BAIRD’S PERSPECTIVE
ON THE ELECTRONIC
COMPONENTS SECTOR
2023 UPDATE
Trish Renner
+1.303.270.6347
trenner@rwbaird.com
Nick Sealy
+44.2076.678.370
Sara DePalma
+1.312.609.7096
Henning Stoltze
+49.69.1301.4955
hst[email protected]om
Kevin Zhou
+86.21.6182.0984
Satoshi Matsumoto
+1.646.557.3201
smatsumot[email protected]
BAIRD’S GLOBAL ELECTRONIC COMPONENTS
INVESTMENT BANKING TEAM
TRUSTED ADVISORS IN THE ELECTRONIC COMPONENTS SECTOR
Baird has a leading global investment banking franchise within the Electronic Components sector,
generated through a dedicated team focused on the sector for over a decade. Our integrated U.S.,
European, and Asian team has extensive global relationships and experience in providing advisory
services to public companies, private business owners and private equity sponsors. Baird has
advised clients ranging from buy-and-build platforms to private equity-backed sector participants to
private companies to large public companies. The breadth and depth of these experiences
distinguishes Baird within the Electronic Components sector as it affords our team strong insight
into the market and has enabled us to build an extensive network of relationships among small to
large sector participants and active Electronic Components investors.
Page 1
Baird is pleased to present our Electronic Components update, which highlights sector trends and
industry dynamics, key macro-economic indicators, relevant valuation and operating statistics and key
M&A activity. Baird’s longstanding Electronic Components practice provides unique insights into the
sector through industry relationships, relevant coverage and extensive deal experience.
Broadly defined, Electronic Components encompasses two sectors: Components (Electronic and
Electrical) and Contract Manufacturing / Electronic Manufacturing Services.
ELECTRONIC COMPONENTS INTRODUCTION
COMPONENTS
(ELECTRONIC AND ELECTRICAL)
CONTRACT MANUFACTURING /
ELECTRONIC MANUFACTURING SERVICES
◼ Electronic Components market consists of
three categories – active, passive and
electro-mechanical components
— Active includes transistors, diodes,
power supply, semiconductors,
integrated circuits, etc.
— Passive includes resistors, capacitors,
inductors, transducers, antennas, etc.
— Electro-mechanical includes fuses,
switches, batteries, wire & cable, etc.
◼ Contract Manufacturing (“CM”) /
Electronic Manufacturing Services (“EMS”)
is segmented by service type, with two
broad categories of services:
— Non-electronic (e.g., metal converters
and polymer converters)
— Electronic manufacturing
◼ CM / EMS market is increasingly
focused on offering design &
engineering, aftermarket services and
software solutions
Page 2
KEY END MARKETS AND APPLICATIONS
_____________________
Source: Baird Investment Banking Knowledge and Market Research.
ELECTRIC VEHICLES
(AUTO, RV, MARINE, POWERSPORTS)
Autonomous Vehicles
Automotive Electronic Systems
Advanced Driver Assistance Systems
INDUSTRIAL ELECTRONICS
Industrial Automation and Motion Control
Machine Learning / Mechatronics & Robotics
Power Conversion Technology & Electronics
MEDICAL TECHNOLOGY
Medical Devices / Electronic Equipment
Connected Fitness / Personal Care Devices
Medical Imaging, Testing & Diagnostics
AEROSPACE & DEFENSE
Commercial and Defense
Avionic Systems and Subsystems
Communications / Navigation and Detection
CONSUMER ELECTRONICS
Computers, Laptops, Notebooks, Tablet
Mobile Phones and Wearables
Consumer Appliances
IT / TELECOMMUNICATIONS
Networking Equipment / 5G Infrastructure
Base Stations and Cloud Servers
Data Center Devices
Page 3
Growth of 5G NetworksGlobal Decarbonization &
Energy Transition
Electrification and Vehicle
Technology Adoption
Rise of Industrial
Automation / Digital
Onshoring / Reshoring of
Manufacturing
Positive Regulatory
Framework
Emerging
Market Growth
Rising Consumer
Expectations
INDUSTRY DYNAMICS
_____________________
Source: Baird Investment Banking Knowledge and Market Research.
