893.9
52-Week High
$37.95
EBITDA
159.4
210.0
206.0
52-Week Low
11.44
72.7
119.4
123.2
$0.61
$1.30
$1.34
1.6x
EBIT
468
Fiscal Year End
EPS (Consensus)
December
Market Data
($USD millions)
$560.1
1.5x
1.5x
Enterprise Value
1,395.1
8.7x
6.6x
6.8x
5.7x
19.2x
11.7x
11.3x
5.2x
21.9x
10.2x
9.9x
$40.00
6,000
$35.00
5,000
4,000
$25.00
$20.00
3,000
$15.00
2,000
$10.00
1,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
153
7/15
Volume (000s)
Price ($USD)
$30.00
Regal Beloit Corporation
Ticker:
RBC
Rating:
HOLD
Price:
$68.60
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$82.00
P
(as of July 30, 2015)
Founded:
Employees:
1955
Location:
24,100
Beloit, WI (United States)
Regal Beloit Corporation, together with its subsidiaries, designs, manufactures, and sells electric motors and controls, electric
generators and controls, and power transmission products in the United States and internationally. Its Commercial and Industrial Systems segment
provides AC and DC motors, and controls; and starters, contactors, relays, variable frequency drives and motors, artificial lift system
pumping equipment, and integrated solutions of components. This segment also offers precision stator and rotor kits; hazardous duty
motors; electric generators; and automatic transfer switches, power generation and distribution switch gears, and components and system
controls. Its products are used in health care, cloud and enterprise data centers, oil and gas, marine, agriculture, transportation,
government, and construction applications. The company’s Climate Solutions segment offers electronic variable speed controls and blowers, as well
as capacitors that are used in residential and light commercial air moving applications, including commercial heating, ventilation, and
air conditioning (HVAC) systems and commercial refrigeration. Its Power Transmission Solutions segment provides engineered enclosed gear
drives, gear motors, transmissions, and custom open gearing products; and application and design assistance services. This segment also
offers belt and chain drives, helical and worm gearing products, mounted and un-mounted bearings, couplings, modular plastic belts, and
conveying chains and components. Its products are used in material handling, food and beverage, agriculture, industrial machinery,
construction, and other general gearing applications. The company serves original equipment manufacturers, end-user customers, manufacturers of
HVAC products and refrigeration systems, and system integrators through a network of sales representatives and distributors. Regal Beloit
Corporation was founded in 1955 and is based in Beloit, Wisconsin.
Trading Data
Share Price
($USD)
(July 30, 2015)
$68.60
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
84.3%
Revenue
$3,367.5
$3,729.4
$3,875.5
$81.36
EBITDA
475.3
548.2
598.1
EBIT
333.5
404.6
454.5
EPS (Jefferies)
$4.54
$5.51
$6.23
1.3x
62.15
316
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$3,109.3
1.4x
1.3x
4,882.4
10.3x
8.9x
8.2x
4.1x
14.6x
12.1x
10.7x
3.6x
15.1x
12.5x
11.0x
$90.00
2,500
$80.00
2,000
$60.00
1,500
$50.00
$40.00
1,000
$30.00
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
154
7/15
Volume (000s)
Price ($USD)
$70.00
Renewable Energy Group, Inc.
Ticker:
REGI
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$10.35
P
(as of July 30, 2015)
Founded:
Employees:
1996
Location:
502
Ames, IA (United States)
Renewable Energy Group, Inc. produces and sells biofuels and renewable chemicals in the United States. It operates through two segments,
Biomass-Based Diesel and Services. The Biomass-Based Diesel segment acquires feedstock; manages, constructs, and operates biomass-based
diesel production facilities; and markets, sells, and distributes biomass-based diesel and its co-products. This segment produces
biomass-based diesel from a range of feedstocks, including inedible corn oil, used cooking oil, and inedible animal fat; and from virgin
vegetable oils, such as soybean oil or canola oil. It is also involved in purchase and resale of biomass-based diesel, renewable identification
numbers, and raw material feedstocks acquired from third parties; and sale of glycerin, free fatty acids, naphtha, and other co-products
of the biomass-based diesel production process. The Services segment provides facility management and operational services to
biomass-based diesel production facilities, as well as to other clean-tech companies. This segment also offers construction management services for
biomass-based diesel production facilities. Renewable Energy Group, Inc. was founded in 1996 and is headquartered in Ames, Iowa.
Trading Data
Share Price
($USD)
(July 30, 2015)
$10.35
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
80.9%
Revenue
$1,285.7
$1,169.3
$1,275.6
$12.80
EBITDA
69.4
19.5
92.5
50.7
(12.4)
52-Week Low
8.10
EBIT
453
EPS (Consensus)
Fiscal Year End
LTM
$0.65
72.3
$0.02
$1.00
December
Market Data
($USD millions)
Enterprise Value
$454.7
0.4x
0.4x
0.4x
492.8
7.1x
25.3x
5.3x
9.7x
nm
6.8x
15.9x
nm
10.4x
3.7x
0.5x
$14.00
2,000
1,800
$12.00
1,600
Price ($USD)
1,400
1,200
$8.00
1,000
$6.00
800
600
$4.00
400
$2.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
155
7/15
Volume (000s)
$10.00
Renova Energia S.A.
Ticker:
RNEW11
Exchange:
BOVESPA
Rating:
Price:
Not Covered
$9.49
P
(as of July 30, 2015)
Founded:
Employees:
2001
Location:
261
Sao Paulo, Brazil
Renova Energia S.A., together with its subsidiaries, engages in the development, implementation, and operation of renewable power
generation projects; and commercialization of power and related activities in Brazil. It is involved in the operation of wind farms, small
hydroelectric plants, and solar power plants. Renova Energia S.A. was founded in 2001 and is headquartered in São Paulo, Brazil.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
$130.1
$202.5
EBITDA
54.7
73.2
107.8
EBIT
24.7
–
–
–
–
Revenue
52-Week Low
7.98
22
Fiscal Year End
LTM
61.3%
$15.48
$110.1
$9.49
EPS (Consensus)
($0.09)
December
Market Data
($USD millions)
$1,043.1
Enterprise Value
1,855.6
16.9x
14.3x
9.2x
33.9x
25.3x
17.2x
75.2x
na
na
nm
na
na
15.9x
14.9x
$25.00
300
250
200
$15.00
150
$10.00
100
$5.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
156
7/15
Volume (000s)
Price ($USD)
$20.00
REX American Resources Corporation
Ticker:
REX
Exchange:
NYSE
Rating:
Price:
Not Covered
$52.48
P
(as of July 30, 2015)
Founded:
Employees:
1980
Location:
106
Dayton, OH (United States)
REX American Resources Corporation, through its subsidiaries, produces and sells ethanol. The company’s products include ethanol, dried
distillers grains, modified distillers grains, and non-food grade corn oil. It also offers dry distillers grains with solubles as a
protein used in animal feed. The company was formerly known as REX Stores Corporation and changed its name to REX American Resources
Corporation in 2010. The company was founded in 1980 and is based in Dayton, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
$52.48
% of 52-Week High
47.4%
52-Week High
CY 2016E
$477.2
$524.9
114.4
–
–
96.9
61.1
99.7
$7.63
$5.58
$8.71
0.6x
0.7x
0.6x
2.8x
na
na
3.3x
5.2x
3.2x
6.9x
9.4x
6.0x
EBIT
168
Fiscal Year End
CY 2015E
EBITDA
51.63
LTM
$521.5
Revenue
$110.65
52-Week Low
EPS (Consensus)
January
Market Data
($USD millions)
$416.7
Enterprise Value
318.3
–
(1.2x)
$120.00
800
700
$100.00
500
$60.00
400
300
$40.00
200
$20.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
157
7/15
Volume (000s)
Price ($USD)
600
$80.00
Ryerson Holding Corporation
Ticker:
RYI
Rating:
BUY
Price:
Exchange:
NYSE
Analyst:
Luke Folta
Target Price:
$6.94
P
(as of July 30, 2015)
$11.00
Founded:
Employees:
2007
Location:
3,650
Ryerson Holding Corporation, together with its subsidiaries, processes and distributes various metals in North America, China, and
Brazil. The company offers stainless steel, aluminum, carbon steel, and alloy steels, as well as a line of nickel and red metals in various
shapes and forms, including coils, sheets, rounds, hexagons, square and flat bars, plates, structurals, and tubings. It also provides
value-added processing and fabrication services, such as sawing, slitting, blanking, cutting to length, leveling, flame cutting, laser cutting,
edge trimming, edge rolling, roll forming, tube manufacturing, polishing, shearing, forming, stamping, punching, rolling shell plate to
radius, and beveling to process materials to a specified thickness, length, width, shape, and surface quality pursuant to specific
customer orders. The company serves industrial and transportation equipment manufacturing, industrial fabrication, electrical machinery
production, heavy equipment manufacturing, and oil and gas industries. Ryerson Holding Corporation was founded in 2007 and is headquartered in
Chicago, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$6.94
48.6%
Revenue
$14.28
EBITDA
LTM
CY 2015E
CY 2016E
$3,615.8
$3,405.7
$3,557.6
169.6
168.0
200.8
52-Week Low
5.24
EBIT
123.7
123.6
156.4
128
EPS (Jefferies)
$0.46
$0.44
$1.10
Fiscal Year End
December
Market Data
($USD millions)
$222.3
0.4x
0.4x
0.4x
Enterprise Value
1,351.1
8.0x
8.0x
6.7x
7.1x
10.9x
10.9x
8.6x
6.6x
15.1x
15.8x
6.3x
$16.00
7,000
$14.00
6,000
5,000
$10.00
4,000
$8.00
3,000
$6.00
2,000
$4.00
1,000
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
158
7/15
Volume (000s)
Price ($USD)
$12.00
Saab AB
Ticker:
SAAB B
Rating:
HOLD
Price:
$24.12
Exchange:
OM
Analyst:
Sandy Morris
Target Price:
$24.00
P
(as of July 30, 2015)
Founded:
Employees:
1937
Location:
14,549
Bromma, Sweden
Saab AB (publ) provides products, solutions, systems, support, and services for military, naval, land, civil security, and commercial
aeronautic markets in Sweden and internationally. Its Aeronautics segment offers Gripen fighter, unmanned aerial systems, advanced airborne
systems, related subsystems, aerostructures, aircraft components, and services to defense customers and commercial aerospace industries.
The company's Dynamics segment provides ground combat weapons, missile systems, torpedoes, sensor systems, unmanned underwater vehicles,
and signature management systems for armed forces, as well as remotely operated vehicles and security systems for the offshore industry
and nuclear power plants. Its Electronic Defense Systems segment supplies solutions for surveillance, threat detection and location,
platform and force protection, and avionics. This segment offers airborne, land-based, and naval radar systems; and electronic support
measures and self-protection systems. The company's Security and Defense Solutions segment offers C4ISR systems, airborne early warning system,
civil security systems and solutions, and training and simulation, as well as telecom carrier and power solutions. This segment also
provides combat management systems for navy, air force, and army; and designs, constructs, and maintains submarines. Its Support and Services
segment offers integrated support solutions, technical maintenance and logistics, and field facilities and regional aircraft support, as
well as products, solutions, and services for military and civil missions in locations with limited infrastructure. The company also
provides technology consulting services primarily in the areas of environment and security; and industrial products and services. Saab AB
(publ) was founded in 1937 and is headquartered in Bromma, Sweden.
2780
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$2,667.5
$3,030.7
$3,217.3
$27.93
EBITDA
267.4
342.7
356.1
EBIT
161.2
232.0
248.9
EPS (Jefferies)
$1.07
$1.58
$1.71
1.0x
0.9x
LTM
18.95
187
Fiscal Year End
86.4%
$24.12
December
Market Data
($USD millions)
Enterprise Value
$2,534.9
1.1x
2,908.2
10.9x
8.5x
8.2x
2.6x
18.0x
12.5x
11.7x
1.4x
22.5x
15.3x
14.1x
$30.00
1,000
900
800
700
$20.00
600
$15.00
500
400
$10.00
300
200
$5.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
159
7/15
Volume (000s)
Price ($USD)
$25.00
Schnitzer Steel Industries, Inc.
Ticker:
SCHN
Rating:
HOLD
Price:
$16.37
Exchange:
NasdaqGS
Analyst:
Luke Folta
Target Price:
$18.00
P
(as of July 30, 2015)
Founded:
Employees:
1906
Location:
3,371
Portland, OR (United States)
Schnitzer Steel Industries, Inc. manufactures and exports recycled ferrous metal products worldwide. The company operates in three
segments: Metals Recycling Business (MRB), Auto Parts Business (APB), and Steel Manufacturing Business (SMB). The MRB segment buys, collects,
processes, recycles, sells, and brokers ferrous scrap metals, as well as processes mixed and large pieces of scrap metal into smaller
pieces by crushing, sorting, shearing, shredding, and torching. This segment offers ferrous scrap metal, a feedstock used in the production
of finished steel products; and nonferrous products, including aluminum, copper, stainless steel, nickel, brass, titanium, lead, high
temperature alloys, and joint products. It sells processed nonferrous scrap metal to specialty steelmakers, foundries, aluminum sheet and
ingot manufacturers, copper refineries and smelters, brass and bronze ingot manufacturers, and wire and cable producers. The APB segment
procures used and salvaged vehicles, and sells serviceable used auto parts from these vehicles through its 62 self-service auto parts stores
in the United States and Western Canada, as well as sells autobodies and parts containing ferrous and nonferrous materials, such as
engines, transmissions, alternators, and catalytic converters to metals recyclers. The SMB segment produces a range of finished steel
products using recycled metal and other raw materials. Its products include semi-finished goods, such as billets; and finished goods consisting
of rebars, coiled rebars, wire rods, merchant bars, and other specialty products. This segment serves steel service centers, construction
industry subcontractors, steel fabricators, wire drawers, and farm and wood products suppliers. Schnitzer Steel Industries, Inc. was
founded in 1906 and is headquartered in Portland, Oregon.
Trading Data
Share Price
($USD)
(July 30, 2015)
$16.37
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
57.6%
Revenue
$2,154.0
$1,845.2
$1,929.9
$28.44
EBITDA
82.8
83.3
120.3
EBIT
11.3
19.4
58.1
$0.20
$1.17
0.4x
15.06
433
Fiscal Year End
EPS (Jefferies)
($0.06)
August
Market Data
($USD millions)
Enterprise Value
$439.2
0.3x
0.4x
697.9
8.4x
8.4x
5.8x
3.2x
nm
nm
12.0x
3.1x
nm
nm
14.0x
$30.00
2,000
1,800
1,600
1,400
$20.00
1,200
$15.00
1,000
800
$10.00
600
400
$5.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
160
7/15
Volume (000s)
Price ($USD)
$25.00
Science Applications International Corporation
Ticker:
SAIC
Rating:
HOLD
Price:
$53.18
Exchange:
NYSE
Analyst:
Jason Kupferberg
Target Price:
$52.00
P
(as of July 30, 2015)
Founded:
Employees:
1969
Location:
13,000
McLean, VA (United States)
Science Applications International Corporation provides technical, engineering, and enterprise information technology (IT) services in
the United States. The company’s offerings include engineering and maintenance of ground and maritime systems, logistics, training, and
simulation, as well as operation and program support services; and end-to-end services spanning the design, development, integration,
deployment, management and operations, sustainment, and security of customers’ entire IT infrastructure. It serves the U.S. military comprising
Army, Air Force, Navy, and Marines; the U.S. Defense Logistics Agency; the National Aeronautics and Space Administration; the U.S.
Department of State; and the U.S. Department of Homeland Security. The company was formerly known as SAIC Gemini, Inc. and changed its name to
Science Applications International Corporation in September 2013. Science Applications International Corporation was founded in 1969 and
is headquartered in McLean, Virginia.
Trading Data
Share Price
($USD)
(July 30, 2015)
$53.18
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
95.0%
Revenue
$3,980.6
$4,348.2
$4,600.1
$55.99
EBITDA
260.3
289.5
335.7
EBIT
234.0
248.2
285.9
EPS (Jefferies)
$2.79
$2.71
$3.06
40.81
231
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$2,531.0
10.5x
0.6x
0.6x
2,723.0
10.5x
9.4x
8.1x
1.9x
11.6x
11.0x
9.5x
0.7x
19.1x
19.6x
17.4x
$60.00
1,200
$50.00
1,000
$40.00
800
$30.00
600
$20.00
400
$10.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
161
7/15
Volume (000s)
Price ($USD)
Sierra Metals, Inc.
