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Simpson Manufacturing Co., Inc. Financial Analysis and Valuation Summary

Comprehensive analysis of Simpson Manufacturing Co., Inc., including industry trends, financial performance, projections, and valuation metrics. Detailed insights to guide investment decisions.

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Simpson Manufacturing Co., Inc. Financial Analysis and Valuation Summary

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Presentation Transcript

  1. Jiazi Cui Ying Jiang Presented: April 24, 2014 Simpson Manufacturing Co., Inc (SSD)

  2. Agenda • Company Overview • Relevant Macroeconomic Trends • Industry Structure Analysis • Financial Analysis • Projections/Assumptions • Valuation • Recommendation

  3. Company Overview Sales Distribution • Info: • Incorporated in Delaware in 1956 • 2,295 employees • Market Cap : 1.63 billion • Business: • Through Simpson Strong-Tie Company Inc. • Leading manufacturer of wood construction products and concrete construction products. • Markets: • residential construction, light industrial and commercial construction, DIY. • Channel: • Dealer, builder, home centers, and internet. • Goal: • Help people build safer and stronger homes and buildings. • Acquisition & expansion • Testing labs. By Products By Segments Source: SSD 10-K report & FOURTH QUARTER AND FULL YEAR 2013 report

  4. Products

  5. Simpson Strong-Tie Locations Source: SSD website.

  6. Management Information Source: Bloomberg

  7. Industry Overview Source: Forecasting the numbers of people affected annually by natural disasters up to 2015 By ShamanthyGaneshan, Oxfam GB, Research Intern (Economist) & Wayne Diamond, Oxfam GB, Global Research Methods Adviser , EM-DAT

  8. Industry Overview • Building Construction Construction Product demand picks up Profit improves with the demands • Industry Performance Industry revenue is expected to keep increase due to an uptick in residential and commercial construction activity. Source: Bloomberg

  9. Industry Overview • Increase in investor confidence will boost demand for this industry's services. In 2014, global investor confidence is expected to increase. • Measures private spending on home improvements, upgrades and repairs • 2012 increase 2.9% • 2013 increase 4.3% • 2014 increase 5.1% Source: Bloomberg

  10. Industry Overview • Global Steel Price Index • Global Steel Price declined • Recovery since 2015 Source: Bloomberg

  11. Porter’s Five forces

  12. SWOT

  13. Stock Performance Source: Yahoo Finance

  14. Financial Analysis • Revenue Growth Rate keep growing • FY 2012 R&D expense increase rapidly Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg

  15. Financial Analysis Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg

  16. Financial Analysis Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg

  17. Financial Analysis

  18. Comparable Companies Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg

  19. Comparable Companies Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg

  20. Revenue Forecast Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg

  21. Cost of Capital Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg

  22. Valuation-DCF

  23. Valuation-DCF

  24. Valuation-DCF

  25. Implied Share Price Current Stock Price: $33.84

  26. Recommendation Watch List

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