◼ Global decarbonization mandates driving modernization of grids to increase efficiency and integrate renewable
energy sources (RES)
◼ Continued rollout of 5G drives demand for electronic components, requiring at least twice the content vs. 4G
◼ Shift from ICE to electric drivetrains will drive demand for power electronics, wire harnesses and control panels;
expanding charging infrastructure globally requires remote management and EV charge controllers
◼ Accelerated shift towards global operations and workplace automation driven by need to increase productivity,
precision, and flexibility
◼ Continued automation and deployment of smart systems driven by machine to machine and IoT drives demand
for sensors, connectors and cables
◼ Disruption of the global supply chain has triggered a need for supply chain security, leading manufacturers to
onshore / re-shore critical components of the supply chains
KEY FAVORABLE MARKET TRENDS DEMONSTRATING STRONG, CONTINUED GROW
TH
4,800
GW of Global
Renewable
Energy by 2026
U.S. Renewable Energy Mix
(% share of renewable energy)
23%
38%
2020 2030
2.5%
Global Share of
5G versus 4G
LTE Market
Global 5G Infrastructure
Market Size
($ in billions)
$1B
$130B
2020 2030
Global EV Penetration Rate
(EV as % of total passenger vehicle sales)
$148B
2030 Global
Charging
Infrastructure
Market Size
4%
47%
2020 2030
~29B
Global IoT Devices
by 2029
Global Industrial
Automation Market
($ in billions)
96%
of CEOs Evaluating
Potential to Reshore
Operations Or
Supply Chains
2050
U.S. Net Zero
Emissions
Target Date
~55%
of Consumers
Anticipate Increasing
Digital Engagement
Global Consumer IoT Market
($ in billions)
$206B
$395B
2022 2029
States Banning /
Expected to Ban ICE Car
Sales by 2035
States
Contemplating
ICE Car Ban
Industrial
Tech
Automation
/ Robotics
Tele-
communications
Medical
/ Wellness
Aerospace
& Defense
IoT
~60%
2015 – 2030
Emerging Economies
Share of Global
Total Consumption
Growth
$71B
$293B
2020 2030
Rising Focus on Additive
Manufacturing Capabilities
~90%
Waste and
Material Costs
Reduction
Global 3D Printing Products
and Services Market
($ in billions)
$13B
$37B
2020 2026
Percentage of
Total U.S Imports
0%
10%
20%
30%
2016 2018 2020 2022
China Mexico
Page 4
SELECTED MARKET PARTICIPANTS
ELECTRONIC COMPONENTS
CONTRACT MANUFACTURING / ELECTRONIC MANUFACTURING SERVICES
Page 5
Company
Most Recent
Quarter Results
Market
Commentary
“…Inflation is all around… [and] it impacts all suppliers as
well and customers. Hence, the inflation is something that
everybody is wrestling with and how to contain it. As [the
industry] thinks about automation [and] streamlining,
there's a big emphasis on ensuring efficient operations.”
— Bel Fuse Earnings Call (Oct ‘23)
“…Expect to emerge with continued investments in
automation. Longer term, our secular trends remain intact,
led by reshoring, labor shortages and investments in
Industrial Automation.”
— Belden Earnings Call (Nov ‘23)
“Future growth driven by the megatrends of increased
automation, connectivity and energy efficiency. Overall,
focused on goals to drive profitable growth, expansion
of customers, new development contracts and pipeline
of opportunities.”
— CTS Earnings Call (Oct ‘23)
“Secular growth themes, including sustainability,
connectivity and safety continue to drive growth
trajectory. Recent acquisitions have further balanced
end-market exposure while complementing diverse
technology capabilities and expanding our market
leadership.”
— Littlefuse Earnings Call (Nov ‘23)
“Seeing continued growth in the Transportation and
Industrial Solutions segments, which offset market
weakness in Communications and headwinds from a
stronger dollar. We generated growth above the market as
we continue to benefit from secular trends, including
increased global production of electric vehicles, adoption
of renewable energy and applications for cloud”
— TE Connectivity Earnings Call (Nov ‘23)
SELECTED MARKET COMMENTARY –
ELECTRONIC COMPONENTS
(Quarter Ended September 2023)
Actuals
Est.
Surprise %
Rev. ($)
159 158 0.11%
EPS 1.46 1.18 23.73%
(Quarter Ended September 2023)
Actuals
Est.
Surprise %
Rev. ($)
627 626 0.12%
EPS 1.78 1.76 1.14%
EPSRev.
(Quarter Ended September 2023)
Actuals
Est.