Ticker:
SMT
Exchange:
TSX
Rating:
Price:
Not Covered
$0.95
P
(as of July 30, 2015)
Founded:
Employees:
1996
Location:
838
Toronto, Canada
Sierra Metals Inc. engages in acquisition, exploration, extraction, production, and commercialization of mineral concentrates containing
silver, copper, lead, zinc, and gold. The company has 3 producing mining properties that include the Yauricocha mine covering 18,778
hectares located in the Yauyos province in western central Peru; the Bolivar mine comprising 12 mining concessions covering approximately
6,616 hectares located in the Piedras Verdes mining district of Chihuahua, Mexico; and the Cusi mine with 73 concessions covering 11,977
hectares located in the Chihuahua State, Mexico. It also has various exploration projects in Mexico and Peru. The company was formerly known
as Dia Bras Exploration Inc. and changed its name to Sierra Metals Inc. in December 2012. Sierra Metals Inc. was incorporated in 1996
and is headquartered in Toronto, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
57.7%
Revenue
$165.7
–
–
$1.64
EBITDA
65.6
52.7
70.0
EBIT
15.6
–
–
$0.03
$0.05
$0.07
1.4x
na
na
3.3x
52-Week Low
0.94
23
Fiscal Year End
LTM
$0.95
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$152.9
228.7
3.5x
4.3x
1.3x
14.7x
na
na
0.7x
29.4x
18.9x
13.7x
$2.00
4,000
$1.80
3,500
$1.60
3,000
Price ($USD)
$1.20
2,500
$1.00
2,000
$0.80
1,500
$0.60
1,000
$0.40
500
$0.20
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
162
7/15
Volume (000s)
$1.40
Skanska AB
Ticker:
SKA B
Exchange:
OM
Rating:
Price:
Not Covered
$20.79
P
(as of July 30, 2015)
Founded:
Employees:
1887
Location:
42,886
Stockholm, Sweden
Skanska AB (publ), a construction and project development company, develops and constructs commercial properties, and residential and
public-private partnerships projects in the Nordic region, Europe, and the United States. It operates through four segments: Construction,
Residential Development, Commercial Property Development, and Infrastructure Development. The Construction segment constructs
non-residential and residential buildings, as well as civil projects. The Residential Development segment develops residential projects for immediate
sale. The Commercial Property Development segment initiates, develops, leases, and divests commercial property projects. The
Infrastructure Development segment identifies, develops, and invests in privately financed infrastructure projects, such as highways, hospitals, and
power-generating plants. Skanska AB was founded in 1887 and is headquartered in Stockholm, Sweden.
Trading Data
Share Price
($USD)
(July 30, 2015)
$20.79
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
85.6%
Revenue
$18,588.5
$18,806.9
$19,268.0
$24.30
EBITDA
824.0
892.2
939.9
52-Week Low
14.90
EBIT
632.7
724.7
759.5
1,098
EPS (Consensus)
$1.00
$1.33
$1.37
0.4x
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$8,544.2
0.5x
0.5x
8,657.3
10.5x
9.7x
9.2x
1.6x
13.7x
11.9x
11.4x
0.1x
20.7x
15.6x
15.2x
$30.00
3,500
$25.00
3,000
2,500
$20.00
2,000
$15.00
1,500
$10.00
1,000
$5.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
163
7/15
Volume (000s)
Price ($USD)
Snap-on Incorporated
Ticker:
SNA
Exchange:
NYSE
Rating:
Price:
Not Covered
$164.38
P
(as of July 30, 2015)
Founded:
Employees:
1920
Location:
11,400
Kenosha, WI (United States)
Snap-on Incorporated manufactures and markets tools, equipment, diagnostics, and repair information and systems solutions for
professional users worldwide. The company operates through Commercial & Industrial Group, Snap-on Tools Group, Repair Systems & Information Group,
and Financial Services segments. It offers hand tools, such as wrenches, sockets, ratchet wrenches, pliers, screwdrivers, punches and
chisels, saws and cutting tools, pruning tools, torque measuring instruments, and other products; power tools, such as cordless, pneumatic,
hydraulic, and corded tools comprising impact wrenches, ratchets, chisels, drills, sanders, grinders, polishers, and other products; and
tool storage products comprising tool chests, roll cabinets, tool control systems, and other products. The company also provides handheld
and PC-based diagnostic products, service and repair information products, diagnostic software solutions, electronic parts catalogs,
business management systems and services, point-of-sale systems, integrated systems for vehicle service shops, purchasing facilitation
services for original equipment manufacturers, and warranty management systems and analytics. In addition, it offers solutions for diagnosis
and service of vehicles and industrial equipment for various products, such as wheel alignment equipment, wheel balancers, tire changers,
vehicle lifts, test lane systems, collision repair equipment, air conditioning service equipment, brake service equipment, fluid exchange
equipment, transmission troubleshooting equipment, safety testing equipment, battery chargers, and hoists. Further, the company provides
financing programs to facilitate the sales of its products. It serves aviation and aerospace, agriculture, construction, government and
military, mining, natural resources, power generation, and technical education industries, as well as vehicle dealerships and repair
centers. The company was founded in 1920 and is headquartered in Kenosha, Wisconsin.
Trading Data
Share Price
($USD)
(July 30, 2015)
$164.38
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
99.7%
Revenue
$3,572.4
$3,406.1
$3,617.5
$164.82
EBITDA
795.9
822.2
922.0
EBIT
728.7
754.8
827.7
EPS (Consensus)
$7.08
$8.04
$9.13
111.28
324
Fiscal Year End
LTM
December
Market Data
($USD millions)
$9,737.1
3.0x
3.1x
2.9x
Enterprise Value
10,552.8
13.3x
12.8x
11.4x
1.2x
14.5x
14.0x
12.8x
1.0x
23.2x
20.4x
18.0x
$180.00
2,500
$160.00
2,000
$120.00
1,500
$100.00
$80.00
1,000
$60.00
$40.00
500
$20.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
164
7/15
Volume (000s)
Price ($USD)
$140.00
Sonoco Products Co.
Ticker:
SON
Rating:
HOLD
Price:
$41.33
Exchange:
NYSE
Analyst:
Philip Ng
Target Price:
$44.00
P
(as of July 30, 2015)
Founded:
Employees:
1899
Location:
20,800
Hartsville, SC (United States)
Sonoco Products Company manufactures and sells industrial and consumer packaging products in North and South America, Europe, Australia,
and Asia. The company operates through four segments: Consumer Packaging, Paper and Industrial Converted Products, Display and Packaging,
and Protective Solutions. The Consumer Packaging segment offers round composite cans; shaped rigid paperboard containers; fiber
caulk/adhesive tubes; aluminum, steel, and peel able membrane easy-open closures for composite and metal cans; plastic bottles, jars, jugs, cups,
and trays; and printed flexible packaging, rotogravure cylinder engraving, and global brand management services. The Paper and
Industrial Converted Products segment provides recycled paperboard, chipboard, tubeboard, lightweight corestock, boxboard, linerboard, corrugating
medium, and specialty grades; and paperboard tubes and cores, molded plugs, and reels. This segment is also involved in the collection,
processing, and recycling of old corrugated containers, paper, plastics, metal, glass, and other recyclable materials. The Display and
Packaging segment offers point-of-purchase displays; custom packaging products; fulfillment services; primary package filling; supply chain
management; paperboard specialties; and retail packaging products, including printed backer cards, thermoformed blisters, and heat
sealing equipment. The Protective Solutions segment provides custom-engineered, paperboard-based, and expanded foam protective packaging and
components; and temperature-assured packaging products. The company sells its products in various markets, which include paper, textile,
film, food, chemical, packaging, construction, and wire and cable. Sonoco Products Company was founded in 1899 and is headquartered in
Hartsville, South Carolina.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$5,034.3
$5,065.7
$5,236.5
$47.94
EBITDA
668.2
651.8
699.6
EBIT
429.3
421.8
460.6
EPS (Jefferies)
$2.60
$2.53
$2.85
1.0x
1.0x
1.0x
LTM
34.68
484
Fiscal Year End
86.2%
$41.33
December
Market Data
($USD millions)
Enterprise Value
$4,183.2
5,249.8
7.9x
8.1x
7.5x
1.9x
12.2x
12.4x
11.4x
1.6x
15.9x
16.3x
14.5x
$50.00
2,500
$45.00
$40.00
2,000
Price ($USD)
$30.00
1,500
$25.00
$20.00
1,000
$15.00
$10.00
500
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
165
7/15
Volume (000s)
$35.00
Stora Enso Oyj
Ticker:
STERV
Rating:
HOLD
Price:
Exchange:
HLSE
Analyst:
Justin Jordan
Target Price:
$9.35
P
(as of July 30, 2015)
$10.96
Founded:
Employees:
1998
Location:
27,000
Helsinki, Finland
Stora Enso Oyj provides renewable solutions for the packaging, biomaterials, wood, and paper industries worldwide. It operates through
Consumer Board, Packaging Solutions, Biomaterials, Wood Products, Paper, and Other divisions. The Consumer Board division provides boards
for printing and packaging applications, including liquid, food, pharmaceutical, and luxury packaging. The Packaging Solutions division
develops fibre-based packaging for converters, brand owners, and retailer customers. The Biomaterials segment offers various pulp grades
for paper, board, tissue, textile, and hygiene product producers. The Wood Products division provides wood-based solutions for building and
housing, such as massive wood elements and housing modules, wood components, and pellets for urban construction, as well as various sawn
timber goods primarily for construction and joinery companies, merchandisers, and retailers. The Paper division provides paper solutions
for print media and office use, which include papers made from recycled and fresh wood fibre. Its customer groups include publishers,
retailers, printing houses, merchants, converters, and office suppliers. The Other division supplies wood to the Nordic mills. The company
is headquartered in Helsinki, Finland.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2016E
78.2%
Revenue
$11,090.4
$11,022.2
$11,341.6
$11.97
EBITDA
6.24
3,263
Fiscal Year End
CY 2015E
52-Week Low
LTM
$9.35
1,423.7
1,447.5
1,578.5
EBIT
927.2
932.4
1,041.4
EPS (Jefferies)
$0.36
$0.68
$0.80
0.9x
0.9x
0.9x
December
Market Data
($USD millions)
$7,376.5
Enterprise Value
10,368.6
7.3x
7.2x
6.6x
3.6x
11.2x
11.1x
10.0x
2.0x
25.8x
13.8x
11.7x
$14.00
10,000
9,000
$12.00
8,000
Price ($USD)
7,000
6,000
$8.00
5,000
$6.00
4,000
3,000
$4.00
2,000
$2.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
166
7/15
Volume (000s)
$10.00
Superior Industries International
Ticker:
SUP
Exchange:
NYSE
Rating:
Price:
Not Covered
$16.73
P
(as of July 30, 2015)
Founded:
Employees:
1957
Location:
3,000
Southfield, MI (United States)
Superior Industries International, Inc. designs, manufactures, and sells aluminum road wheels to the original equipment manufacturers in
North America. It supplies cast aluminum wheels to the automobile and light truck manufacturers. The company was founded in 1957 and is
headquartered in Southfield, Michigan.
Trading Data
Share Price
($USD)
(July 30, 2015)
$16.73
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
82.0%
Revenue
$735.8
$749.2
$788.7
$20.40
EBITDA
56.2
68.7
75.0
EBIT
25.7
31.7
38.0
$0.59
$0.84
$0.96
0.5x
16.60
90
Fiscal Year End
EPS (Consensus)
December
Market Data
($USD millions)
Enterprise Value
$446.5
0.5x
0.5x
398.1
7.1x
5.8x
5.3x
15.5x
12.6x
10.5x
28.2x
19.9x
17.4x
–
(0.9x)
$25.00
350
300
$20.00
Price ($USD)
$15.00
200
150
$10.00
100
$5.00
50
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
167
7/15
Volume (000s)
250
Teledyne Technologies, Inc.
Ticker:
TDY
Rating:
HOLD
Price:
$103.67
Exchange:
NYSE
Analyst:
Howard Rubel
Target Price:
$105.00
P
(as of July 30, 2015)
Founded:
Employees:
1960
Location:
9,800
Thousand Oaks, CA (United States)
Teledyne Technologies Incorporated provides instrumentation, digital imaging products and software, aerospace and defense electronics,
and engineered systems in the United States, Canada, the United Kingdom, and internationally. The company’s Instrumentation segment
provides monitoring and control instruments for marine, environmental, industrial, and other applications, as well as electronic test and
measurement equipment; and power and communications connectivity devices for distributed instrumentation systems and sensor networks deployed
in mission critical, harsh environments. Its Digital Imaging segment designs, develops, and manufactures image sensors and digital cameras
for industrial, scientific, medical, and professional applications, as well as hardware and software for image processing products in
industrial and medical applications; provides manufacturing services for micro electro-mechanical systems, complementary metal-oxide
semiconductors, and integrated circuit products; and offers light detection and ranging systems, as well as provides focal plane arrays,
sensors, subsystems, imaging process algorithms, and infrared camera systems. The company’s Aerospace and Defense Electronics segment offers
electronic components and subsystems and communications products, such as defense electronics; harsh environment interconnects; data
acquisition and communications equipment for aircraft; components and subsystems for wireless and satellite communications; and general
aviation batteries. Its Engineered Systems segment offers systems engineering and integration, advanced technology development, and
manufacturing solutions for defense, space, environmental, and energy applications, as well as designs and manufactures hydrogen/oxygen gas
generators, thermoelectric and electrochemical energy solutions, and small turbine engines. Teledyne Technologies Incorporated was founded in 1960
and is headquartered in Thousand Oaks, California.
Trading Data
Share Price
($USD)
(July 30, 2015)
$103.67
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
92.7%
Revenue
$2,366.1
$2,365.0
$2,450.0
$111.81
EBITDA
384.1
393.4
423.0
EBIT
290.4
298.4
326.0
EPS (Jefferies)
$5.63
$5.60
$5.95
90.54
205
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$3,755.6
1.9x
1.9x
1.8x
4,459.6
11.6x
11.3x
10.5x
2.0x
15.4x
14.9x
13.7x
1.8x
18.4x
18.5x
17.4x
$120.00
5,000
4,500
4,000
3,500
$80.00
3,000
$60.00
2,500
2,000
$40.00
1,500
1,000
$20.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
168
7/15
Volume (000s)
Price ($USD)
$100.00
Tennant Company
Ticker:
TNC
Rating:
HOLD
Price:
$59.49
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$67.00
P
(as of July 30, 2015)
Founded:
Employees:
1870
Location:
3,087
Minneapolis, MN (United States)
Tennant Company designs, manufactures, and markets cleaning solutions worldwide. It offers floor maintenance and outdoor cleaning
equipment, chemical-free and other sustainable cleaning technologies, aftermarket parts and consumables, and specialty surface coatings. The
company also provides equipment maintenance and repair services; and business solutions, such as financing, rental, and leasing programs.
Its products are used in retail establishments and distribution centers; factories and warehouses; and public venues, such as arenas and
stadiums, office buildings, schools and universities, hospitals and clinics, parking lots and streets, and other environments. The company
markets its products to building service contract cleaners and various governmental entities through organization, and a network of
authorized distributors under the Tennant, Nobles, Green Machines, Alfa Uma Empresa Tennant, and Orbio brands. Tennant Company was founded in
1870 and is headquartered in Minneapolis, Minnesota.
Trading Data
Share Price
($USD)
(July 30, 2015)
$59.49
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
79.3%
Revenue
$820.1
$827.2
$878.6
$75.01
EBITDA
88.0
91.0
102.7
EBIT
68.8
72.7
84.5
$2.63
$2.60
$3.00
58.14
59
Fiscal Year End
EPS (Jefferies)
December
Market Data
($USD millions)
Enterprise Value
$1,115.8
1.3x
1.3x
1.2x
1,072.7
12.2x
11.8x
10.4x
15.6x
14.8x
12.7x
22.6x
22.9x
19.9x
0.3x
(0.5x)
$80.00
160
$70.00
140
$60.00
120
$50.00
100
$40.00
80
$30.00
60
$20.00
40
$10.00
20
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
169
7/15
Volume (000s)
Price ($USD)
Terex Corporation
Ticker:
TEX
Rating:
BUY
Price:
$22.42
Exchange:
NYSE
Analyst:
Stephen Volkmann
Target Price:
$28.00
P
(as of July 30, 2015)
Founded:
Employees:
1925
Location:
20,400
Westport, CT (United States)
Terex Corporation operates as a lifting and material handling solutions company. Its Aerial Work Platforms segment designs, manufactures,
services, and markets aerial work platform equipment, telehandlers, and light towers, as well as related components and replacement
parts under Terex and Genie names. The company’s Construction segment offers compact construction equipment, including loader backhoes, mini
and midi excavators, wheeled excavators, site dumpers, compaction rollers, skid steer loaders, and wheel loaders; and specialty
equipment, such as material handlers, concrete mixer trucks, and concrete pavers. Its Cranes segment designs, manufactures, services, refurbishes,
and markets mobile telescopic, tower, lattice boom crawler, lattice boom truck, utility equipment, and truck-mounted cranes, as well as
related components and replacement parts under Terex name. The company’s Material Handling & Port Solutions segment offers industrial
cranes, such as universal cranes, process cranes, rope and chain hoists, electric motors, light crane systems, and crane components; and
port and rail equipment, including mobile harbor cranes, straddle and sprinter carriers, gantry cranes, reach stackers, empty and full
container handlers, general cargo lift trucks, automated stacking cranes, automated guided vehicles, terminal automation software, and related
components and replacement parts. Its Materials Processing segment provides materials processing equipment, such as crushers, washing
systems, screens, apron feeders, chippers, and related components and replacement parts under the Terex and Powerscreen brands. The company
also provides financing solutions to assist customers in the rental, leasing, and acquisition of its products. It serves the
construction, infrastructure, quarrying, mining, manufacturing, transportation, energy, and utility industries worldwide. Terex Corporation was
founded in 1925 and is based in Westport, Connecticut.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
58.9%
Revenue
$6,923.2
$6,355.0
$6,425.0
$38.06
$22.42
LTM
EBITDA
582.6
574.9
621.7
52-Week Low
20.10
EBIT
438.0
439.9
491.7
2,196
EPS (Jefferies)
$2.05
$2.00
$2.50
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$2,432.6
0.6x
0.6x
0.6x
4,041.1
6.9x
7.0x
6.5x
3.3x
9.2x
9.2x
8.2x
2.7x
10.9x
11.2x
9.0x
$40.00
9,000
$35.00
8,000
7,000
6,000
$25.00
5,000
$20.00
4,000
$15.00
3,000
$10.00
2,000
$5.00
1,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
170
7/15
Volume (000s)
Price ($USD)
$30.00
Textron, Inc.
