Valuation
Value $42 Price $42. Value = Price.
현재 시장기대치와 스토리
현재 가격에 반영된 가정
매출성장 향후 5년간 연 7% , 타깃 영업이익률 7%(Converge 5년) .
스토리
시장과 동일
시뮬레이션
생략.
Pricing
- PE: 16.3
- PB: 1.9
- P/TangB: 4.1
- PS: 0.8
- P/CF: 8.8
- P/FCF: 16
- EV/Sales: 1
- EV/EBITDA: 8.2
- EV/EBIT: 13
- EV: 524M
기타
소스
Value Screen Feb2020
자료(시트)
Description
Company Description
Hawkins, Inc. formulates, manufactures, blends, distributes, and sells reagent grade laboratory chemicals and industrial chemicals. The Company also provides water treatment equipment and chemicals to commercial and industrial entities. Hawkins services customers located in the Midwest United States.
Extended Company Description (Source: Hoover’s Inc., a Dun & Bradstreet Company)
OVERVIEW
Hawkins wants its customers to bulk up — on chemicals, that is. The company processes and distributes bulk specialty chemicals. Its Industrial Chemicals segment stores and distributes caustic soda, phosphoric acid, and aqua ammonia, among others. The segment also makes bleach (sodium hypochlorite), repackages liquid chlorine, and custom blends other chemicals. Hawkins’ Water Treatment group distributes products and equipment used to treat drinking water, municipal and industrial wastewater, and swimming pools. It also distributes laboratory-grade chemicals for the pharmaceutical industry. The company operates 29 facilities and has a fleet of trucks and tankers to serve customers throughout the Midwest US.
Operations
Hawkins operates in two segments: Industrial (68% of net sales) and Water Treatment (32%).
The Industrial Group specializes in providing industrial chemicals, products and services to industries such as agriculture, energy, electronics, food, chemical processing, pharmaceutical, medical device and plating. Its main products are acids, alkalis and industrial and food-grade salts and segment conducts its business primarily through distribution centers and terminal operations.
The Water Treatment Group specializes in providing chemicals, equipment, and services for potable water, municipal and industrial wastewater, industrial process water, and non-residential swimming pool water.
Geographic Reach
The company has 39 facilities spanning 17 states.
Sales and Marketing
The company’s Industrial sales are concentrated in Illinois, Iowa, Minnesota, Missouri, North Dakota, South Dakota, Tennessee and Wisconsin while the group’s food-grade products are sold across the US.
The Water Treatment segment operates out of warehouses in 20 cities supplying products and services to customers in Arkansas, Illinois, Indiana, Iowa, Kansas, Kentucky, Minnesota, Missouri, Montana, Nebraska, North Dakota, Oklahoma, Ohio, South Dakota, Wisconsin and Wyoming.
Financial Performance
Hawkins achieved a revenue milestone in 2015, posting a record-setting $364 million. The historic growth for 2015 was fueled by a 11% spike in Water Treatment sales and a 2% rise in Industrial sales. Water Treatment sales increased due to newly acquired Florida and Oklahoma locations plus growth in newer branches and increased sales of specialty chemicals.
The company’s net income increased 6% from 2014 to 2015 mainly due to the additional revenue coupled with favorable changes in interest income. After several years of growth, the company’s operating cash flow plummeted by 40% in 2015, primarily due to changes in working capital as a result of the timing of inventory purchases, mainly increased inventory levels which included purchases of large quantities of bulk chemicals.
Strategy
The company has traditionally operated as a distributor of bulk chemicals, but over time increased its sales of repackaged, blended and manufactured specialty chemical products. More recently, Hawkins’ strategy has been to focus on its sales of higher-margin blended and manufactured products.
Expanding its geographic coverage Hawkins opened one new warehouse in each of fiscal 2014, 2013 and 2012, and it plans to continue to invest in existing and new branches. To increase its manufacturing capability and flexibility Hawkins opened a new Rosemount, Minnesota facility in 2013, that has more space for rail operations and increased bulk storage capacity for key raw materials and finished products.
Mergers and Acquisitions
In late 2015, the company purchased Stauber Performance Ingredients from ICV Partners II, L.P. for $157 million. The deal gave Hawkins access to a new customer base and established a new business segment entitled Specialty Ingredients.
Company Background
The company was founded in 1938 and incorporated in Minnesota in 1955. It became a publicly-traded company in 1972.