Surprise %
Rev. ($)
135 142 (7.52)%
EPS 0.54 0.54 -
(Quarter Ended September 2023)
Actuals
Est.
Surprise %
Rev. ($)
607 585 3.82%
EPS 2.97 2.62 13.36%
EPSRev.
_____________________
Source: Capital IQ and Company filings as of November 2023.
EPSRev.
EPSRev.
(Quarter Ended September 2023)
Actuals
Est.
Surprise %
Rev. ($)
4,035
4,010
0.63%
EPS 1.78 1.75 1.14%
EPSRev.
Page 6
Company
Most Recent
Quarter Results
Market
Commentary
“Within digital print and retail, we are seeing slower
demand in legacy print and point-of-sale markets. This is
being offset by growth in warehouse and retail automation
markets as we have a number of key wins that will be
ramping in the back half of the fiscal year. These wins
leverage unique capabilities in 3D printing of production
components, robotics, engineering, software and
integration and complex manufacturing automation.”
— Jabil Earnings Call (Sep ‘23)
“Confident that the very strong datacom performance will
continue to largely offset inventory-related headwinds.
Remain very optimistic about our overall market position,
including the potential for continued growth in AI-related
programs as we look ahead.”
— Fabrinet Earnings Call (Aug ‘23)
“…Gross margin improvement sequentially in both North
America and Asia Pacific are driven by labor and
production and efficiencies improvement. And in North
America, in particular, increased improvement in our
supply chain management.”
— Plexus Earnings Call (Oct ‘23)
“With strong global presence manufacturing covering the
U.S., England, India, Indonesia and Malaysia, combined
with a continued trend of customers seeking robust
manufacturing alternate to China manufacturing, we look
forward to capturing new opportunities.”
— OSI System Earnings Call (Nov ‘23)
“Continue to make improvements in shipments as we work
with supply chain partners to loosen bottlenecks and take
advantage of an improving labor market… with the effort
of our employees and supply chain partners, we will be
able to overcome these challenges as we work our way
through the remainder of 2023 and into 2024."
— TTM Technologies Earnings Call (Nov ‘23)
SELECTED MARKET COMMENTARY –
CM / EMS
(Quarter Ended August 2023)
Actuals
Est.
Surprise %
Rev. ($)
8,458
8,456
(1.03%)
EPS 2.45 2.32 5.60%
(Quarter Ended September 2023)
Actuals
Est.
Surprise %
Rev. ($)
1,024
1,019
0.45%
EPS 1.44 1.26 14.29%
EPSRev.
(Quarter Ended June 2023)
Actuals
Est.
Surprise %
Rev. ($)
656 641 2.25%
EPS 1.86 1.80 3.33%
(Quarter Ended September 2023)
Actuals
Est.
Surprise %
Rev. ($)
279 281 (0.62%)
EPS 0.91 0.86 5.81%
EPSRev.
(Quarter Ended September 2023)
Actuals
Est.
Surprise %
Rev. ($)
573 571 0.34%
EPS 0.43 0.28 53.57%
EPSRev.
EPS
EPS
Rev.
_____________________
Source: Capital IQ and Company filings as of November 2023.
Rev.
Page 7
(10%)
-
10%
20%
30%
40%
50%
60%
70%
80%
Electronic Components CM / EMS BICC
LTM STOCK PERFORMANCE
(Dividend
-adjusted, Indexed Performance)
LTM EV /
EBITDA
(Median NTM EV / EBITDA Multiples)
4x
6x
8x
10x
12x
14x
16x
Electronic Components CM / EMS BICC
MARKET PERFORMANCE OVERVIEW
(1) (2) (3)
_____________________
Source: Capital IQ and Company financials as of November 2023.
(1) Electronic Components consists of AEIS, APH, APTV, ARW, BELF.A, BDC, CSL, CTS, COMM, GLW, DAE, WIRE, HUBB, HUBN, LR, LFUS, MEI, PRY, SU, ST and TEL.
(2) CM / EMS consists of BHE, CLS, CICN, DCO, FN, FLEX, 2354, JBL, KE, NOLA B, OSIS, PLXS, SANM, TTMI and UCTT.
(3) Baird Industrial Company Composite (“BICC”) represents ~500 companies which Baird views as indicative of the publicly traded industrial universe.