Ticker:
TXT
Rating:
BUY
Price:
$42.87
Exchange:
NYSE
Analyst:
Sheila Kahyaoglu
Target Price:
$52.00
P
(as of July 30, 2015)
Founded:
Employees:
1923
Location:
34,000
Providence, RI (United States)
Textron Inc. operates in the aircraft, defense, industrial, and finance businesses worldwide. It operates through five segments: Textron
Aviation, Bell, Textron Systems, Industrial, and Finance. The Textron Aviation segment manufactures business jets, turboprop aircraft,
piston aircraft, military trainer and defense aircraft, and parts, as well as provides maintenance, inspection, and repair services. The
Bell segment manufactures and supplies military and commercial helicopters, tiltrotor aircraft, and related spare parts and services. The
Textron Systems segment produces unmanned aircraft systems; smart weapons, airborne and ground-based sensors and surveillance systems, and
protection systems; armored vehicles, turrets, and related subsystems, as well as marine crafts; test equipment and electronic warfare
test, and training solutions; piston aircraft engines; and intelligence software solutions. This segment also designs, develops,
manufactures, installs, and provides maintenance of full flight simulators, as well as offers training services. The Industrial segment offers
blow-molded plastic fuel systems, windshield and headlamp washer systems, catalytic reduction systems, and engine camshafts, as well as
plastic bottles and containers; golf cars, off-road utility and light transportation vehicles, aviation ground support equipment,
professional turf-maintenance equipment, and specialized turf-care vehicles; and powered equipment, electrical test and measurement instruments,
mechanical and hydraulic tools, cable connectors, fiber optic assemblies, underground and aerial transmission and distribution products, and
power utility products used in the construction, maintenance, telecommunications, data communications, electrical, utility, and plumbing
industries. The Finance segment provides financing to purchase aircrafts and helicopters. Textron Inc. was founded in 1923 and is
headquartered in Providence, Rhode Island.
Trading Data
Share Price
($USD)
(July 30, 2015)
$42.87
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
91.3%
Revenue
$13,846.0
$13,982.8
$14,499.0
$46.93
EBITDA
1,085.0
1,541.6
1,713.4
1,101.0
1,108.5
1,267.5
$2.37
$2.45
$2.85
1.0x
52-Week Low
32.22
EBIT
1,577
EPS (Jefferies)
Fiscal Year End
LTM
December
Market Data
($USD millions)
$12,013.9
1.0x
1.0x
14,265.9
13.1x
9.3x
8.3x
Enterprise Value
2.7x
13.0x
12.9x
11.3x
2.1x
18.1x
17.5x
15.1x
$50.00
12,000
$45.00
10,000
$40.00
Price ($USD)
8,000
$30.00
$25.00
6,000
$20.00
4,000
$15.00
$10.00
2,000
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
171
7/15
Volume (000s)
$35.00
The Andersons, Inc.
Ticker:
ANDE
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$37.11
P
(as of July 30, 2015)
Founded:
Employees:
1947
Location:
2,780
Maumee, OH (United States)
The Andersons, Inc. engages in the grain, ethanol, plant nutrient, railcar leasing, turf and cob products, and consumer retailing
businesses in the United States and internationally. It operates through six segments: Grain, Ethanol, Rail, Plant Nutrient, Turf & Specialty,
and Retail. The Grain segment operates grain elevators; and stores grains, as well as provides marketing, risk management, and corn
origination services to its customers. The Ethanol segment purchases and sells ethanol; and offers facility operations, risk management, and
ethanol and corn oil marketing services to the ethanol plants. The Rail segment leases, sells, and repairs various types of railcars,
locomotives, and barges; provides fleet management services to private railcar owners; and invests in short-line railroad, as well as offers
metal fabrication services. The Plant Nutrient segment manufactures, distributes, and retails agricultural and related plant nutrients,
and pelleted lime and gypsum products; and crop nutrients, crop protection chemicals, and seed products, as well as provides application
and agronomic services to commercial and family farmers. This segment also offers warehousing, packaging, and manufacturing services to
nutrient producers and other distributors; and manufactures and distributes various industrial products, including nitrogen reagents for air
pollution control systems. The Turf & Specialty segment produces granular fertilizer and control products for the turf and ornamental
markets; and private label fertilizer and control products, and various corncob-based products. The Retail segment operates The Andersons
retail stores; The Andersons Market, a specialty food store; a distribution center; and a lawn and garden equipment sales and service
facility. The Andersons, Inc. was founded in 1947 and is headquartered in Maumee, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
$37.11
% of 52-Week High
53.1%
52-Week High
EBITDA
34.81
EBIT
230
Fiscal Year End
LTM
Revenue
$69.93
52-Week Low
EPS (Consensus)
CY 2015E
CY 2016E
$4,486.9
$4,453.8
$4,710.1
145.6
186.2
225.9
83.8
89.0
114.2
$3.04
$2.53
$3.32
0.3x
December
Market Data
($USD millions)
$1,011.5
Enterprise Value
1,631.8
0.4x
0.4x
11.2x
8.8x
7.2x
4.5x
19.5x
18.3x
14.3x
4.1x
12.2x
14.7x
11.2x
$80.00
1,600
$70.00
1,400
$60.00
1,200
$50.00
1,000
$40.00
800
$30.00
600
$20.00
400
$10.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
172
7/15
Volume (000s)
Price ($USD)
Thermon Group Holdings, Inc.
Ticker:
THR
Rating:
BUY
Price:
$24.20
Exchange:
NYSE
Analyst:
Scott Graham
Target Price:
$27.00
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
991
San Marcos, TX (United States)
Thermon Group Holdings, Inc. provides thermal engineered solutions for process industries in the United States, Canada, Europe, and Asia.
Its products include various electric heat tracing cables, steam tracing components, tubing bundles, and instrument and control
products. The company offers self-regulating and power limiting heating cables, which automatically increase or decrease heat output as pipe
temperature changes, as well as constant wattage heating cables; mineral insulated cables for generating high temperatures used in harsh
environments; skin effect trace heaters, which could heat lines up to 15 miles long from a single power point; and heat traced tube bundles
for environmental gas sampling systems. It also provides heat transfer compounds and steam tracers for steam tracing solutions; control
and monitoring systems for electric tracing of pipes, tanks, hoppers, and instrument sampling systems; hopper heating modules, which are
self-contained heaters for use in cement plants and fossil fuel power facilities; and turnkey solutions that provide solutions for heat
tracing comprising design, optimization, planning, product supply, engineering services, system integration, installation, commissioning,
and maintenance. In addition, the company offers heating, sensing, monitoring, controlling, and calibration tools; and temporary electric
power distribution and lighting products that are used in energy infrastructure construction projects and maintenance/turnaround projects.
The company offers its solutions to the energy, chemical processing, and power generation markets through a network of sales and service
professionals, and distributors. Thermon Group Holdings, Inc. is headquartered in San Marcos, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
$24.20
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
85.5%
Revenue
$308.6
$310.0
$316.2
$28.31
EBITDA
83.1
76.5
79.2
EBIT
69.0
61.9
64.1
$1.52
$1.29
$1.38
20.24
159
Fiscal Year End
EPS (Jefferies)
March
Market Data
($USD millions)
Enterprise Value
$783.5
2.6x
2.6x
2.5x
797.7
9.6x
10.4x
10.1x
1.3x
11.6x
12.9x
12.5x
0.2x
15.9x
18.8x
17.6x
$30.00
700
$25.00
600
500
$20.00
400
$15.00
300
$10.00
200
$5.00
100
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
173
7/15
Volume (000s)
Price ($USD)
The Timken Company
Ticker:
TKR
Rating:
BUY
Price:
$33.49
Exchange:
NYSE
Analyst:
Stephen Volkmann
Target Price:
$43.00
P
(as of July 30, 2015)
Founded:
Employees:
1899
Location:
14,000
North Canton, OH (United States)
The Timken Company engineers, manufactures, and markets bearings, transmissions, gearboxes, and chain and related products worldwide. It
operates in two segments: Mobile Industries and Process Industries. The Mobile Industries segment offers a portfolio of bearings, seals,
lubrication devices, and systems, as well as power transmission components, engineered chain, augers, and related products and
maintenance services to original equipment manufacturers (OEMs) of off-highway equipment for the agricultural, construction, and mining markets. It
also provides parts to on-highway vehicles, including passenger cars, light trucks, and medium- and heavy-duty trucks, as well as rail
cars and locomotives; power transmission systems and flight-critical components for civil and military aircraft, which comprise bearings,
helicopter transmission systems, rotor-head assemblies, turbine engine components, gears, and housings; and offers aftermarket products
and services, including complete engine overhaul, aerospace bearing repair, component reconditioning, and replacement parts. This segment
sells it parts through a network of authorized automotive and heavy-truck distributors to individual end users, equipment owners,
operators, and maintenance shops. The Process Industries segment supplies industrial bearings and assemblies; power transmission components,
including gears and gearboxes; and couplings, seals, lubricants, chains, and related products and services to OEMs and end-users in various
industries. It also supports aftermarket sales and service needs through its network of authorized industrial distributors; and offers
repair and service for bearings and gearboxes, as well as electric motor rewind, repair, and services to end users. In addition, this
segment manufactures precision bearings, complex assemblies, and sensors for manufacturers of health and critical motion control equipment.
The Timken Company was founded in 1899 and is headquartered in North Canton, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
$33.49
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
69.2%
Revenue
$3,061.9
$2,950.0
$3,035.0
$48.42
EBITDA
518.4
471.8
514.8
EBIT
381.0
336.8
377.8
($0.55)
$0.75
$2.90
31.73
735
Fiscal Year End
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
Enterprise Value
$2,916.3
1.1x
1.1x
1.1x
3,334.7
6.4x
7.1x
6.5x
8.8x
9.9x
8.8x
nm
nm
11.5x
1.2x
0.8x
$50.00
3,500
$45.00
3,000
$40.00
Price ($USD)
$30.00
2,000
$25.00
1,500
$20.00
$15.00
1,000
$10.00
500
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
174
7/15
Volume (000s)
2,500
$35.00
Titan International, Inc.
Ticker:
TWI
Rating:
HOLD
Price:
Exchange:
NYSE
Analyst:
Stephen Volkmann
Target Price:
$9.14
P
(as of July 30, 2015)
$10.00
Founded:
Employees:
1890
Location:
6,500
Quincy, IL (United States)
Titan International, Inc., together with its subsidiaries, manufactures and sells wheels, tires, and undercarriage systems and components
for off-highway vehicles in the United States and internationally. The company operates through Agricultural, Earthmoving/Construction,
and Consumer segments. It offers rims, wheels, tires, and undercarriage systems and components for various agricultural and forestry
equipment, including tractors, combines, skidders, plows, planters, and irrigation equipment. The company also provides its products for
various types of off-the-road earthmoving, mining, military, and construction equipment comprising skid steers, aerial lifts, cranes, graders
and levelers, scrapers, self-propelled shovel loaders, articulated dump trucks, load transporters, haul trucks, backhoe loaders, crawler
tractors, lattice cranes, shovels, and hydraulic excavators. In addition, it manufactures bias truck tires; provides wheels and tires;
and assembles brakes, actuators, and components for the domestic boat, recreational, and utility trailer markets, as well as offers
products for all-terrain vehicles, turf, and golf cart applications. The company sells its products directly to original equipment
manufacturers, as well as to the aftermarket through independent distributors, equipment dealers, and distribution centers. Titan International, Inc.
was founded in 1890 and is based in Quincy, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$9.14
59.4%
Revenue
$15.39
EBITDA
52-Week Low
8.54
EBIT
528
EPS (Jefferies)
Fiscal Year End
LTM
CY 2015E
CY 2016E
$1,758.6
$1,653.5
$1,720.0
72.9
83.2
107.4
(15.5)
(6.8)
($0.58)
($0.25)
17.4
($0.10)
December
Market Data
($USD millions)
Enterprise Value
$494.7
0.5x
0.5x
0.5x
851.8
11.7x
10.2x
7.9x
7.1x
nm
nm
nm
4.6x
nm
nm
nm
$16.00
2,000
$14.00
1,800
1,600
1,400
$10.00
1,200
$8.00
1,000
$6.00
800
600
$4.00
400
$2.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
175
7/15
Volume (000s)
Price ($USD)
$12.00
TriMas Corporation
Ticker:
TRS
Rating:
HOLD
Price:
$23.14
Exchange:
NasdaqGS
Analyst:
Scott Graham
Target Price:
$26.00
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
7,000
Bloomfield Hills, MI (United States)
TriMas Corporation designs, manufactures, and distributes engineered and applied products for commercial, industrial, and consumer
markets worldwide. Its Packaging segment offers steel and plastic closure caps, drum enclosures, and specialty plastic closures, as well as
dispensing systems, such as foamers, pumps, and specialty sprayers to store, transport, process, and dispense products for agricultural,
beverage, cosmetic, food, household products, industrial, medical, nutraceutical, personal care, and pharmaceutical markets. The company’s
Energy segment provides metallic and non-metallic gaskets, bolts, industrial fasteners, and specialty products for petroleum refining,
petrochemical, oil field, and industrial markets. Its Aerospace segment offers blind bolts, fasteners, and other precision machined parts
for commercial, business, and military aerospace industries. The company’s Engineered Components segment provides natural gas powered
engines and parts, gas compressors, gas production equipment, meter runs, engine electronics, and chemical pumps for use in oil and natural
gas production, as well as high-pressure and low-pressure cylinders for the transportation, storage, and dispensing of compressed gases.
The company sells its products through direct sales force, third-party agents, distributors, and licensees. TriMas Corporation is based in
Bloomfield Hills, Michigan.
Trading Data
Share Price
($USD)
(July 30, 2015)
$23.14
% of 52-Week High
52-Week High
52-Week Low
69.4%
Revenue
$33.36
EBITDA
22.38
284
Fiscal Year End
LTM
$1,190.8
CY 2015E
CY 2016E
$922.5
$935.7
na
na
na
EBIT
132.0
118.1
131.8
EPS (Jefferies)
$1.68
$1.44
$1.63
1.4x
1.8x
1.8x
December
Market Data
($USD millions)
Enterprise Value
$1,052.0
1,700.3
na
na
na
na
12.9x
14.4x
12.9x
na
13.8x
16.1x
14.2x
$40.00
3,000
$35.00
2,500
2,000
$25.00
$20.00
1,500
$15.00
1,000
$10.00
500
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
176
7/15
Volume (000s)
Price ($USD)
$30.00
Trinity Industries, Inc.
Ticker:
TRN
Exchange:
NYSE
Rating:
Price:
Not Covered
$29.79
P
(as of July 30, 2015)
Founded:
Employees:
1933
Location:
22,070
Dallas, TX (United States)
Trinity Industries, Inc. provides various products and services for the energy, transportation, chemical, and construction sectors in the
United States and internationally. Its Rail Group segment offers railcars, including autorack, box, covered hopper, gondola, intermodal,
tank, and open hopper cars; and couplers, axles, and other equipment, as well as railcar maintenance services. This segment serves
railroads, leasing companies, and industrial shippers of various products. The company’s Railcar Leasing and Management Services Group segment
leases tank and freight railcars to industrial shippers and railroads; provides management, maintenance, and administrative services;
and manages railcar fleets on behalf of third parties. As of December 31, 2014, this segment had a fleet of 75,930 owned or leased
railcars. Its Construction Products Group segment offers highway products, such as guardrail, crash cushions, and other protective barriers; and
aggregates, including expanded shale and clay, crushed stone, sand and gravel, asphalt rock, and other products, as well as other steel
products for infrastructure-related projects. This segment also provides hot-dip galvanizing services to fabricated steel materials
manufacturers; and trench shields and shoring products for the construction industry, as well as construction equipment for the mining
industry. The company’s Energy Equipment Group segment manufactures structural wind towers; utility steel structures for electricity transmission
and distribution; ambient and cryogenic storage and distribution containers; and tank heads for pressure and non-pressure vessels. Its
Inland Barge Group segment provides deck barges, and open or covered hopper barges to transport grain, coal, and aggregates; and tank
barges to transport crude oil, chemicals, and petroleum products, as well as fiberglass reinforced lift covers for grain barges. The company
was founded in 1933 and is headquartered in Dallas, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
$29.79
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
58.7%
Revenue
$6,527.7
$6,818.2
$6,802.5
$50.77
EBITDA
1,485.9
1,642.4
1,429.8
1,221.9
1,381.0
1,229.2
$4.03
$4.75
$4.15
52-Week Low
24.13
EBIT
2,485
EPS (Consensus)
Fiscal Year End
LTM
December
Market Data
($USD millions)
Enterprise Value
$4,621.1
1.2x
1.1x
1.1x
7,779.8
5.2x
4.7x
5.4x
2.2x
6.4x
5.6x
6.3x
1.9x
7.4x
6.3x
7.2x
$60.00
16,000
14,000
$50.00
10,000
$30.00
8,000
6,000
$20.00
4,000
$10.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
177
7/15
Volume (000s)
Price ($USD)
12,000
$40.00
Trinseo SA
Ticker:
TSE
Rating:
BUY
Price:
$24.63
Exchange:
NYSE
Analyst:
Laurence Alexander
Target Price:
$30.00
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
2,179
Berwyn, PA (United States)
Trinseo S.A., a materials company, manufactures and markets various emulsion polymers and plastics. It operates through four segments:
Latex, Synthetic Rubber, Performance Plastics, and Basic Plastics and Feedstocks. The company’s principal products include
styrene-butadiene latex and styrene-acrylate latex; solution styrene butadiene rubber, lithium polybutadiene rubber, emulsion styrene butadiene rubber,
and nickel polybutadiene rubber; polystyrene, acrylonitrile butadiene styrene, and styrene acrylonitrile; and polycarbonate compounds and
blends, and polypropylene compounds. Its products are used in tires and other products for automotive applications, carpet and artificial
turf backing, coated paper and packaging board, food service packaging, appliances, medical devices, consumer electronics and
construction applications, and others. The company operates in Europe, the Middle East, North America, Latin America, and the Asia Pacific. Trinseo
S.A. is headquartered in Berwyn, Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
$24.63
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
80.9%
Revenue
$4,781.1
$4,450.0
$4,556.0
$30.44
EBITDA
171.3
459.0
370.0
81.5
376.3
265.5
$0.42
$4.20
$3.15
11.92
EBIT
259
Fiscal Year End
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
Enterprise Value
$1,242.5
0.5x
0.5x
0.5x
2,222.6
13.0x
4.8x
6.0x
7.0x
nm
5.9x
8.4x
5.7x
nm
5.9x
7.8x
$35.00
1,200
$30.00
1,000
Price ($USD)
800
$20.00
600
$15.00
400
$10.00
200
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
178
7/15
Volume (000s)
$25.00
United Continental Holdings, Inc.
