Jiazi cui ying jiang presented april 24 2014
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Jiazi Cui Ying Jiang Presented: April 24, 2014. Simpson Manufacturing Co., Inc (SSD). Agenda. Company Overview Relevant Macroeconomic Trends Industry Structure Analysis Financial Analysis Projections/Assumptions Valuation Recommendation. Company Overview. Sales Distribution.

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Simpson Manufacturing Co., Inc (SSD)

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Presentation Transcript


Jiazi Cui

Ying Jiang

Presented: April 24, 2014

Simpson Manufacturing Co., Inc (SSD)


Agenda

  • Company Overview

  • Relevant Macroeconomic Trends

  • Industry Structure Analysis

  • Financial Analysis

  • Projections/Assumptions

  • Valuation

  • Recommendation


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


Products


Simpson Strong-Tie Locations

Source: SSD website.


Management Information

Source: Bloomberg


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


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


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


Industry Overview

  • Global Steel Price Index

    • Global Steel Price declined

    • Recovery since 2015

Source: Bloomberg


Porter’s Five forces


SWOT


Stock Performance

Source: Yahoo Finance


Financial Analysis

  • Revenue Growth Rate keep growing

  • FY 2012 R&D expense increase rapidly

Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg


Financial Analysis

Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg


Financial Analysis

Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg


Financial Analysis


Comparable Companies

Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg


Comparable Companies

Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg


Revenue Forecast

Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg


Cost of Capital

Source: SSD 2013 10-K, SSD 2010 10-K, Bloomberg


Valuation-DCF


Valuation-DCF


Valuation-DCF


Implied Share Price

Current Stock Price: $33.84


Recommendation

Watch List


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