(1) (2) (3)
12.8x
7.1x
11.0x
◼ CM / EMS companies have outperformed over the LTM period, followed by Electronic Components which has
closely tracked the broader industrial market
◼ Valuation multiples have remained consistent over the last twelve months, with Electronic Components
continuing to trade at a premium relative to CM / EMS and the broader industrial market
◼ Valuation gap between Electronic Components and CM / EMS has narrowed slightly over the last twelve months
34%
3%
10%
Page 8
7.7%
6.6%
10.8%
Electronic
Components
CM / EMS BICC
MARKET PERFORMANCE OVERVIEW (CONT’D)
HISTORICAL REVENUE GROWTH (2020
– 2023E)
2024P GROSS MARGIN
PROJECTED REVENUE GROWTH (2024P)
2024P EBITDA MARGIN
32.2%
15.4%
29.0%
Electronic
Components
CM / EMS BICC
17.6%
8.4%
15.9%
Electronic
Components
CM / EMS BICC
◼ Electronic Components companies have lagged historical revenue growth vs. the broader industrial market, but
CM / EMS companies are expecting to outperform topline growth vs. the BICC in 2024
◼ Electronic Component companies are expected to exhibit higher gross margins than both CM / EMS and the
BICC in 2024
◼ Overall margins have tightened in recent years driven by an increasingly competitive labor market, volatile raw
material prices and customers’ heightened focus on operating costs
◼ Margins are expected to increase across the Electronic Components and CM / EMS sector as companies
continue to leverage operational efficiencies, implement technology and innovation, continue to add value-
added services and further diversify across customers and end markets
2.1%
8.3%
5.3%
Electronic
Components
CM / EMS BICC
Page 9
_____________________
Source: Capital IQ and Company financials as of November 2023.
(1) Electronic Components consists of AEIS, APH, APTV, ARW, BELF.A, BDC, CSL, CTS, COMM, GLW, DAE, WIRE, HUBB, HUBN, LR, LFUS, MEI, PRY, SU, ST and TEL.
(2) CM / EMS consists of BHE, CLS, CICN, DCO, FN, FLEX, 2354, JBL, KE, NOLA B, OSIS, PLXS, SANM, TTMI and UCTT.
(3) Baird Industrial Company Composite (“BICC”) represents ~500 companies which Baird views as indicative of the publicly traded industrial universe.
Company
Stock
% 52Wk
Market
Enterprise
EV / EBITDA
Price High Cap. Value 2023E 2024P
ELECTRONIC COMPONENTS
$96.89
76.7%
$3,612
$3,653
14.3x
12.4x
89.55
99.2%
53,579
56,218
19.2
17.9
81.46
65.2%
23,042
28,523
10.3
8.6
123.38
83.7%
6,682
10,621
6.1
7.1
53.50
77.3%
690
672
5.7
N/A
69.35
70.0%
2,891
3,593
8.3
9.2
274.36
94.9%
13,322
15,500
13.9
13.1
1.91
20.4%
405
10,605
10.3
10.1
28.29
76.3%
24,136
31,268
8.5
8.2
39.30
79.2%
1,225
1,170
9.9
9.6
215.34
76.0%
3,661
4,331
18.2
15.9
192.33
93.0%
3,034
2,453
5.1
6.5
300.75
88.4%
16,127
17,128
14.3
13.2
74.42
71.2%
1,380
1,257
9.8
8.6
95.55
93.7%
25,218
27,573
12.4
12.2
237.22
76.5%
5,907
6,392
12.1
12.5
24.07
46.8%
867
1,089
10.5
5.9
39.72
90.6%
10,828
13,392
7.6
7.7
178.68
97.2%
100,217
115,993
14.3
13.5
32.32
59.5%
4,892
7,803
8.6
8.0
131.26
89.5%
40,793
43,859
12.4
11.5
Mean
11.0x
10.6x
Median
10.3x
9.8x
PUBLIC PERFORMANCE (VALUATION)
_____________________
Source: Capital IQ as of November 2023. $ in Millions.