Ticker:
UAL
Exchange:
NYSE
Rating:
Price:
Not Covered
$56.84
P
(as of July 30, 2015)
Founded:
Employees:
1934
Location:
84,000
United Continental Holdings, Inc., together with its subsidiaries, provides air transportation services in North America, the
Asia-Pacific, Europe, the Middle East, Africa, and Latin America. It transports people and cargo through its mainline operations, which use jet
aircraft with at least 118 seats, and its regional operations. As of December 31, 2014, the company operated a fleet of 1,257 aircraft. It
also sells fuel; and provides maintenance, ground handling, and catering services for third parties. The company was formerly known as UAL
Corporation and changed its name to United Continental Holdings, Inc. in October 2010. United Continental Holdings, Inc. was founded in
1934 and is headquartered in Chicago, Illinois.
Trading Data
Share Price
($USD)
(July 30, 2015)
$56.84
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
76.3%
Revenue
$38,398.0
$37,860.0
$38,923.9
$74.52
EBITDA
5,989.0
7,595.0
7,445.5
4,343.0
5,032.0
4,971.9
$5.27
$10.95
$8.11
52-Week Low
39.46
EBIT
6,010
EPS (Consensus)
Fiscal Year End
LTM
December
Market Data
($USD millions)
$21,472.7
0.7x
0.7x
0.7x
28,146.7
4.7x
3.7x
3.8x
6.5x
5.6x
5.7x
10.8x
5.2x
7.0x
Enterprise Value
1.9x
1.1x
$80.00
25,000
$70.00
20,000
$50.00
15,000
$40.00
10,000
$30.00
$20.00
5,000
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
179
7/15
Volume (000s)
Price ($USD)
$60.00
United Rentals, Inc.
Ticker:
URI
Rating:
BUY
Price:
$66.54
Exchange:
NYSE
Analyst:
Justin Jordan
Target Price:
$85.00
P
(as of July 30, 2015)
Founded:
Employees:
1997
Location:
12,600
Stamford, CT (United States)
United Rentals, Inc., through its subsidiaries, operates as an equipment rental company. It operates in two segments, General Rentals;
and Trench Safety, Power and HVAC (heating, ventilating and air conditioning), and Pump Solutions. The company offers approximately 3,300
classes of equipment for rent to construction and industrial companies, manufacturers, utilities, municipalities, homeowners, government
entities, and other customers. Its fleet of rental equipment includes general construction and industrial equipment, such as backhoes,
skid-steer loaders, forklifts, earthmoving equipment, and material handling equipment; aerial work platforms consisting of boom lifts and
scissor lifts; and general tools and light equipment, including pressure washers, water pumps, and power tools. Its fleet also comprises
power and HVAC equipment, which consists of portable diesel generators, electrical distribution equipment, and temperature control
equipment, including heating and cooling equipment; trench safety equipment, such as trench shields, aluminum hydraulic shoring systems, slide
rails, crossing plates, construction lasers, and line testing equipment for underground work; and pumps that are primarily used by energy
and petrochemical customers. In addition, the company sells new and used equipment; related contractor supplies, including construction
consumables, tools, small equipment, and safety supplies; and related parts for equipment, as well as offers repair, maintenance, and
rental protection services. United Rentals, Inc. sells its used equipment through its sales force, brokers, and Website, as well as at
auctions and directly to manufacturers. As of January 21, 2015, it operated 881 rental locations in the United States and Canada. United
Rentals, Inc. was founded in 1997 and is headquartered in Stamford, Connecticut.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
55.5%
Revenue
$5,852.0
$5,836.3
$6,101.4
$119.83
$66.54
LTM
EBITDA
2,843.9
2,800.2
2,901.5
52-Week Low
62.46
EBIT
1,523.4
1,518.0
1,571.1
2,597
EPS (Jefferies)
$7.68
$7.71
$7.74
Fiscal Year End
December
Market Data
($USD millions)
$6,322.9
2.5x
2.5x
2.4x
Enterprise Value
14,526.9
5.1x
5.2x
5.0x
3.0x
9.5x
9.6x
9.2x
2.9x
8.7x
8.6x
8.6x
$140.00
18,000
16,000
$120.00
14,000
Price ($USD)
12,000
$80.00
10,000
$60.00
8,000
6,000
$40.00
4,000
$20.00
2,000
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
180
7/15
Volume (000s)
$100.00
Universal Stainless & Alloy Products, Inc.
Ticker:
USAP
Exchange:
NasdaqGS
Rating:
Price:
Not Covered
$13.76
P
(as of July 30, 2015)
Founded:
Employees:
1994
Location:
714
Bridgeville, PA (United States)
Universal Stainless & Alloy Products, Inc., and its subsidiaries manufacture and market semi-finished and finished specialty steel
products in the United States and internationally. The company’s products include stainless steel, nickel alloys, tool steel, and various other
alloyed steels. It produces specialty steel products in the form of semi-finished long products, such as ingots, blooms, billets, and
bars; and flat rolled products, which include slabs and plates. The company’s semi-finished long products are primarily used to produce
finished bar, rod, and wire and plate products; finished bar products that are principally used by original equipment manufacturers (OEMs)
and by service center customers for distribution to a variety of end users; and customized shapes primarily for OEMs, which are cold
rolled from purchased coiled strip, flat bar, or extruded bar. Its products are also used in aerospace, oil and gas, power generation, and
automotive industries, as well as in the manufacturing of equipment for food handling, health and medical, chemical processing, and
pollution control; and manufacturing of metals, plastics, paper and aluminum extrusions, pharmaceuticals, electronics, and optics. In addition,
the company offers conversion services on materials supplied by its customers. It sells its products to service centers, forgers,
rerollers, OEMs, and wire redrawers. Universal Stainless & Alloy Products, Inc. was founded in 1994 and is headquartered in Bridgeville,
Pennsylvania.
Trading Data
Share Price
($USD)
(July 30, 2015)
$13.76
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
42.4%
Revenue
$214.9
–
–
$32.45
EBITDA
26.1
31.9
34.5
13.60
EBIT
47
Fiscal Year End
LTM
EPS (Consensus)
10.5
–
–
$0.60
$0.70
$1.38
December
Market Data
($USD millions)
Enterprise Value
$103.2
0.9x
na
na
194.7
7.5x
6.1x
5.6x
3.5x
18.6x
na
na
3.5x
22.7x
19.7x
10.0x
$35.00
1,200
$30.00
1,000
Price ($USD)
800
$20.00
600
$15.00
400
$10.00
200
$5.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
181
7/15
Volume (000s)
$25.00
Vesuvius plc
Ticker:
VSVS
Exchange:
LSE
Rating:
Price:
Not Covered
$6.58
P
(as of July 30, 2015)
Founded:
Employees:
1916
Location:
11,792
London, United Kingdom
Vesuvius plc provides engineering services and solutions to steel and foundry industries worldwide. It operates in two segments, Steel
and Foundry. The company develops refractory materials and services for the iron making process, such as coke ovens, hot blast stoves,
blast furnaces, and torpedo and iron ladles, as well as for casthouse floor applications, including taphole clay, trough and runners, and
industrial temperature measurement system. It also provides a range of steel making refractory products for BOF and repair, and electric arc
furnaces, as well as steel ladle, slide gate systems, slide gate refractories, slag detection systems, purging systems, and ladle
shrouds and gaskets. In addition, the company offers products and services in continuous casting applications, such as monolithic refractory
products for tundish linings; tundish furniture, including internal flow modifying shapes, impact pads, diffusers, tundish covers, and
ceramic fiber products; tundish systems comprising tundish gates and gate changers, tube and nozzle changers, and stopper control systems;
and tundish flow control refractories, such as tundish stoppers, submerged pouring tubes, monobloc tundish shroud and nozzle plates,
tundish nozzles and gaskets, and tundish slide gate plates, as well as products for advanced applications comprising automation, strip casting
and thin slab casting. Further, it provides products and services in ingot casting applications, such as anti-piping compounds, casting
flux, and heading systems; and refractory systems for the reline and maintenance of reheat furnaces, as well as metallurgy roll used in
continuous heat treating processes. Additionally, the company offers construction services, including design and engineering, installation
and supervisory/inspection, project management contracts, contact documentation and control, and specialized equipment services. Vesuvius
plc was founded in 1916 and is headquartered in London, the United Kingdom.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$6.58
79.4%
Revenue
$8.29
EBITDA
LTM
CY 2015E
CY 2016E
$2,228.7
$2,257.7
$2,329.1
256.8
287.7
304.5
52-Week Low
6.05
EBIT
194.7
222.5
238.0
232
EPS (Consensus)
$0.37
$0.52
$0.57
Fiscal Year End
December
Market Data
($USD millions)
Enterprise Value
$1,776.0
1.0x
1.0x
1.0x
2,289.9
8.9x
8.0x
7.5x
2.3x
11.8x
10.3x
9.6x
1.8x
17.8x
12.6x
11.5x
$9.00
1,800
$8.00
1,600
$7.00
1,400
$6.00
1,200
$5.00
1,000
$4.00
800
$3.00
600
$2.00
400
$1.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
182
7/15
Volume (000s)
Price ($USD)
AB Volvo
Ticker:
VOLV B
Rating:
BUY
Price:
$11.88
Exchange:
OM
Analyst:
Graham Phillips
Target Price:
$15.69
P
(as of July 30, 2015)
Founded:
Employees:
1915
Location:
91,661
Torslanda, Sweden
AB Volvo (publ), together with its subsidiaries, manufactures and sells trucks, buses, construction equipment, and marine and industrial
engines in Europe, North America, South America, Asia, and internationally. The company offers trucks for long-haul, regional and city
distribution, and construction purposes under the Volvo, UD, Renault Trucks, Mack, and Eicher brand names; special-purpose vehicles that
are used by instance government, defense, peace-keeping, and relief organizations; and buses and bus chassis for city, intercity, and coach
traffic, as well as provides service network, spare parts handling, service and repair contracts, financial services, and traffic
information systems. It also develops, manufactures, and markets equipment for construction and related industries, including wheel loaders,
hydraulic wheeled and crawler excavators, articulated haulers, and road machinery under the brand names of Volvo, SDLG, and Terex Trucks.
In addition, the company manufactures engines and drive systems for leisure boats and commercial crafts; and supplies industrial engines
for various industrial applications, such as container handling, mining equipment, and power generation. Further, it provides financial
solutions comprising customer financing and leasing, dealer financing, and insurance; industrial IT solutions; and logistics solutions,
including packaging, inbound, outbound, parts distribution, risk management documents, supplier information to the automotive companies.
Additionally, it offers spare parts, rental services, preventive maintenance, and assistance services. The company provides its products and
services through wholly-owned and independent dealers, and service workshops. AB Volvo (publ) was founded in 1915 and is headquartered
in Torslanda, Sweden.
Trading Data
Share Price
($USD)
(July 30, 2015)
$11.88
% of 52-Week High
52-Week High
CY 2016E
83.7%
Revenue
$33,044.3
$36,257.5
$38,116.9
EBITDA
3,270.4
3,777.1
4,642.1
EBIT
1,743.2
2,237.0
3,062.1
$0.56
$0.75
$1.08
1.0x
8.36
7,184
Fiscal Year End
CY 2015E
$14.18
52-Week Low
LTM
EPS (Jefferies)
December
Market Data
($USD millions)
$23,964.7
1.2x
1.1x
38,664.6
11.8x
10.2x
8.3x
Enterprise Value
5.3x
22.2x
17.3x
12.6x
4.4x
21.1x
15.9x
11.0x
$16.00
60,000
$14.00
50,000
40,000
$10.00
$8.00
30,000
$6.00
20,000
$4.00
10,000
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
183
7/15
Volume (000s)
Price ($USD)
$12.00
Vulcan Materials Company
Ticker:
VMC
Rating:
HOLD
Price:
$91.50
Exchange:
NYSE
Analyst:
Mike Betts
Target Price:
$72.00
P
(as of July 30, 2015)
Founded:
Employees:
1909
Location:
6,941
Birmingham, AL (United States)
Vulcan Materials Company produces and sells construction aggregates, asphalt mix, and ready-mixed concrete primarily in the United
States. It operates through four segments: Aggregates, Asphalt Mix, Concrete, and Calcium. The Aggregates segment offers crushed stone, sand
and gravel, sand, and other aggregates, as well as related products and services. This segment’s aggregates are used in public- and
private-sector construction projects, such as highways, airports, water and sewer systems, industrial manufacturing facilities, and residential
and nonresidential buildings, as well as railroad track ballast. The Asphalt Mix segment offers asphalt mix in Arizona, California, and
Texas. The Concrete segment produces and sells ready-mixed concrete in Georgia, Maryland, New Mexico, Texas, Virginia, Washington D.C.,
and the Bahamas. The Calcium segment mines, produces, and sells calcium products for the animal feed, paint, plastics, water treatment, and
joint compound industries. The company was formerly known as Virginia Holdco, Inc. Vulcan Materials Company was founded in 1909 and is
headquartered in Birmingham, Alabama.
Trading Data
Share Price
($USD)
(July 30, 2015)
$91.50
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
96.1%
Revenue
$3,051.0
$3,357.9
$4,082.8
$95.23
EBITDA
621.0
837.2
1,189.3
EBIT
344.1
580.3
910.6
EPS (Jefferies)
$0.86
$1.96
$3.57
54.10
895
Fiscal Year End
LTM
December
Market Data
($USD millions)
$12,368.5
4.7x
4.2x
3.5x
14,253.8
23.0x
17.0x
12.0x
Enterprise Value
3.7x
nm
24.6x
15.7x
3.0x
nm
nm
25.6x
$100.00
3,500
$90.00
3,000
$80.00
Price ($USD)
$60.00
2,000
$50.00
1,500
$40.00
$30.00
1,000
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
184
7/15
Volume (000s)
2,500
$70.00
Westlake Chemical Corporation
Ticker:
WLK
Exchange:
NYSE
Rating:
Price:
Not Covered
$62.00
P
(as of July 30, 2015)
Founded:
Employees:
1985
Location:
3,550
Westlake Chemical Corporation manufactures and markets basic chemicals, vinyls, polymers, and fabricated building products. It operates
through two segments, Olefins and Vinyls. The Olefins segment offers ethylene, polyethylene, styrene monomer, and various ethylene
co-products, such as chemical grade propylene, crude butadiene, pyrolysis gasoline, and hydrogen. The Vinyls segment provides polyvinyl chloride
(PVC), vinyl chloride monomer, ethylene dichloride, chlorine, caustic soda, and ethylene. This segment also manufactures and sells
products fabricated from PVC, including pipes, fittings, profiles, foundation building products, window and door components, and fence and
deck components. The company’s products are used in various applications, such as consumer and industrial markets comprising flexible and
rigid packaging, automotive products, coatings, and residential and commercial construction, as well as in other durable and non-durable
goods. Westlake Chemical Corporation also offers its products for chemical processors, plastics fabricators, construction contractors,
municipalities, and supply warehouses primarily in North America and Europe. Westlake Chemical Corporation was founded in 1985 and is
headquartered in Houston, Texas.
Trading Data
Share Price
($USD)
(July 30, 2015)
$62.00
% of 52-Week High
LTM
CY 2015E
CY 2016E
63.0%
Revenue
$4,491.2
$4,489.0
$4,699.0
52-Week High
$98.44
EBITDA
1,307.2
1,234.9
1,320.6
52-Week Low
53.43
EBIT
1,105.2
1,016.0
1,108.0
$4.97
$4.80
$5.15
756
Fiscal Year End
EPS (Consensus)
December
Market Data
($USD millions)
$8,258.7
1.9x
1.9x
1.8x
8,368.0
6.4x
6.8x
6.3x
7.6x
8.2x
7.6x
12.5x
12.9x
12.0x
Enterprise Value
0.6x
(0.1x)
$120.00
5,000
4,500
4,000
3,500
$80.00
3,000
$60.00
2,500
2,000
$40.00
1,500
1,000
$20.00
500
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
185
7/15
Volume (000s)
Price ($USD)
$100.00
Westport Innovations, Inc.
