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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jiazi cui ying jiang presented april 24 2014
Jiazi Cui

Ying Jiang

Presented: April 24, 2014

Simpson Manufacturing Co., Inc (SSD)

agenda
Agenda
  • Company Overview
  • Relevant Macroeconomic Trends
  • Industry Structure Analysis
  • Financial Analysis
  • Projections/Assumptions
  • Valuation
  • Recommendation
company overview
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

slide5
Simpson Strong-Tie Locations

Source: SSD website.

management information
Management Information

Source: Bloomberg

industry overview
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 overview1
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 overview2
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

slide10
Industry Overview
  • Global Steel Price Index
    • Global Steel Price declined
    • Recovery since 2015

Source: Bloomberg

slide13
Stock Performance

Source: Yahoo Finance

slide14
Financial Analysis
  • Revenue Growth Rate keep growing
  • FY 2012 R&D expense increase rapidly

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

slide15
Financial Analysis

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

slide16
Financial Analysis

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

slide18
Comparable Companies

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

slide19
Comparable Companies

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

slide20
Revenue Forecast

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

slide21
Cost of Capital

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

implied share price
Implied Share Price

Current Stock Price: $33.84

recommendation
Recommendation

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