Page 10
Company
LTM LTM Margins Revenue Growth EBITDA Growth
Revenue Gross EBITDA 2023E 2024P 2023E 2024P
ELECTRONIC COMPONENTS
$1,741
36.2%
13.8%
(10.1%)
4.0%
(16.6%)
15.5%
12,466
32.3%
23.8%
(1.9%)
6.1%
(2.1%)
7.2%
19,772
16.8%
13.5%
14.9%
8.3%
30.4%
19.0%
34,581
12.6%
5.2%
(10.8%)
(6.9%)
(22.6%)
(14.1%)
669
32.5%
16.1%
(0.6%)
0.1%
38.3%
N/A
2,620
38.0%
16.9%
(4.8%)
(6.9%)
0.1%
(9.0%)
5,752
32.5%
21.6%
(31.1%)
4.4%
(28.5%)
6.7%
7,837
33.2%
14.8%
(23.6%)
(7.3%)
(14.1%)
2.2%
13,000
32.9%
20.8%
(4.4%)
1.6%
9.0%
4.3%
568
35.7%
21.0%
(6.2%)
0.0%
(9.6%)
2.7%
1,354
20.8%
17.3%
7.6%
5.2%
0.3%
14.6%
2,628
29.2%
22.7%
(16.0%)
3.3%
(48.6%)
(22.3%)
5,247
34.4%
21.6%
8.0%
7.3%
40.5%
8.3%
1,067
34.9%
13.1%
(4.0%)
5.0%
(9.7%)
14.5%
8,989
51.9%
21.5%
4.4%
2.6%
22.0%
1.4%
2,442
38.5%
22.8%
(5.9%)
0.0%
(19.4%)
(3.2%)
1,187
21.7%
11.4%
(1.0%)
4.4%
(31.4%)
76.8%
16,726
36.1%
8.4%
0.2%
1.7%
47.7%
(1.3%)
39,009
41.5%
18.9%
8.1%
5.0%
18.8%
6.2%
4,076
32.8%
22.2%
0.3%
3.3%
3.9%
8.2%
16,034
31.5%
21.5%
(1.5%)
2.9%
(3.9%)
8.1%
Mean
$9,417
32.2%
17.6%
(3.7%)
2.1%
0.2%
7.3%
Median
$5,247
32.9%
18.9%
(1.9%)
3.3%
(2.1%)
6.5%
PUBLIC PERFORMANCE (OPERATING)
_____________________
Source: Capital IQ as of November 2023. $ in Millions.
Page 11
Company
Stock
% 52Wk
Market
Enterprise
EV / EBITDA
Price High Cap. Value 2023E 2024P
CONTRACT MANUFACTURING / EMS
$25.70
87.2%
$917
$1,219
8.2x
N/A
28.11
99.1%
3,355
3,786
6.7
6.3
49.76
90.0%
157
228
4.9
4.3
49.81
85.5%
727
1,004
9.5
8.4
171.18
93.2%
6,219
5,563
16.6
N/A
26.54
91.8%
11,541
13,000
6.3
5.8
1.68
84.4%
2,379
960
6.2
4.4
132.42
93.7%
16,942
18,648
7.1
6.9
25.47
81.0%
633
873
6.7
6.3
5.05
77.2%
1,362
1,487
12.1
10.2
118.99
85.1%
2,021
2,350
9.8
8.5
106.88
92.6%
2,936
3,157
11.2
9.7
50.18
72.7%
2,852
2,750
4.7
4.2
14.40
82.5%
1,472
2,032
6.5
5.3
26.64
65.3%
1,194
1,539
12.4
8.4
Mean
8.6x
6.8x
Median
7.1x
6.3x
PUBLIC PERFORMANCE (VALUATION)
_____________________
Source: Capital IQ as of November 2023. $ in Millions.
Page 12
Company
LTM LTM Margins Revenue Growth EBITDA Growth
Revenue Gross EBITDA 2023E 2024P 2023E 2024P
CONTRACT MANUFACTURING / EMS
$2,898
9.4%
5.4%
(1.2%)
1.8%
8.1%
N/A
7,863
9.4%
6.9%
9.0%
7.0%
26.7%
6.3%
396
45.1%
10.9%
31.7%
9.3%
34.6%
14.0%
753
21.3%
10.5%
6.7%
6.9%
36.3%
12.2%
2,675
12.6%
11.4%
9.0%
12.9%
20.2%
11.0%
30,040
8.1%
6.1%
(1.9%)
1.6%
25.3%
9.0%
2,871
6.7%
3.8%
(5.4%)
18.8%
14.1%
41.8%
34,702
8.3%
7.3%
(1.8%)
1.5%
9.2%
2.4%
1,856
8.8%
7.1%
17.0%
4.4%
20.7%
6.4%
886
13.5%
11.5%
(10.3%)
5.2%
(0.8%)
18.8%
1,290
34.3%
13.3%
14.0%
14.2%
52.2%
15.3%
4,210
9.4%
6.9%
1.0%
11.4%
5.1%
14.8%
8,935
8.3%
6.5%
(0.7%)
9.8%
13.3%
12.3%
2,281
18.4%
11.7%
(10.4%)
6.5%
5.3%
23.5%
1,856
17.0%
7.3%
N/A
12.9%
N/A
47.6%
Mean
$6,901
15.4%
8.4%
4.1%
8.3%
19.3%
16.8%
Median
$2,675
9.4%
7.3%
0.1%
7.0%
17.1%
13.1%
PUBLIC PERFORMANCE (OPERATING)
_____________________
Source: Capital IQ as of November 2023. $ in Millions.