Ticker:
WPT
Rating:
HOLD
Price:
$4.01
Exchange:
TSX
Analyst:
Laurence Alexander
Target Price:
$4.50
P
(as of July 30, 2015)
Founded:
Employees:
1995
Location:
803
Vancouver, Canada
Westport Innovations Inc. provides low-emission engine and fuel system technologies utilizing gaseous fuels. The company’s technology and
products enable light, medium, heavy-duty, and high horsepower petroleum-based fuel engines and vehicles to use primarily natural gas
and alternative fuels. It designs, manufactures, and sells compressed natural gas, liquefied petroleum gas, and liquefied natural gas (LNG)
components and subsystems to original equipment manufacturers. The company also designs and manufactures a range of components, such as
pressure regulators, injectors, electronic control units, valves, and filters; sells monofuel, bi-fuel, and dual-fuel diesel blend
conversion kits; and offers engine management systems and solutions. In addition, it engineers, designs, assembles, and sells natural gas
engine and vehicle systems for automotive, light commercial, and trucking applications; and provides aftermarket conversion products,
alternative fuel systems, and application engineering services. Further, the company offers LNG products for fuel in large and off-road engine
applications, including rail, mining, marine, and oil and gas; industrial engines for material handling; and products for forklift and
oilfield applications. Additionally, it provides engines for use in transit, school and shuttle buses, conventional trucks and tractors, and
refuse collection trucks, as well as specialty vehicles, such as short-haul port drayage trucks and street sweepers; and develops,
manufactures, and sells alternative fuel engines and parts that are used in city bus, coach, and heavy-duty truck applications. The company was
founded in 1995 and is headquartered in Vancouver, Canada.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
$4.01
27.0%
Revenue
$14.84
EBITDA
52-Week Low
2.94
58
Fiscal Year End
LTM
CY 2015E
CY 2016E
$104.4
$115.0
$135.0
(76.2)
(65.3)
EBIT
(107.4)
(86.0)
(46.3)
(69.0)
EPS (Jefferies)
($1.47)
($1.05)
($0.75)
December
Market Data
($USD millions)
Enterprise Value
$1,001.8
9.4x
8.5x
7.3x
980.7
nm
nm
nm
nm
nm
nm
nm
nm
nm
–
0.3x
$20.00
3,000
$18.00
2,500
$16.00
Price ($USD)
2,000
$12.00
$10.00
1,500
$8.00
1,000
$6.00
$4.00
500
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
186
7/15
Volume (000s)
$14.00
WestRock Company
Ticker:
WRK
Rating:
BUY
Price:
$62.83
Exchange:
NYSE
Analyst:
Philip Ng
Target Price:
$84.00
P
(as of July 30, 2015)
Founded:
Employees:
na
Location:
26,600
Richmond, VA (United States)
WestRock Company manufactures and sells paper and packaging solutions for consumer and corrugated markets in North America, South
America, Europe, and the Asia-Pacific. It offers folding cartons for use in various food and non-food applications; superior pumps, sprayers,
and dispensing closures for home cleaning, healthcare, and beauty and personal care products; and corrugated containers for home
appliances, electric motors, small machinery, produce, books, furniture, and other products. The company also provides beverage multipacks for
beer, carbonated soft drink, and other beverage markets; merchandising displays; chipboard partitions and other protective packaging, such as
custom partitions, book cover board, single ply chip, and gypsum; and coated white top linerboard, white top linerboard, virgin and
recycled linerboard, corrugated medium, kraft paper, and pulp products. In addition, it offers various paperboard products, including solid
bleached sulfate, coated and uncoated recycled board, and coated and uncoated unbleached kraft. Further, the company is involved in
recovering, processing, and selling recycled paperboard; developing master planned communities, and industrial and business campuses, as well
as recreational/investment land sales in South Carolina and Georgia; and supplying specialty chemicals products and distinctive
technologies in asphalt innovations, oilfield and pine chemicals, and activated carbon. WestRock Company is based in Richmond, Virginia.
Trading Data
Share Price
($USD)
(July 30, 2015)
$62.83
% of 52-Week High
52-Week High
LTM
CY 2015E
CY 2016E
98.7%
Revenue
$10,116.7
$15,723.8
$16,568.8
$63.68
EBITDA
1,622.0
2,686.1
3,183.5
52-Week Low
57.49
EBIT
1,021.6
1,682.9
2,163.5
2,041
EPS (Jefferies)
$4.14
$3.79
$5.50
1.2x
1.1x
6.0x
Fiscal Year End
September
Market Data
($USD millions)
$16,432.1
1.9x
19,047.1
Enterprise Value
11.7x
7.1x
1.6x
18.6x
11.3x
8.8x
1.6x
15.2x
16.6x
11.4x
$80.00
25,000
$70.00
20,000
$50.00
15,000
$40.00
10,000
$30.00
$20.00
5,000
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
187
7/15
Volume (000s)
Price ($USD)
$60.00
Woodward, Inc.
Ticker:
WWD
Rating:
HOLD
Price:
$48.68
Exchange:
NasdaqGS
Analyst:
Shelia Kahyaoglu
Target Price:
$54.00
P
(as of July 30, 2015)
Founded:
Employees:
1870
Location:
6,701
Fort Collins, CO (United States)
Woodward, Inc. designs, manufactures, and services energy control and optimization solutions for the aerospace and energy markets
worldwide. Its Aerospace segment provides fuel pumps, metering units, actuators, air valves, specialty valves, fuel nozzles, and thrust reverser
actuation systems for turbine engines and nacelles; and flight deck controls, actuators, servocontrols, motors, and sensors for aircraft
that are used on commercial and defense fixed-wing aircraft and rotorcraft, as well as in weapons and defense systems. This segment also
provides aftermarket repair, overhaul, and other services to commercial airlines, turbine original equipment manufacturer (OEM) repair
facilities, military depots, third party repair shops, and other end users. It sells its products to OEMs tier-one suppliers, and prime
contractors, and through aftermarket sales of components, such as provisioning spares or replacements. The company’s Energy segment
designs, produces, and services systems and products for the management of fuel, air, fluids, gases, electricity, motion, and combustion. This
segment’s products include power converters, actuators, valves, pumps, injectors, solenoids, ignition systems, governors, electronics and
software, power converters, and devices that measure, communicate, and protect electrical distribution systems for use in industrial gas
turbines, including heavy-frame and aeroderivative turbines, reciprocating engines, electrical grids, wind turbines and compressors. It
sells its products through aftermarket or replacement sales to OEMs, tier-one suppliers, and prime contractors; and provides other related
services to OEM customers, as well as directly to end users or distributors. Woodward, Inc was founded in 1870 and is headquartered in
Fort Collins, Colorado.
Trading Data
Share Price
($USD)
(July 30, 2015)
$48.68
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
86.1%
Revenue
$2,041.1
$2,047.0
$2,166.5
$56.55
EBITDA
342.6
346.3
379.2
EBIT
267.8
283.2
310.5
EPS (Jefferies)
$2.74
$2.88
$3.19
41.01
412
Fiscal Year End
LTM
September
Market Data
($USD millions)
Enterprise Value
$3,034.8
1.9x
1.9x
1.8x
3,825.6
11.2x
11.0x
10.1x
2.6x
14.3x
13.5x
12.3x
2.3x
17.8x
16.9x
15.2x
$60.00
2,500
2,000
$40.00
1,500
$30.00
1,000
$20.00
500
$10.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
188
7/15
Volume (000s)
Price ($USD)
$50.00
Worthington Industries, Inc.
Ticker:
WOR
Rating:
HOLD
Price:
$27.83
Exchange:
NYSE
Analyst:
Luke Folta
Target Price:
$31.00
P
(as of July 30, 2015)
Founded:
Employees:
1955
Location:
11,000
Columbus, OH (United States)
Worthington Industries, Inc., a metals manufacturing company, focuses on value-added steel processing and manufactured metal products in
the United States, Europe, Mexico, Canada, and internationally. It operates through three segments: Steel Processing, Pressure Cylinders,
and Engineered Cabs. The Steel Processing segment provides stainless and flat-rolled steel processing services to customers in the
agricultural, appliance, automotive, construction, hardware, HVAC, lawn and garden, leisure and recreation, office furniture, office
equipment, container, and aerospace markets. It also toll processes steel for steel mills, large end-users, service centers, and other processors;
and designs and manufactures reusable custom steel platforms, racks, and pallets for supporting, protecting, and handling products in
the shipping process for customers in industries, such as automotive, lawn and garden, and recreational vehicles. The Pressure Cylinders
segment manufactures and sells high pressure and acetylene cylinders for industrial gases, refrigerant and certain propane gas cylinders,
hand torch cylinders, and joining products, such as solder and brazing rods and other specialty products; and filled and unfilled pressure
cylinders, tanks, hand torches, oil and gas equipment, and various accessories and related products for a range of end-use market
applications comprising industrial products, consumer products, alternative fuels, oil and gas equipment, and cryogenics. The Engineered Cabs
segment designs and manufactures custom-engineered open and enclosed cabs, as well as operator stations and custom fabrications for heavy
mobile equipment in a range of industries; and manufactures machined structural components, complex and painted weldments, engine doors,
boom components, and complete frames. The company was founded in 1955 and is headquartered in Columbus, Ohio.
Trading Data
Share Price
($USD)
(July 30, 2015)
$27.83
% of 52-Week High
52-Week High
52-Week Low
LTM
CY 2015E
CY 2016E
66.7%
Revenue
$3,384.2
$3,386.1
$3,470.7
$41.71
EBITDA
253.2
255.8
286.8
EBIT
168.1
173.0
205.5
EPS (Jefferies)
$2.03
$2.18
$2.61
0.7x
24.02
337
Fiscal Year End
May
Market Data
($USD millions)
Enterprise Value
$1,859.1
0.8x
0.8x
2,589.7
10.2x
10.1x
9.0x
2.6x
15.4x
15.0x
12.6x
2.5x
13.7x
12.8x
10.7x
$45.00
2,000
$40.00
1,800
$35.00
1,600
1,400
$30.00
1,200
$25.00
1,000
$20.00
800
$15.00
600
$10.00
400
$5.00
200
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
2/15
3/15
4/15
5/15
6/15
Price
Conference
189
7/15
Volume (000s)
Price ($USD)
Xerium Technologies, Inc.
Ticker:
XRM
Exchange:
NYSE
Rating:
Price:
Not Covered
$16.65
P
(as of July 30, 2015)
Founded:
Employees:
1999
Location:
3,100
Youngsville, NC (United States)
Xerium Technologies, Inc. manufactures and supplies consumable products primarily used in the production of paper. The company operates
in two segments, Machine Clothing and Roll Covers. The Machine Clothing segment provides various types of industrial textiles used on
paper-making machines and other industrial applications. It offers forming fabrics that are used at the beginning of paper-making machines;
press felts for carrying the paper sheet through a series of press rolls that mechanically press water from the sheet under high pressure;
and dryer fabrics that transport the paper sheet through the drying section of paper-making machines. This segment also provides other
fabrics, which are used in other industrial applications, such as pulp, non-woven textiles, fiber cement, tannery sludge dewatering, and
textiles manufacturing; and auto-joining equipment used in machine clothing production. The Roll Covers segment manufactures, refurbishes,
and replaces roll covers, including suction rolls, lump breaker rolls, coater rolls, sizing rolls, calendar rolls, and other conveying
rolls used in paper-making machines. This segment also provides refurbishment services for previously installed roll covers; and
mechanical maintenance and repair services for the internal mechanisms of rolls, as well as manufactures and repairs spreader rolls. The company
markets its products to the paper industry worldwide through its direct sales force under the Huyck Wangner, Weavexx, Stowe Woodward,
Mount Hope, Robec, and Xibe brands. Xerium Technologies, Inc. was founded in 1999 and is headquartered in Youngsville, North Carolina.
Trading Data
Share Price
($USD)
(July 30, 2015)
% of 52-Week High
52-Week High
52-Week Low
CY 2015E
CY 2016E
Revenue
$530.6
$505.6
$518.4
$18.93
EBITDA
110.4
110.3
125.7
77.5
74.5
88.7
$1.65
$1.37
$2.02
12.64
EBIT
29
Fiscal Year End
88.0%
$16.65
EPS (Consensus)
LTM
December
Market Data
($USD millions)
Enterprise Value
$260.2
1.4x
1.4x
1.4x
724.9
6.6x
6.6x
5.8x
4.3x
9.4x
9.7x
8.2x
4.2x
10.1x
12.2x
8.3x
$20.00
250
$18.00
$16.00
200
Price ($USD)
$12.00
150
$10.00
$8.00
100
$6.00
$4.00
50
$2.00
–
7/14
8/14
9/14
10/14
11/14
12/14
1/15
Volume
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Volume (000s)
$14.00
XPO Logistics, Inc.
Ticker:
XPO
Exchange:
NYSE
Rating:
Price:
Not Covered
$43.54
P
(as of July 30, 2015)
Founded:
Employees:
1996
Location:
10,000
Greenwich, CT (United States)
XPO Logistics, Inc. provides transportation and logistics services primarily in the United States. The company operates through two
segments, Transportation and Logistics. The Transportation segment provides truckload, less-than truckload and intermodal brokerage, and
last-mile delivery logistics services under the brands XPO Logistics, XPO Last Mile, and Pacer; and time-critical, time-sensitive, or high
priority freight shipment services under the brand names XPO Express, XPO NLM, and XPO Air Charter. This segment also offers freight
forwarding and ocean transportation services under the brands XPO Global Logistics and Ocean World Lines; and expedited ground services, as well
as arranges air charter shipment services through third-party air carriers. Its Logistics segment provides contract logistics services,
including value-added warehousing and distribution, reverse logistics, transportation management, freight bill audit and payment, lean
manufacturing support, aftermarket support, and supply chain optimization solutions to corporations and government agencies. The company
provides services to customers in various industries, such as manufacturing, industrial, retail, technology, aerospace, commercial, life
sciences, and government sectors, as well as third-party logistics providers. XPO Logistics, Inc. was founded in 1996 and is headquartered
in Greenwich, Connecticut.
Trading Data
Share Price
($USD)
(July 30, 2015)
$43.54
% of 52-Week High
52-Week High
CY 2015E
CY 2016E
85.4%
Revenue
$2,777.2
$6,705.4
$10,617.0
$50.96
EBITDA
124.0
381.2
698.0
6.5
115.3
295.9
($0.13)
$0.70
52-Week Low
29.68
EBIT
1,051
EPS (Consensus)
Fiscal Year End
LTM
($0.55)
December
Market Data
($USD millions)
Enterprise Value
$3,511.7
1.3x
0.5x
3,500.7
28.2x
9.2x
5.0x
nm
30.4x
11.8x
nm
nm
62.2x
7.9x
(0.4x)
0.3x
$60.00
9,000
8,000
7,000
$40.00
6,000
5,000
$30.00
4,000
$20.00
3,000
2,000
$10.00
1,000
–
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Conference
191
7/15
Volume (000s)
Price ($USD)
$50.00
Conference Notes
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Conference Notes
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Private Company Profiles
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195
Conference Notes
Conference
196
AdTra, Inc.
NA
Founded:
NA
Employees:
Location:
NA
Sacramento, CA (United States)
AdTra is a privately held "virtual integrator" of LOCHE (Low Carbon High Efficiency) technology platforms and services
in the food and agriculture, engineering, energy, transportation and commerce sectors across developed and emerging
markets in North America, Europe, Asia and West Africa. The Company's LOCHE capabilities are utilized across multiple
end-markets such as transportation, electricity and environmental applications including deployment of more efficient
diesel and natural gas trucks, smart fuels, RD&DC of sustainable advanced energy technologies plus mail processing
technologies and equipment, air traffic control, highway & bridge construction and power systems planning.
Agrian, Inc.
www.agrian.com
Founded:
2004
Employees:
Location:
NA
Fresno, CA (United States)
Agrian, Inc. provides a suite of software-as-a-service, mobile phone, and tablet-based applications to various
levels of the agrifood supply chain. It offers the Agrian Advisor that automatically imports sites from grower permits,
generates accurate product recommendations, checks recommendations against manufacturer-approved label database,
electronically transfers reports to government agencies, and has GIS/GPS-mapping tools for fields. The Company also
offers a fumigant management reporting tool that provides a system for various fumigant applicators to manage various
reporting requirements introduced by the EPA. The Company's Agrian Documented advisor automatically manages
various food safety compliance documents; electronically transmit reports to food processors, handlers, and shippers;
and faxes various documents or work orders. In addition, it offers the Agrian Applicator, which automatically imports
grower permits; gets GIS-mapped fields and mapped spray notes; creates pesticide use reports instantly; and transfers
reports to the county online. Agrian also provides the Agrian Retail Outlet, which helps retailers to manage their growers
and crop advisors in one system, and Agrian Mobile, which provides access to Agrian tools from Apple iPhone, iPad, or
iTouch. Further, it offers banner advertising services to manufacturers. The Company provides its data and
information-sharing solutions to individual growers, the largest agrifood conglomerates, crop consultants, applicators,
and retailers in the Americas. Agrian, Inc. was founded in 2004 and is based in Fresno, California.
Sources: Company website and Capital IQ.
Conference
197
ArborGen, Inc.
www.arborgen.com
Founded:
2000
Employees:
Location:
176
Ridgeville, SC (United States)
ArborGen is the world’s leading developer of biotechnology tree seedling products, one of the largest providers of conventional
and technology-enhanced seedlings to the forestry industry, and the only integrated global commercial seedling company.
The Company sells its seedlings to land owners and land managers in many of the world’s largest forestry markets. By
combining a leading technology platform with well-established forestry expertise, the Company enables its customers
to grow higher quality trees that yield more wood per acre to enhance their financial returns. ArborGen’s products find ultimate
use in the sawtimber, plywood and other structural wood products, pulp and paper, and industrial charcoal markets. The
Company operates research and production facilities in Australia, Brazil, New Zealand and the United States. With a long
history of research and development, the Company’s advanced genetic technologies develop trees that offer forest
landowners outstanding silvicultural performance and financial return. Its products include Loblolly Pine, Radiata Pine,
and Eucalyptus, which are among the most widely-planted commercial species in the world, as well as other hardwood
species used in plantation forestry. ArborGen was founded in 2000 and is headquartered in Ridgeville, South Carolina. It
operates nurseries and distribution sites in the Southeastern United States.
Biosynthetic Technologies, LLC
www.biosynthetic.com
Founded:
2004
Employees:
Location:
NA
Irvine, CA (United States)
Biosynthetic Technologies manufactures a revolutionary new class of biobased synthetic molecules that are made from
organic fatty acids found in plant oils. These highly-functional “biosynthetic” oils have numerous uses in the lubricant,
chemical, and cosmetics industries, often outperforming their petroleum counterparts in similar applications. In addition to
their high-performance properties, these renewable oils are biodegradable and nontoxic. Biosynthetic holds a broad portfolio
of issued and pending patents protecting these novel biosynthetic oils. The Company currently offers two product lines.
Biosynthetic™ Base Oil, Biosynthetic Technologies’ primary product line, is comprised of biobased oils that are synthesized
specifically for high performance lubricant applications in the automotive and industrial sectors. Currently available in a low
and a high viscosity, these biosynthetic oils can be blended into a variety of viscosities to meet most lubricant applications.
After extensive testing, several of the world’s largest manufacturers of automotive and industrial lubricants are now
formulating and certifying finished products containing these biosynthetic oils. CocoEstolide™ esters are new plant-based
emollients that combine high stability and exceptional moisturization characteristics. They impart a light satiny feel,
excellent absorption, and superior functionality as an emollient. CocoEstolide esters also exhibit excellent oxidative
and hydrolytic stability, which helps to provide an extended shelf life versus natural plant-based oils. The Company was
formerly known as LubriGreen Biosynthetics, LLC. Biosynthetic Technologies, LLC was founded in 2004 and is based in
Irvine, California with a plant in Baton Rouge, Louisiana. The Company is privately held and funded in part by multiple
Fortune 500 companies.
Conference
198
Calysta, Inc.
www.calysta.com
Founded:
2011
Employees:
Location:
NA
Menlo Park, CA (United States)
Calysta, Inc. develops and produces proteins for commercial aquaculture and livestock feed. The Company provides
nutritional feeds and animal health products for fish and livestock. Calysta, Inc.'s technology platform can be applied to
the production of established biological products such as alcohols, esters, oxides and olefins that are used in end
products including fibers, plastics, building materials, and biofuels using methane. Calysta, Inc. was formerly known as
Calysta Energy, Inc. and changed its name to Calysta, Inc. in May 2014. The Company was founded in 2011 and is based
in Menlo Park, California with locations in Houston, Texas; London, United Kingdom; Stavanger, Norway; and Singapore.
Chromatin, Inc.
www.chromatininc.com
Founded:
2001
Employees:
Location:
~100
Chromatin, Inc. develops and sells hybrid sorghum seeds. The Company offers sweet sorghum, a source of sugar for
conversion into chemicals, materials, or fuels; as well as grain sorghum for animal feed, processing as advanced biofuels, or
use in gluten-free foods. Additionally, the Company offers forage sorghum for lignocelluloses. Its products enable farmers
to produce crops optimized for traditional agriculture or bio-industrial processes. The Company provides its products to
growers, producers, and industrial processors, as well as the food and beverage industries. It serves customers through a
netowrk of distributors, dealers, and agents worldwide. The Company was founded in 2001 and is headquartered in Chicago,
Illinois, with a seed processing facility in New Deal, Texas.
Conference
199
Genomatica, Inc.
www.genomatica.com
Founded:
1998
Employees:
Location:
~100
San Diego, CA (United States)
Genomatica is a widely-recognized leader in harnessing biotechnology for the strategic benefit of the global chemical
industry. Already a partner of choice to multiple major chemical companies, Genomatica is the leading source of process
technology for the production of more sustainable, cost-advantaged chemicals. The Company uniquely combines the
power of modern biology, chemistry, and engineering to deliver new advantaged process technologies to make chemicals “a
better way” with superior economics and greater sustainability. The Company’s proprietary GENO™ processes enable
diversification of production portfolios by allowing use of a range of alternative feedstocks, from sugars to biomass, to C1
feedstocks, which can significantly up-value the industry’s substantial and growing C1 assets. Genomatica’s innovations have
generated a sector-leading portfolio of over 600 patents and applications addressing over 20 widely-used chemicals. The
Company licenses its processes to chemical producers and users, who build, own, and operate plants powered by GENO™
technologies. Genomatica’s first process, GENO BDO™ , for the production of BDO, is already commercial and has been
licensed by BASF and by Novamont. Genomatica’s second set of processes is for butadiene, with Versalis and Braskem as
anchor partners, and over $100 million in industry support. Genomatica’s third set of processes is for nylon intermediates,
including hexamethylenediamine, caprolactam and adipic acid (HMD, CPL and ADA).
The Company develops its processes using its proprietary, integrated biotechnology platform. The Genomatica platform
combines process engineering with predictive computational modeling and advanced experimental laboratory technology in
a unique systems-based approach. This allows the Company to develop highly efficient manufacturing processes faster than
traditional process development methods. Its development speed and process efficiency were validated by the successful
commercial-scale production of BDO using the Company’s process in less than five years. Genomatica’s intellectual property
currently targets processes to produce over 20 chemicals. The Company works with industry leaders to accelerate broad and
rapid commercial adoption of its processes. To date, Genomatica has announced partnerships with BASF, Novamont,
Versalis, Braskem and Cargill.
The Company has raised over $125 million in financing from Alloy Ventures, Bright Capital, Cargill, Draper Fisher Jurvetson,
Mitsubishi Chemical, Mohr Davidow Ventures, TPG Biotech, VantagePoint Capital Partners, Versalis and Waste Management.
Genomatica’s recognition includes the Wall Street Journal Technology Innovation award, ICIS Top 40 ‘Ones to Watch’, the
Kirkpatrick Award, the EPA Presidential Green Chemistry Challenge Award, being voted #1 Hottest four years in a row by
Biofuels Digest, and being named a Best Place to Work by The Scientist two years in a row. The Company was founded in
1998 and headquartered in San Diego, California.
Conference
200
NexSteppe, Inc.
www.nexsteppe.com
Founded:
2010
Employees:
Location:
35
San Francisco, CA (United States)
NexSteppe, Inc. develops and commercializes tailored crops; supply chain solutions; and scalable, reliable, cost-effective
feedstock solutions for the biofuels, biopower, and biobased industries. Utilizing advanced breeding techniques and
cutting-edge analytical technologies, the Company focuses on developing sweet sorghum, high biomass sorghum, and
switch grass to produce feedstocks tailored for biobased industries. It has operations in the United States and Brazil.
NexSteppe, Inc. was incorporated in 2010 and is based in San Francisco, California.
Siluria Technologies, Inc.
www.siluria.com
Founded:
2008
Employees:
Location:
~75
San Francisco, CA (United States)
Siluria Technologies, Inc., a natural gas technology company, develops and manufactures a direct chemical process
for manufacturing chemicals, plastics, and fuels from natural gas and petroleum. Siluria's Oxidative Coupling Methane
process directly converts methane to ethylene. Siluria Technologogies, Inc.'s second process technology can convert
ethylene to liquid fuels such as gasoline, diesel or jet fuel. Siluria Technologies was founded in 2008 and is based in
San Francisco, California.
Conference
201
Valagro SpA
www.valagro.com
Founded:
1980
Employees:
Location:
222
Atessa, Italy
Valagro SpA, through its subsidiaries, produces and distributes nutritional solutions for the agriculture sector.
The Company offers farm products, such as specialties, fertigators, micronutrients, and foliar fertilizers, as well
as adjuvants, pH buffers, and starter and slow release fertilizers; garden products that include ONE, an activator
of cellular growth that comprises a blend of nutrients, which accelerate the normal growth process of plants and
enhance the immune system; and plant nutrition solutions for ornamental plants, turf lawns, and nursery gardening and
gardens. It also provides a range of industrial products from amino acids to chelated trace elements and from
adjuvant to seaweed extracts; and ascophyllum nodosum based meals, creams, and liquid and solid extracts used for
agriculture and livestock applications. In addition, the Company offers consultancy services focusing on climate change
and its impact on agriculture, microbiology/biological control, genetic engineering in food and agriculture, plant
physiology, and macro-economic trends. It serves customers through distributors and a commercial network in Italy
and internationally. Valagro SpA was founded in 1980 by Ottorino LaRocca and Giuseppe Natale and is based in Atessa,
Italy with subsidiaries in Spain, Turkey, Mexico, Brazil, the United States, Norway, the United Kingdom, Oceania,
and France, among others.
Watco Companies, LLC
www.watcocompanies.com
Founded:
1983
Employees:
Location:
NA
Pittsburg, KS (United States)
Watco Companies, LLC provides transportation, mechanical, transload/intermodal, and terminal and port services
solutions for customers in North America and Australia. It offers car tracing and fleet tracking services; engages in
the online retail of apparel, outerwear, headwear, and gifts, as well as safety, camo, office sports, and youth
products; and provides compliance support, engineering/NDT/welding support, coating and paint system support, and rail
car inspection services. The Company also provides leasing and fleet management services, such as locomotive and
railcar leasing/sale services; and fleet management services, including car report and record, car accounting, car
hire earnings auditing, AAR billing auditing/payment, inspection, intermediary with railroad, and inventory planning
and management services. In addition, it offers locomotive and car repair services to the railroad industry through
railcar shops in Kansas, Iowa, Wisconsin, Texas, Pennsylvania, Florida, Nebraska, Illinois, and Los Angeles;
railroad transportation services; real estate services, including land and asset development, sale and acquisition, and
land and property leasing services; specialized industrial contract switching services in paper, chemical,
petroleum, forest product, metal and ore, and aggregate industries; warehousing and distribution services; and terminal
and port services. The Company was founded in 1983 and is based in Pittsburgh, Kansas with a location in Twin Falls,
Idaho.
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Conference Notes
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203
Keynote Biographies
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Conference Notes
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205
Keynote Biographies
Naveen Krishnamurthy
Senior Consultant, Lux Research, Inc.
August 10, 2015 12:15PM (Ballroom 3)
Naveen Krishnamurthy leads several of Lux Research’s consulting engagements in energy, materials, and
related verticals with corporate and financial services clients.
Prior to Lux Research, Naveen was a Business Development Manager at Harvest Power, a waste-to-energy
developer funded by Kleiner Perkins Caufield & Byers, where he evaluated technologies, developed economic
and strategic analyses, and assisted in executing acquisitions. In his prior consulting roles, Naveen helped
venture capital and buyout firms assess growth opportunities and identify attractive targets in carbon markets,
emission control, healthcare IT, packaging, testing & measurement, and food & beverage for Firelake Capital,
Graham Partners, and Lux Capital.
Previously, as an environmental engineer at AECOM, Naveen conducted design, planning, and construction
management for water/wastewater treatment, solid & hazardous waste management, and air pollution control for
utilities and federal agencies.
Naveen graduated with an MBA in Finance from the Wharton School at the University of Pennsylvania, where he
was a recipient of the Joseph Wharton Fellowship. He received a Master of Science degree in Environmental
Engineering at The Pennsylvania State University, where he conducted U.S. Department of Energy funded
laboratory research to develop an innovative treatment process for high-level nuclear waste. He has published
several papers in peer-reviewed journals and has spoken and moderated at conferences related to waste
treatment, land and water management, water reuse, and corporate sustainability. Naveen is a certified ISO
14001 auditor.
Conference
206
Keynote Biographies
Lieutenant General H. R. McMaster
Director, Army Capabilities Integration Center
August 12, 2015 12:15pm
Lieutenant General H. R. McMaster assumed duties as the Director, Army Capabilities Integration Center and
Deputy Commanding General, Futures, US Army Training and Doctrine Command on July 15, 2014. Prior to his
arrival at Fort Eustis he served as Commanding General, Maneuver Center of Excellence and Fort Benning from
June 2012 to July 2014. Previously he served as Commander, Combined Joint Inter-Agency Task Force
Shafafiyat (Transparency) in Kabul, Afghanistan. He was commissioned as an officer in the United States Army
upon graduation from the United States Military Academy in 1984. He holds a PhD in military history from the
University of North Carolina at Chapel Hill.
LTG McMaster's previous command assignments include Eagle Troop, Second Armored Cavalry Regiment in
Bamberg, Germany and in Southwest Asia during the 1991 Persian Gulf War; 1st Squadron, 4th Cavalry in
Schweinfurt Germany from 1999 to 2002; and 3d Armored Cavalry Regiment at Fort Carson, Colorado and in
Iraq from June 2004 to June 2006. Staff assignments include Director of Concept Development and Learning
at the U.S. Army Training and Doctrine Command from August 2008 to May 2010; Special Assistant to the
Commander, Multinational Force-Iraq from February 2007 to May 2008; Director, Commander's Advisory Group
at US Central Command from May 2003 to 2004; and squadron executive officer and regimental operations
officer in the 11th Armored Cavalry Regiment from July 1997 to July 1999. He also served as an assistant
professor of history at the United States Military Academy from 1994 to 1996.
LTG McMaster's military education and training includes the Airborne and Ranger Schools, Armor Officer Basic
and Career Courses, the Cavalry Leaders Course, the U.S. Army Command and General Staff College, and a U.S.
Army War College fellowship at the Hoover Institution on War, Revolution, and Peace. LTG McMaster has also
served as a senior consulting fellow at the International Institute of Strategic Studies in London.
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Conference Notes
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Conference Notes
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Jefferies Biographies
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Conference Notes
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Jefferies General Industrial Investment Banking: Biographies
Chris Kanoff, Co-Head of Investment Banking, Global Head of Industrials IB, Executive Vice President
310.575.5225 / [email protected]
Chris M. Kanoff is Global Co-Head of Investment Banking at Jefferies and is also responsible for the
management of the Global Industrials group. Mr. Kanoff began his career on Wall Street in 1984, in the
Corporate Finance department of Drexel Burnham Lambert and has been with Jefferies since 1991. He received
an MBA from the Graduate School of Management at the University of California, Los Angeles and a BA from the
University of California, Berkeley.
Peter Scott, Americas Head of Industrials IB and Global Head of Steel and Metals, Managing Director
Peter Scott is Americas Head of Industrials Investment Banking at Jefferies has 20 years of experience and
leads the firm’s Steel, Metals and U.S. Mining practice. Prior to joining Jefferies in 2003, Mr. Scott ran Morgan
Stanley’s investment banking efforts in the steel and metals space and had additional previous experience at
Salomon Brothers. Mr. Scott has completed numerous advisory assignments and debt and equity underwritings
for his clients including AM Castle & Co., Claymont Steel, Edgen Group, Globe Specialty Metals, JMC Steel,
Metals USA, Optima Specialty Steel, RathGibson, U.S. Corrugated, and USEC. Mr. Scott received a BA in
English Literature and a BS in Industrial Engineering from Lehigh University and an MBA with high honors from
the Booth School of Business at the University of Chicago
David Bradley, Chairman of Industrials IB and Global Head of Chemicals, Managing Director
David Bradley is a Managing Director, Chairman of the Industrials Group and Global Head of Chemicals at
Jefferies, with over 25 years of investment banking experience. Prior to joining the firm, he was a Senior
Managing Director and Head of Global Chemicals at Blackstone Advisory Partners. Previously, he spent 7 years
at UBS as a Managing Director and Global Head of Chemicals Investment Banking, and prior to that spent 10
years at JP Morgan Chase in investment banking roles in London and New York, most recently as Global Head of
Chemicals. Mr. Bradley holds a BSc with Honours from the University of Birmingham in the United Kingdom.
Tim Alden, Managing Director
Tim Alden is a Managing Director in the General Industrials Group and covers aerospace, defense and
government technology sectors. Prior to joining the firm, he worked at Goldman Sachs in the General Industrials
Group covering aerospace, defense and diversified industrial clients. Additionally, Mr. Alden spent 7 years in the
US Army as an Apache helicopter pilot serving in Afghanistan, Bosnia-Herzegovina and other global locations.
Mr. Alden holds an MBA from Cornell and a BS from the United States Military Academy.
Richard Allan, European Head of Metals & Mining, Managing Director
+44 (0)20 7029 8189 / [email protected]
Richard Allan is a Managing Director and European Head of Metals & Mining Investment Banking at Jefferies.
Mr. Allan has over 15 years of Metals & Mining experience and has worked in Australia, Asia and Europe. Prior
to joining Jefferies, Mr. Allan was a Managing Director in Morgan Stanley's Metals & Mining team in London. Mr.
Allan holds a Bachelor of Commerce degree from the University of New South Wales and is a member of the
Institute of Chartered Accountants in Australia.
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Goran Avdicevic, Managing Director
Goran Avdicevic is a Managing Director and Global Head of the Transportation and Logistics Group covering
airlines, aircraft and transportation leasing, rail, trucking and logistics companies globally. Mr. Avdicevic has
over 14 years of investment banking experience. Prior to joining Jefferies, he was an Executive Director in the
Transportation & Logistics Group at JP Morgan. Mr. Avdicevic holds an MBA, with honors, from Columbia
Business School and a BS, summa cum laude, from Rutgers College.
Peter Bacchus, Joint Head of European IB and Global Head of Metals & Mining, Managing Director
+44 (0)20 7029 8181 / [email protected]
Peter Bacchus is a Managing Director at Jefferies and the Joint Head of European Investment Banking and
Global Head of Metals & Mining. Mr. Bacchus has over 20 years of Metals & Mining experience and has led a
number of the sector’s highest profile transactions. Prior to joining Jefferies, Mr. Bacchus was the Global Head
of Metals & Mining Investment Banking at Morgan Stanley, and previously held senior positions at JPMorgan and
Citi. Mr. Bacchus received an MA from St. John’s College, Cambridge and is a Member of the Institute of
Chartered Accountants in Australia.