Page 13
Target Acquiror
Announced: February 2023
Target Acquiror
Announced: April 2023
Target Acquiror
Announced: April 2023
Target Acquiror
Announced: April 2023
Target Acquiror
Announced: July 2023
Target Acquiror
Announced: August 2023
SELECT 2023 M&A ACTIVITY
_____________________
Source: Capital IQ and company press releases.
◼ CORE Industrial Partners entered into a definitive agreement
with GEM Manufacturing
◼ GEM Manufacturing is a provider of precision deep drawn metal
components and mechanical assemblies
◼ Olympus Partners and Atlas Holdings jointly entered into a
definitive agreement to acquire International Wire Group
◼ IWG is a manufacturer of wire products for other wire
suppliers, distributors and original equipment manufacturers
◼ Nelson Miller Group completed the acquisition of
Injection Works
◼ Injection Works is a provider of complex, custom thermoplastic
injection molded plastic components and assemblies
◼ Transom Capital Group announced the acquisition of Bose
Corporation’s “Bose Professional” division
◼ Bose Professional is a developer and installer of commercial
and conferencing audio solutions
◼ Live Ventures completed the acquisition of Precision
Metal Works
◼ Precision Metal works is a manufacturer and supplier of highly
engineered parts and components
◼ East West Manufacturing entered into a definitive agreement
with Eastprint Incorporated
◼ Eastprint is a printer of electronics solutions provider
Injection Works provides a key manufacturing capability that will
allow NMG to offer a broader range of products and further our
goal of having more control over the supply chain while also
being geographically close to customers. – Nelson Miller
“
“
PMW is strategically positioned for ongoing expansion, thanks to
substantial investments in top-of-the-line equipment, exceptional
management and strong customer and supplier relationships.
– Live Ventures
“
“
Eastprint delivers differentiated capabilities and applications , in
addition to strong customer relationships in highly attractive end
markets and expands the footprint in Massachusetts and Mexico.
– East West Manufacturing
“
“
IWG has distinguished itself as a leader in the wire and cable
industry with their skilled team, breadth of products and
engineering capacity….further bolstering their leadership position
and growth. – Olympus Partners
“
“
Bose Professional’s tenure in the audio business, its standout
product portfolio and customers, as well as its team dedicated to
researching, engineering and delivering new and innovative
products, made it a compelling business. – Transom Capital
“
“
GEM’s broad manufacturing capabilities, extensive capacity,
international reach and collaborative, customer-oriented
approach collectively form a compelling foundation as a new
platform investment. – Core Industrial
“
“
Page 14
SELECTED ELECTRONIC COMPONENTS / CM /
EMS SECTOR TOMBSTONES
Provider to high voltage
transmission and
substation connector
products
Distributor of
electronics, automation
and measurement
technology
Provider of electronic
connectivity products
Provider of integrated
global design,
manufacturing and
distribution services
Distributor of industrial
parts and automation
equipment
Supplier of electronic
components and private
label connectivity
products
Manufacturer of
specialty thermal
management
and environment
sealing solutions
Provider of fiber
optic and microwave-
coaxial technologies
Manufacturer of
electronic instruments
Manufacturer of hot
runner systems for the
plastics injection
molding industry
Manufacturer of
specialty thermal
management
and environment
sealing solutions
Manufacturer of
measuring devices for
the recording of heat
and water consumption
Supplier of wired and
wireless connectivity
products
Supplier of engineering
grade radio frequency
(RF) technology
components
Provider of cable
management
solutions for the
automotive industry
Manufacturer of
card readers that
support non-door
applications
Manufacturer of control
panel and
cable systems
Manufacturer of vision
systems for flaw
detection
Provider of motion
technology & integrated
propulsion systems with
medical applications
Provider of highly-
engineered, high
-
quality
cable management and
protection solutions
Provider of security
cameras, recording and
management systems,
software and services
Manufacturer of specialty
thermal management
and environment
sealing solutions
Manufacturer of
precision data
acquisition and
control solutions
Designer and
manufacturer
of advanced thermal
management solutions
Page 15
DISCLAIMERS
This is not a complete analysis of every material fact regarding any company, industry or security. The opinions expressed here reflect our
judgment at this date and are subject to change. The information has been obtained from sources we consider to be reliable, but we cannot
guarantee the accuracy.