Robert Bayer, Managing Director
Robert Bayer is a Managing Director in the General Industrial Investment Banking Group at Jefferies. Mr. Bayer
has over 20 years of experience and leads the firm’s Forest Products and Packaging practice. Prior to joining
Jefferies in 2010, Mr. Bayer was a Managing Director at Oppenheimer & Co. and has additional previous
experience at Merrill Lynch and JP Morgan. Mr. Bayer has completed numerous advisory assignments and debt
and equity underwritings for his clients including transactions for Anchor Glass, Appvion, Caraustar and
Xerium Technologies. Mr. Bayer received a BS in Finance and Accounting from Drexel University.
David Brock, European Head of Construction & Building Materials, Managing Director
+44 (0)20 7029 8293 / [email protected]
David Brock is a Managing Director and European Head of Construction & Building Materials at Jefferies and
joined after 7 years in the same role at Deutsche Bank completing transactions totaling in excess of €80bn. As
well as deals in Europe and the US, he also has experience with clients in India, Brazil, China, Russia and South
Africa. Prior to switching to banking, he covered the C&BM sector as a research analyst ranked #2 in
Institutional Investor and #3 in Extel in his final year as an analyst at Credit Suisse. Mr. Brock received his BA
in Economics from Trinity College, Cambridge.
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Jonathan Carey, Global Co-Head of the Automotive Aftermarket Group, Managing Director
Jonathan Carey is the Global Co-Head of the Automotive Aftermarket Group at Jefferies. Mr. Carey’s coverage
responsibility includes every sub-sector of the aftermarket including collision, heavy duty, recreation,
performance, restoration, remanufacturing, vehicle auction, quick lube, tires, and more. Mr. Carey is a member
of the Automotive Aftermarket Industry Association’s Market Intelligence Committee. Prior to joining Jefferies in
2015, Mr. Carey was a Managing Director at BB&T where he worked from 2004-2015. Additionally, he has
worked for Advest, Inc. as a Senior Consulting, and Ernst & Young LLP serving in the firm's audit and strategy
consulting groups. Mr. Carey received his MBA from The Wharton School at the University of Pennsylvania and a
Bachelor of Accountancy, cum laude, from The George Washington University. He is a Certified Public
Accountant.
Hari Chandra, Joint Global Head of Power, Renewables and Infrastructure, Managing Director
+44 (0)20 7029 8420 / [email protected]
Hari Chandra is a Managing Director of Jefferies based in London and is the Joint Global Head of Power,
Renewables and Infrastructure. Mr. Chandra has 14 years of investment banking experience, having previously
worked in the Power, Renewables and Infrastructure groups at Bank of America Merrill Lynch, The Blackstone
Group and Lazard. Mr. Chandra has advised the Boards and management of companies such as GDF Suez, E.ON,
China Huaneng Group, InterGen, State Grid Corporation of China, Sumitomo Corporation, Mubadala, ACWA
Power, Taqa, The Blackstone Group, NiSource, Aquila and DTE Energy, amongst others, on landmark M&A and
financing transactions. Mr. Chandra received a BS degree in Engineering from the Johns Hopkins University.
Simon Dowker, Managing Director
+44 (0)20 7029 8373 / [email protected]
Simon Dowker is a Managing Director in the General Industrial Investment Banking Group at Jefferies. Mr.
Dowker has over 14 years of investment banking experience. Prior to joining Jefferies, Mr. Dowker was an
Executive Director at UBS Investment Bank. Mr. Dowker has completed numerous advisory assignments and
debt and equity underwritings for his clients including Almatis, Electronic Materials, EPAX, Evonik Industries,
and Nova Chemicals among others. Mr. Dowker holds a BA/MEng with Honours in Chemical Engineering from
Cambridge University.
Nick Fazioli, Senior Vice President
Nick Fazioli is a Senior Vice President in the General Industrials Investment Banking Group at Jefferies with over
14 years of investment banking and industry experience. At Jefferies, Mr. Fazioli focuses on the aerospace
supply chain, MRO, aircraft leasing, and business aviation. Prior to joining Jefferies, Mr. Fazioli was a Principal
at SH&E Inc., the leading aviation consulting and advisory firm, and Delta Air Lines in a range of financial and
operational roles specializing in corporate finance, aircraft leasing and MRO. Mr. Fazioli holds a B.B.A. and MBA
in Finance from Emory University.
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Thomas Fennimore, Global Head of Auto Investment Banking, Managing Director
Thomas Fennimore is a Managing Director and Global Head of Auto Investment Banking at Jefferies. Mr.
Fennimore joined Jefferies in 2014. Prior to joining Jefferies, Mr. Fennimore spent 17 years at Goldman Sachs
working in various sectors including Equity Capital Markets, Mergers & Acquisitions, and was former Co-Head of
the Asia Industrials Group based in Beijing, China for nearly three years. Mr. Fennimore received a BA in
Mathematics and a BS in Engineering from Swarthmore College.
Gunter Frangenberg, Americas Head of Chemicals, Managing Director
Gunter Frangenberg is a Managing Director and Americas Head of Chemicals. Mr. Frangenberg has over 15 years
of investment banking experience. Prior to joining the firm, he was a Managing Director at Bank of America
Merrill Lynch and prior to that spent 6 years at Deutsche Bank in the New York Chemicals Group. Mr.
Frangenberg has completed numerous advisory assignments and debt and equity underwritings for his clients
including Celanese, EcoLab, Huber, Lyondell-Basell, Sigma-Aldrich, Valspar and Xerox. Mr. Frangenberg holds a
JD and PhD from Bonn University and a LLM from Duke University.
Daniel Frommelt, Senior Vice President and European Head of Business Services
+44 (0)20 7029 8267 / [email protected]
Daniel Frommelt joined Jefferies in 2012 to cover the European Business Services sector. Prior to joining
Jefferies, Mr. Frommelt spent 9 years at RBS / ABN AMRO most recently being responsible for European
Business Services at RBS. Previous experience includes 3 years at Business Development of PaySquare /
Equens, a Dutch based payment processor. Mr. Frommelt received a BA and MSc. in Business Administration
from the Erasmus University of Rotterdam in the Netherlands.
Dan Gitlin, Head of Diversified Services, Managing Director
Dan Gitlin is a Managing Director and Head of Diversified Services. Mr. Gitlin has over 10 years of investment
banking experience and five years of strategy consulting experience. Prior to joining Jefferies, Mr. Gitlin was a
Managing Director at Guggenheim Securities as Head of Diversified Industrial Services and prior to that was at
Credit Suisse in the Industrials Group. Mr. Gitlin has completed numerous advisory and financing engagements
for Engineering & Construction, Industrial Services, Facility Services and Environmental Services companies.
He Received his MBA from the University of Chicago and BBA from the University of Michigan.
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Rex Green, Global Co-Head of the Automotive Aftermarket Group, Managing Director
Rex Green is the Global Co-Head of the Automotive Aftermarket Group at Jefferies. Mr. Green has over 20 years
of corporate finance experience and has advised on hundreds of transactions. Prior to joining Jefferies, Mr.
Green was a Managing Director at BB&T Capital Markets and Advest, Inc., where during various periods he
served as Co-Head of Investment Banking, Head of Consumer Investment Banking (inclusive of the automotive
aftermarket) and Head of Technology Investment Banking. Mr. Green was previously Partner-In-Charge of
corporate finance for the New England region of KPMG Peat Marwick LLP. Mr. Green placed his tenure with
Advest on hold for eighteen months while he served as Chief Financial and Administrative Officer for a venturebacked internet services business which was sold to a subsidiary of the Havas Group. Mr. Green received his
MBA from The Stern School at New York University and his Bachelor of Arts from Brown University.
Steve Latimer, Canadian Head of IB and Canadian Head of Metals & Mining, Managing Director
Steve Latimer is a Managing Director and Canadian Head of IB Canadian Head of Metals & Mining. Mr. Latimer
has over 20 years of experience in the Metals & Mining and Energy space, working principally in Canada. Before
joining Jefferies he was a Director and Head of Canadian Metals & Mining at Credit Suisse and previously held
positions at Salman Partners, UBS and Goldman Sachs. Mr. Latimer received a Bachelor of Business
Administration degree from the University of Western Ontario and an MBA from the Kellogg Graduate School of
Management.
Manfred Ludwig, Senior Vice President
+49 69 719 187 874 / [email protected]
Manfred Ludwig is a Senior Vice President in the General Industrial Investment Banking Group at Jefferies,
based out of Jefferies Frankfurt, Germany office. Mr. Ludwig has over 13 years of experience in investment
banking and has been with Jefferies for 7 years. Prior to joining Jefferies, Mr. Ludwig spent 7 years at KPMG
Corporate Finance in Germany and Canada, most recently as a director. Mr. Ludwig has completed numerous
advisory assignments and debt and equity underwritings, including Bartec, Hilite International, KSM Castings,
Novem and Altra. Mr. Ludwig has worked for various private equity clients, including 3i, Bridgepoint,
Charterhouse, CVC, Equistone, HgCapital, Odewald & Compagnie, Pamplona, Pricoa Capital and others. Mr.
Ludwig received an MBS from Catholic University Eichstaett-Ingolstadt and is a CFA charterholder.
Milen Marinov, Senior Vice President
Milen Marinov is currently a Senior Vice President at Jefferies Global Industrials Group. He spent the last 4
years as part of the Jefferies Clean Technology Group where he worked on a number of debt, equity, M&A, and
restructuring transactions spanning the spectrum of renewable and sustainable technologies such as biofuels,
wind, solar, industrial biotech, agriculture, energy storage and energy efficiency. Mr. Marinov has advised on
sector developments and dynamics, and managed transactions for leading companies such as STR, Inc.,
Marrone Bio Innovations, Aleo, Solazyme, Green Plains, Westport Innovations, Ener1, Etimex, Metabolix,
Satcon, DuPont, Eni, Total, and others. Before joining Jefferies in 2008, Mr. Marinov was an investment banker
at Lehman Brothers in New York City and London. He holds graduate degrees from Harvard University and
Columbia Business School.
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Jim Nappo, Mid-West Head of Investment Banking and Global Head of Diversified Industrials, Managing Director
Jim Nappo is a Managing Director and Midwest Regional Head of Investment Banking and Global Head of
Diversified Industrials based in Jefferies’ Chicago office. Mr. Nappo has over 23 years of advisory experience.
Prior to joining Jefferies in 2013, Mr. Nappo spent five years as the Co-Head of Credit Suisse’s Diversified
Industrial business. Prior to rejoining Credit Suisse in 2007, Mr. Nappo was founding member of the UBS midwest office and a Managing Director for three years. Prior to his time at UBS and since 1992, Mr. Nappo worked
at Credit Suisse First Boston in London and Chicago. Mr. Nappo holds a B.B.A. in Finance and Business
Economics from the University of Notre Dame.
Shabari Nayak, Senior Vice President & Head of Environmental Services
Shabari Nayak has over 10 years of investment banking experience and leads Jefferies’ coverage of the
Environmental Services sector. Ms. Nayak has completed numerous transactions for services and manufacturing
companies, including sell-side and buy-side advisory, as well as equity and debt financings. Ms. Nayak received
a B.S. from the Stern School of Business at New York University
Christopher Niehaus, European Industrials, Managing Director
+44 (0)20 7029 8697 / [email protected]
Chris Niehaus is a Managing Director within the European Industrials Investment Banking group at Jefferies. Mr.
Niehaus joined Jefferies in 2015 and has over 20 years of experience within investment banking in London,
Dubai and Johannesburg. Mr. Niehaus has advised clients across Europe, the U.S., Asia, the Middle East and
South Africa, and has significant M&A and Capital Markets experience. Prior to joining Jefferies, Mr. Niehaus
spent 12 years at UBS and was most recently Head of Industrials for EMEA. Mr. Niehaus holds a B. Comm
(Economics) and LLB from the University of Natal.
Chris O’Geen, US Head of Aerospace & Defense, Managing Director
Chris O’Geen is a Managing Director and U.S. Head of Aerospace & Defense Investment Banking at Jefferies.
Mr. O’Geen has over 13 years of Aerospace & Defense investment banking experience. Mr. O’Geen has
completed numerous M&A and capital markets transactions with various public and private clients. Prior to
joining Jefferies, Mr. O’Geen worked in the Investment Banking division of Bank of America Securities. Mr.
O’Geen received a BS from Vanderbilt University.
Kevin Phillips, Joint Global Head of Power, Renewables and Infrastructure, Managing Director
Kevin Phillips is a Managing Director and Joint Global Head of the Power and Utilities Group. Mr. Phillips has
over 14 years of investment banking experience. Prior to joining Jefferies, Mr. Phillips was a Managing Director
at Bank of America Merrill Lynch. Mr. Phillips has completed numerous advisory assignments, structured
commodities transactions and debt and equity underwritings for clients including Calpine, NRG, La Paloma,
Entegra, LS Power, Harbinger, Fortress, Castleton, International Power and Wayzata. Mr. Phillips holds a JD,
magna cum laude, an MBA and a BSFS from Georgetown University.
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Yaron Redlich, Senior Vice President & Head of Industrials Sponsor Coverage
Yaron Redlich joined Jefferies in 2010 and has over 10 years of investment banking experience. Prior to joining
Jefferies, Mr. Redlich was an investment banker at Bear Sterns and Citigroup, working with companies in the
technology, media and telecom sectors. Mr. Redlich has worked with clients such as Manchester United,
Lionsgate, Miramax, Playboy Enterprises, Classic Media, Topps, TV Azteca, Affinity, and Thomson Reuters. Mr.
Redlich received a BS in Finance from Binghamton University.
Afonso Salema, Senior Vice President
+44 (0)20 7029 8149 / [email protected]
Afonso Salema is a Senior Vice President in Jefferies’ Power, Renewable and Infrastructure Investment Banking
Group. Mr. Salema has over 10 years of investment banking experience. Prior to joining Jefferies, Mr. Salema
worked in various roles at Bank of America Merrill Lynch, EDP Energias de Portugal, JPMorgan, Espirito Santo
Investment and Deloitte. Mr. Salema holds a graduate degree in Industrial Engineering Management from
Instituto Superior Tecnico and an undergraduate degree from Salesianos do Estoril.
Nicholas Scarsella, Senior Vice President
Nick Scarsella is a Senior Vice President in the Diversified Industrials team at Jefferies and is based in the
firm’s Chicago office. Prior to joining Jefferies in 2013, Mr. Scarsella spent nearly 10 years with Credit Suisse,
primarily within the Global Industrials Group in Chicago, London and New York, focusing on corporate finance
activities, including mergers and acquisitions as well as debt and equity financings. Mr. Scarsella earned a
B.B.A. in Finance and International Business and graduated with distinction from the University of Michigan
School of Business Administration.
Mauro Souza, Head of Distribution, Managing Director
Mauro Souza is a Managing Director and Head of Distribution at Jefferies. Prior to joining Jefferies, Mr. Souza,
was a member of Stephen’s Industrial Distribution practice. Before joining Stephens Inc., Mr. Sourza was a
Managing Director with Berkeley Square Advisors, a New York-based turnaround and restructuring firm. At
Berkeley Square Advisors, Mr. Souza led the execution of numerous turnaround and restructuring engagements
for industrial, consumer, power and media companies. Prior to Berkeley Square, he was an Associate in the
Mergers & Acquisitions Group at Wasserstein Perella & Co., where he executed more than $30 billion in M&A
transactions in the media, telecommunications and financial services sectors. Mr. Souza began his career as an
Investment Banking Analyst at Morgan Stanley & Co. in New York. Mr. Souza holds a Bachelor of Science degree
with a concentration in finance from the University of Virginia and an MBA from Stanford University Graduate
School of Business.
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Dan Vujcic, Senior Vice President
+44 (0)20 7029 8190 / [email protected]
Dan Vujcic is a Senior Vice President within the Metals & Mining Investment Banking group in Jefferies London
office. Mr. Vujcic has over 10 years of experience in the Metals & Mining space, starting his career at Salomon
Smith and Barney in Sydney in the Global Metals & Mining team. Prior to joining Jefferies, Mr. Vujcic was a Vice
President in Morgan Stanley’s Metals & Mining team in London. Mr. Vujcic holds a Bachelor of Business degree
with First Class Honours from the University of Sydney.
Ian Woods, Building Products, Managing Director
Ian Woods is a Managing Director in the General Industrials Investment Banking Group at Jefferies. Mr. Woods
has over 15 years of investment banking experience and leads the firm’s Building Products & Construction
practice. Before joining Jefferies, Mr. Woods was a Managing Director at RBC Capital Markets and previously
held positions at UBS and Bear Stearns. Mr. Woods holds an MBA from Columbia Business School and a BS
from Lehigh University.
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Jefferies Equity Research: Biographies
Laurence Alexander, Managing Director
Associates: Daniel Rizzo, Jeff Schnell, Nicholas Cecero
Laurence Alexander is a Managing Director at Jefferies covering the U.S. & European Chemicals, Emerging
Technologies and Industrial Biotech sectors for the Industrials team. Prior to joining Jefferies in 2005, Mr.
Alexander was a Vice President with the Deutsche Bank global chemicals team and served in several associate
roles at ABN AMRO providing coverage for European and U.S. specialty chemicals, and U.S. and Latin American
equity strategy. Mr. Alexander holds degrees from Yale and Columbia and is a CFA charterholder.