ADDITIONAL INFORMATION ON COMPANIES MENTIONED HEREIN IS AVAILABLE UPON REQUEST
The Dow Jones Industrial Average, S&P 500, S&P 400 and Russell 2000 are unmanaged common stock indices used to measure and report
performance of various sectors of the stock market; direct investment in indices is not available.
Baird is exempt from the requirement to hold an Australian financial services license. Baird is regulated by the United States Securities and
Exchange Commission, FINRA, and various other self-regulatory organizations and those laws and regulations may differ from Australian laws.
This report has been prepared in accordance with the laws and regulations governing United States broker-dealers and not Australian laws.
Copyright 2021 Robert W. Baird & Co. Incorporated. No part of this publication may be reproduced or distributed in any form or by any
means without our prior written approval. However, you may download one copy of the information for your personal, non-commercial
viewing only, provided that you do not remove or alter any trademark, copyright or other proprietary notice.
OTHER DISCLOSURES
UK disclosure requirements for the purpose of distributing this report into the UK and other countries for which Robert W Baird Limited
holds an ISD passport.
This report is for distribution into the United Kingdom only to persons who fall within Article 19 or Article 49(2) of the Financial Services and
Markets Act 2000 (financial promotion) order 2001 being persons who are investment professionals and may not be distributed to private
clients. Issued in the United Kingdom by Robert W Baird Limited, which has offices at Finsbury Circus House 15 Finsbury Circus, London, E2CM
7EB, and is a company authorized and regulated by the Financial Conduct Authority.
Robert W Baird Limited ("RWBL") is exempt from the requirement to hold an Australian financial services license. RWBL is regulated by the
Financial Conduct Authority ("FCA") under UK laws and those laws may differ from Australian laws. This document has been prepared in
accordance with FCA requirements and not Australian laws.
GLOSSARY OF TERMS & OTHER IMPORTANT INFORMATION
EBITDA – Earnings before interest, taxes, depreciation & amortization. An approximate measure of a company's operating cash flow based on
data from the company's income statement.
EBIT – Earnings before income and taxes. A measure of a company's earning power from ongoing operations, equal to earnings before
deduction of interest payments and income taxes.
Enterprise Value (EV) – Market value of equity plus debt less cash. A measure of what the market believes a company's ongoing operations are
worth.
GDP - Gross Domestic Product – The total market value of all final goods and services produced in a country in a given year, equal to total
consumer, investment and government spending, plus the value of exports, minus the value of imports.
LTM – Last twelve months. Time period used when referencing a financial statistic.
P/E – Price per share divided by earnings per share. The most common measure of how expensive a stock is.
The S&P 500 – An unmanaged common stock index commonly used to measure and report common stock performance.
E – Represents estimates of a company’s financial performance for the next fiscal period.
P – Represents the projections of a company’s financial performance succeeding the next fiscal period
© 2021 Robert W. Baird & Co. Incorporated
DISCLAIMER
Page 16
UNITED STATES
227 W Monroe St,
Chicago, IL 60606,
United States
+1-312-332-5600
rwbaird.com
EUROPE
Finsbury Circus House,
15 Finsbury Circus
London
EC2M 7EB
+44-207-488-1212
bairdeurope.com
ASIA
Rm 1201D, Building 2
Century Metropolis
No. 1239 Century Avenue
Pudong, Shanghai 200122, China
+86-21-6182-0980
bairdasia.com
©2022 Robert W. Baird & Co. Incorporated. Member SIPC. MC-492604.