Yoshihiro Azuma, Managing Director
+81 3 5251 6186 / [email protected]
Associate: Nami Iseya
Yoshi joined Jefferies as a Japanese Hi-Tech material and chemical analyst in August 2011 from Morgan
Stanley, where he covered Japanese Hi-Tech material and chemicals for six years. Prior to Morgan Stanley, Yoshi
worked in equity research and fixed income for Nomura. Yoshi holds an MBA from the University of Chicago.
Mike Betts, Managing Director
+44 (0)20 7029 8692 / [email protected]
Mike Betts joined Jefferies in March 2010, as the Global Building Materials Analyst, covering European, US and
South American companies. Prior to joining Jefferies, he spent 20 years at J.P. Morgan and Goldman Sachs
covering the same sector, initially in Europe before expanding his coverage globally. Mike has concentrated on
the cement, aggregates, glass and wallboard companies. He was ranked second in the Institutional Investor AllEurope Research Team for 2010. Dr. Betts holds a Ph.D. in construction economics from Reading University
(1985) and is a Fellow of the Royal Institution of Chartered Surveyors. He started his career in the construction
industry before becoming an analyst.
Anthony Codling, Managing Director
+44 (0)20 7029 8677 / [email protected]
Associate: Samuel Cullen
Anthony Codling joined Jefferies in July 2012. He is a Managing Director with responsibility for the UK
residential sector. Prior to joining Jefferies he was a partner at Oriel Securities and before that he was head of
European Building and Construction Research at JP Morgan Cazenove.
Samuel Cullen, Senior Associate
+44 (0)20 7029 8669 / [email protected]
Sam Cullen joined Jefferies International in May 2010 and is a member of the Global Building Materials team,
focusing on the UK Builders' Merchanting sector. Sam joins Jefferies having graduated with a BSc in Natural
Sciences from the University of Durham.
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Andrew Douglas, Senior Vice President
+44 (0)20 7029 8166 / [email protected]
Associate: Rob Virdee
Andrew Douglas joined Jefferies International in February 2012. He has responsibility for coverage of the UK
Capital Goods stocks (incorporating the Industrial Engineering and Electrical & Electronics sectors), and also
runs the UK Capital Goods team. He has 10 years of equity market/research experience, having previously
worked at Williams de Broe, KBC Peel Hunt and RBS (formerly ABN AMRO). In 2009 and 2010, Andrew was
ranked the Number 1 analyst in the Industrial Engineering sector in the Reuters Extel awards, and has been in
the top 3 ranked in the last five years. Andrew graduated from the University of Birmingham, with a BSocSc in
Money, Banking and Finance.
Luke Folta, Senior Vice President
Associates: Martin Englert, Han Zhang
Luke Folta is a Senior Vice President at Jefferies covering the steel and specialty metals and engineering &
construction sectors for the Industrials team at Jefferies. Prior to Jefferies, Mr. Folta was a Senior Vice President
at Longbow Research covering steel and specialty metals sectors. Mr. Folta started in equity research in 2006
as an associate analyst for Longbow before taking responsibility for coverage in early 2009. Mr. Folta holds an
undergraduate degree in business finance from Cleveland State University and is a CFA Charterholder. Recent
achievements include being awarded #1 in Earnings Estimate Accuracy and #2 in Overall Stockpicking in the
Metals & Mining sector in 2013.
Benjamin Glaeser, Vice President
+44 (0)20 7548 4148 / [email protected]
Benjamin Glaeser joined Jefferies International in November 2014 as an analyst in its European Engineering
and Capital Goods team. Previously he worked for four years as an equity research analyst at Berenberg. He
covered German, Swiss and Austrian SMID cap industrial companies. Prior to that he began his career at IKB
Deutsche Industriebank where he worked in capital control and pricing. Benjamin has a Masters in International
Economics and Business Sciences from Leopold-Franzens University in Innsbruck.
Scott Graham, Managing Director
Associate: Bhupender Bohra
Scott Graham joined Jefferies LLC in September 2010 as a Managing Director covering the Diversified
Industrials sector. Mr. Graham has been a senior analyst for more than 15 years. He initially covered Building
Products stocks at CIBC Oppenheimer, then covered Industrial companies at Bear Stearns. More recently he
covered Water and Industrials stocks at Ladenburg Thalmann and then again at Boenning & Scattergood. Mr.
Graham has a BSM degree from Tulane University, an MBA from Fordham University, where he also earned Beta
Gamma Sigma honors status, and is a CPA.
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Justin Jordan, Senior Vice President
+44 (0)20 7029 8976 / [email protected]
Associate: Cole Hathorn
Justin Jordan joined Jefferies International in February 2012 as a Business Services & Industrials Analyst,
primarily covering European companies. Prior to joining Jefferies, he spent three years at RBS covering the same
sectors. Justin has 21 years of equity market experience, having previously managed UK equity funds at various
asset management firms such as Credit Suisse and Old Mutual. Justin holds a Master's degree in Investment
Analysis from the University of Stirling.
Sheila Kahyaoglu, Vice President
Sheila Kahyaoglu is a Vice President in Equity Research at Jefferies covering the Aerospace and Defense sector
for the Industrials team with Howard Rubel, Managing Director. She joined in March 2012. Prior to Jefferies,
Sheila was a research analyst at Credit Suisse covering the Electrical Equipment and Multi Industry (EE/MI)
space for four years. From 2005 to 2008, Sheila was a Leveraged Finance analyst at JPMorgan. Ms. Kahyaoglu
holds a BA from New York University in Economics.
David Kerstens, Senior Vice President
+44 (0)20 7029 8684 / [email protected]
David Kerstens joined Jefferies in December of 2013, following 8 years as a senior equity analyst covering
European mid & smallcaps at UBS Investment Bank in London. He began his equity research career in 1994 as
a pan-European food & beverages analyst at ABN Amro in Amsterdam. David has been highly ranked in the
European Extel survey for his work on the European food & beverages sector at ABN Amro and later on the
European mid & smallcap sector at UBS. David holds the Certified European Financial Analyst (CEFA)
designation from EFFAS and received a Cum Laude master’s degree in Econometrics from the University of
Groningen, The Netherlands.
Chris LaFemina, Managing Director
Associates: Steven Hancock, Patricia Hove, Timothy Ward
Chris LaFemina is a Managing Director and Senior Equity Research Analyst covering Global Metals and Mining
at Jefferies. Prior to joining Jefferies in June 2011, Mr. LaFemina worked as an Equity Research Analyst for ten
years at Lehman Brothers and Barclays Capital. Mr. LaFemina spent his first five years at Lehman Brothers
working with the firm's top-ranked North American Metals and Mining team. He has covered the European
Metals and Mining sector since 2005 and the North American miners since 2015 and has been recognized as a
top ranked analyst in both the Institutional Investor and Extel surveys. Mr. LaFemina has a B.S. in Chemical
Engineering from Syracuse University and an MBA in Finance from The Wharton School at the University of
Pennsylvania.
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Johnson Leung, Managing Director
+852 3743 8055 / [email protected]
Johnson Leung is our Head of Regional Transport and Industrials Research for the Asia Pacific region. He came
from a traditional shipping background where he spent the first seven years of his career at Maersk Group in
Denmark, Brazil and China before working for Hutchison Port Holdings as one of its investment managers
specialized in acquiring and negotiating port concessions in the Middle East/North Africa. Moving from industry
to the finance world, he was the regional shipping analyst at JP Morgan and then a senior shipping analyst for
Tufton Oceanic, the largest shipping hedge fund, before joining Jefferies. Johnson is a graduate of Maersk
Shipping Academy and holds an INSEAD MBA.
Sandy Morris, Managing Director
+44 (0)20 7029 8111 / [email protected]
Sandy Morris joined Jefferies in February 2012 upon the acquisition by Jefferies of Hoare Govett from Royal
Bank of Scotland. He is a Managing Director with responsibility for the European Aerospace & Defence sector.
Prior to joining Jefferies, he spent nearly 16 years at Royal Bank of Scotland and before that nine years at
NatWest Securities covering sectors as diverse as Telecoms, Capital Goods and Aerospace & Defence. He is a
Chartered Accountant and read Economics at Heriot-Watt University, Edinburgh.
Philip Ng, Senior Vice President
Associate: Alex Hutter
Philip Ng joined Jefferies in May 2010 and as a senior analyst covering paper & packaging and building
products. Phil was ranked #2 in Institutional Investor’s All-America Research poll in 2014 and Best Up and
Comer in 2011 in paper & packaging. Phil has also been recognized in StarMine / FT as #1 in stocking picking
in 2014 and #1 and #3 Earnings Estimator in 2013 and 2012. Prior to Jefferies, Phil was an equity analyst at
Susquehanna Capital Group and Boyar Asset Management, serving as a generalist and basic materials analyst.
Prior to the buy side, he spent four years in equity research at Lehman Brothers and Wachovia Capital Markets
covering packaging & containers. Phil received a BA in Economics and Communications Studies from the
University of Michigan, and holds the Chartered Financial Analyst designation.
Thanh Ha Pham, Senior Vice President
+81 352 516 160 / [email protected]
Pham joined Jefferies in September 2011 as a VP and Equity Research Analyst. He is responsible for the
Japanese Steel and Metals, and Trading Companies. Prior to joining Jefferies, Pham was a Banks and NonBanks analyst, as well as a Steel and Non-Ferrous Metals junior analyst for four and a half years at Deutsche.
Previously, he worked as a funds analyst in the asset management department of Sumitomo Trust Bank. He
received a master's of business and market studies from the University of Tokyo, and a bachelor's degree in
international economics from the Yokohama National University. Pham speaks English, Hungarian, Japanese,
Vietnamese, and German.
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Graham Phillips, Senior Vice President
+44 (0)20 7029 8346 / [email protected]
Graham Phillips joined Jefferies International in July 2014 as a European Engineering and Capital Goods
research analyst working in the Equity Research department in London. Previously Graham was on the buyside
at M&G Investments as the Head of Global Industrial Equity Research for nine years. Prior to M&G, Graham
worked in various industrial equity research analyst roles at sellside firms including UBS Warburg, Schroders
and HSBC James Capel where he attained a number two rating in Extel. Graham began his career in his native
Australia at BHP as an analyst for Petroleum Geophysics after graduating from University of Melbourne with a
BSc (Hons). He is a Chartered Member of the Institute for Securities and Investments in the UK (MCSI) and
attained a post graduate qualification in Accounting and Valuation from the Securities Institute of Australia.
Lavina Quadros, Senior Vice President
+91 224 224 6116 / [email protected]
Lavina Quadros joined Jefferies in August 2011 as Senior Vice President and Senior Equity Research analyst
based in India. She is covering the India Infrastructure and Capital Goods sector. She has 7 years of industry
experience and joins Jefferies from Enam Securities where she was a Sr. VP covering the infrastructure and
engineering sectors. She holds a Masters Degree in Management Studies from Mumbai University.
Peter Reilly, Managing Director
+44 (0)20 7029 8632 / [email protected]
Associates: Graham Phillips, Benjamin Glaeser
Peter Reilly joined Jefferies in July 2014 to cover the European capital goods sector. He was previously at
Deutsche Bank for 16 years where he was in charge of the Industrial sector. He was ranked top three in the
Greenwich survey every year from 2005 to 2014. Peter has a degree in Engineering from Cambridge university
and an MBA from Cranfield School of Management. Before becoming an analyst, Peter worked in industry for 10
years in a variety of technical and sales roles. He is also an active member of the Corporate Reporting User’s
Forum which lobbies for more effective accounting standards.
Seth Rosenfeld, Senior Vice President
+44 (0)20 7029 8772 / [email protected]
Associate: Alan Spence
Seth Rosenfeld is a Senior Vice President and Research Analyst covering the European Metals & Mining and
Steel sectors at Jefferies. In 2012 he was ranked second as a “Rising Star” analyst in the annual Extel Survey.
He is also one of the lead analysts on Jefferies' Institutional Investor-ranked European Metals & Mining team.
Prior to joining Jefferies in July 2011, Mr. Rosenfeld worked as an Equity Research Analyst at Barclays Capital
covering the European Metals & Mining sector. Mr. Rosenfeld also spent four years in European Equity Sales,
covering New York based hedge funds and mutual funds, before transitioning into Equity Research. Mr.
Rosenfeld has a B.S. in Political Science from Columbia University.
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Howard Rubel, Managing Director
Associates: Sheila Kahyaoglu, Greg Konrad
Howard Rubel is a Managing Director at Jefferies leading the Aerospace & Defense Equity Research Group. Mr.
Rubel has followed aerospace and defense-related companies for 30 years. Prior to Jefferies, he was a Managing
Director and Senior Analyst at Schwab Soundview Capital Markets for nearly two years. Previously, Mr. Rubel
held similar positions at Goldman, Sachs & Co. for nine years and C.J. Lawrence, Morgan Grenfell Inc. for
twelve. His work has been recognized by Institutional Investor and numerous publications. He received his
Master of Management degree at the J.L. Kellogg Graduate School of Management at Northwestern University,
and his Bachelor of Science, magna cum laude at Washington and Lee University.
Joe Spooner, Senior Vice President
+44 (0)20 7029 8183 / [email protected]
Joe Spooner joined Jefferies in February 2012 to follow the transport sector and has since added coverage of a
number of UK chemical companies. Previously he worked within the transport team at RBS that ranked number
3 in the 2011 Extel survey. He was at RBS (originally ABN Amro) for over nine years – initially as a pan
European general retail analyst, before focusing his coverage on smaller UK retailers within the highly ranked
small/mid-cap team from 2004. Before RBS/ABN, Joe was at Lehman Brothers for more than five years during
which he moved from a multiple-sector country coverage role on the emerging market desk to help establish
pan-European general retail research for Lehman as part of a two-man team. He graduated from the London
School of Economics in 1996 and is a CFA charterholder. Joe has been recognised in various Extel surveys and
StarMine awards.
Rob Virdee, Vice President
+44 (0)20 7548 4123 / [email protected]
Rob Virdee joined Jefferies International in London as an Equity Research Analyst in November 2014. Rob
covers the UK Capital Goods sector incorporating both the Industrial Engineering and Electrical & Electronics
sectors. He has five years sell-side experience covering the Pan- European Capital Goods Sector at Espirito
Santo Investment Bank (formally Execution Ltd). Prior to that he began his career with a four year stint at Ernst
and Young LLP, London, in their Corporate Finance department where he qualified as a Charted Accountant
(ICAS). Rob graduated from Imperial College, London with a Master’s degree in Civil Engineering.
Stephen Volkmann, Managing Director
Associates: Chirag Patel, Alan Tadian
Steve Volkmann joined Jefferies in December of 2008, following 10 years as a senior analyst covering
machinery and diversified industrials at JP Morgan and Morgan Stanley. He began his equity research career in
1991, and has covered the defense, diversified, automotive and machinery sectors. His experience includes two
years in Tokyo covering Japanese auto stocks, where he was the global team leader for Morgan Stanley's auto
research effort. Steve has been ranked in Institutional Investor for his work on Machinery, Global Capital Goods
and Japanese Autos, and has received Wall Street Journal awards for stock picking. Steve holds the Chartered
Financial Analyst designation and received a BA in Economics and International Relations from the University of
Massachusetts.
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Po Wei, Vice President
Associates: Jack Fung, Howard Lau
Po Wei is a Metals & Mining analyst at Jefferies. Prior to joining the firm, he was part of Merrill Lynch’s Metals
& Mining team, which was ranked 1st in the 2011 Institutional Investors Survey and 3rd in 2010. Prior to
joining Merrill, he was a research analyst in Sanford Bernstein and Deutsche Bank in London. He has an MBA
degree from London Business School and MSc from Stanford University.
Zhi Aik Yeo, Vice President
Zhi Aik Yeo is an Equity Analyst based in Hong Kong and a member of the HK/China Industrials & Autos team.
Prior to joining Jefferies, he was the regional Industrials analyst at Fullerton Fund Management in Singapore and
more recently worked on the HK/China Utilities sector with Macquarie in Hong Kong. Before that, he was with
Private Equity firm Inventis Investment Holdings, based in Shanghai, working on pre-IPO investments. Zhi Aik
graduated from National University of Singapore (NUS) and Fudan University with a degree in Civil Engineering.
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Conference Notes
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This communication is being provided strictly for informational purposes only. Any views or opinions expressed
herein are solely those of the institutions identified, not Jefferies. This information is not a solicitation or
recommendation to purchase securities of Jefferies and should not be construed as such. No responsibility is
accepted, and no representation, undertaking or warranty is made or given, in either case, expressly or
impliedly, by Jefferies as to the accuracy, reliability or completeness of the information contained herein or as
to the reasonableness of any assumptions on which any of the same is based or the use of any of the same.
Accordingly, neither Jefferies nor any of its officers, directors, employees, agents or representatives will be
liable for any direct, indirect or consequential loss or damage suffered by any person resulting from the use of
the information contained herein, or for any opinions expressed by any such person, or any errors, omissions or
misstatements made by any of them.
In the UK, this document is intended for use only by persons who have professional experience in matters
relating to investments falling within Articles 19(5) and 49(2)(a) to (d) of the Financial Services and Markets
Act 2000 (Financial Promotion) Order 2005 (as amended), or by persons to whom it can be otherwise lawfully
distributed. Recipients of this document in jurisdictions outside the United Kingdom should inform themselves
about and observe any applicable legal requirements in relation to the receipt of this document.
Reproduction without written permission of Jefferies is expressly forbidden. All Jefferies logos, trademarks and
service marks appearing herein are property of Jefferies Group LLC.
© 2015 Jefferies LLC. Member SIPC.
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Conference Notes
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