收购交易核心信息 - Mayville Engineering Company(MEC)以1.405亿美元收购Accu-Fab LLC 交易预计在2025年第三季度完成[1] - 公告当日MEC股价上涨5.2% 过去一个月累计涨幅达26.7% 超越行业13.3%的涨幅[1][5] 被收购方Accu-Fab业务概况 - 垂直整合的合同制造商 提供设计、工程、钣金制造与集成、专业精加工等增值服务[2] - 在北卡罗来纳州和伊利诺伊州拥有约20万平方英尺制造空间[2] - 2024年净销售额6100万美元 调整后EBITDA 1400万美元 利润率超23%[3] 收购协同效应预期 - 2025年预计贡献2800-3200万美元净销售额 600-800万美元调整后EBITDA[4] - 通过MBX框架实施 预计2026年前实现年均100万美元成本协同效应[4] - 将增强商业覆盖范围 加速进入新市场 利用客户关系创造收入协同[5] 公司战略与运营表现 - MBX价值创造框架持续推动战略定价、商业增长和资本效率[7] - 军事终端市场售后需求增长 其他终端市场需求改善[7] - 获VGM综合评分A级 价值评分A级 增长评分B级[8] 行业可比公司表现 - Tutor Perini(TPC)年内上涨52.5% 过去四季平均盈利超预期264.7% 2025年销售和EPS预期同比增17.3%/158.8%[9][10] - Construction Partners(ROAD)年内涨20.9% 2025财年销售和EPS预期同比增53%/60.9%[10][11] - Gibraltar Industries(ROCK)年内微涨3.1% 2025年销售和EPS预期同比增9.3%/15.8%[11]

纪要涉及的公司 Mayville Engineering Company (MEC)计划收购AccuFab LLC，AccuFab的前所有者是战略控股公司TideRock [4] 纪要提到的核心观点和论据 1. **收购概述** - **收购金额**：MEC以1.405亿美元现金加常规调整的价格从TideRock收购AccuFab [4] - **收购时间**：预计2025年第三季度完成，需满足常规成交条件 [5] - **收购影响**：收购完成后将立即增厚经调整EBITDA、经调整EBITDA利润率和经调整每股收益；预计初始整合过程约需6个月；将使公司设施总数达25个，员工总数从约2200人增至约2450人，均为非工会员工 [5][15][16] 2. **战略合理性** - **市场多元化**：AccuFab使MEC进入高增长、低周期性的终端市场，此前MEC在这些市场涉足有限；其传统客户主要是轮式移动平台制造商，收购后可进入基础设施产品和辅助组件市场，需求由长期宏观经济因素驱动 [8][9] - **高利润率业务**：过去三年，AccuFab平均经调整EBITDA利润率为20.2%，而MEC同期为11.2%；高利润率主要归因于严格定价模式和所服务终端市场的高价值属性；未来可通过运营协同和实施MBX精益制造框架进一步扩大利润率 [9][10] - **收入协同效应**：预计未来24个月可产生约300万 - 500万美元潜在收入协同效应，随着与AccuFab客户合作加深还有上升空间；公司扩大的规模和多州布局有助于满足AccuFab客户需求，并将合作关系拓展到相邻高增长市场 [10] - **运营效率提升**：预计到2026年，通过在AccuFab设施采用MBX框架，可产生约100万美元年度成本协同效应，并提高利用率；AccuFab目前产能利用率为50 - 60%，有提升空间 [11] 3. **财务状况** - **内部收益率**：预计收购后内部收益率约为15% [13] - **财务贡献**：2024财年，AccuFab实现约6100万美元收入和1400万美元经调整EBITDA，经调整EBITDA利润率超23%；预计2025年下半年贡献2800 - 3200万美元收入和600 - 800万美元经调整EBITDA [14] - **资金来源**：通过现金和现有2.5亿美元信贷安排的可用额度为交易提供资金；现有贷款人承诺根据现有信贷协议的增额条款，将循环信贷额度增加5000万美元 [14][15] - **净杠杆率**：收购后预计净杠杆率约为3倍，计划在交易完成后18个月内将净杠杆率降至1.5 - 2倍；优先考虑合并公司的自由现金流生成，以偿还循环信贷额度下的借款 [15] 4. **客户与市场** - **客户集中度**：AccuFab前10大客户约占收入的75%，与MEC类似；前三大客户分别是美国、法国和瑞士的大型电气和基础设施制造商 [33][34][35] - **终端市场**：电力基础设施和数据中心市场预计无季节性；工业电子市场可能有少量季节性，但目前不明显；收购后，关键电力和数据中心将作为单独终端市场跟踪，占公司整体销售额约10%，工业和电子业务收入将归入其他终端市场 [47][49] 5. **竞争与增长** - **竞争对手**：Fab 40榜单上的第2、12、26名是竞争对手，还有其他小型私募股权支持的金属制造商 [70] - **增长机会**：MEC可利用自身专业知识和扩大的足迹，帮助AccuFab及其客户应对数据中心扩张难题，实现增长 [73] 其他重要但是可能被忽略的内容 1. **收购契机**：过去一年MEC看到减债前景后，启动并购管道，有三个主要目标，即从现有传统终端市场多元化、进入高利润终端市场、进入有长期增长驱动力的终端市场；电力基础设施成为有吸引力的市场，经筛选最终选择AccuFab [20][21] 2. **协同目标谨慎原因**：从MSA收购经验可知，引入新客户需要时间，因此在收入协同效应上较为保守 [23] 3. **管理层与能力**：AccuFab现有管理团队和员工将在收购后留任，并将像整合MSA一样将AccuFab整合到MEC；AccuFab带来轻 gauge钣金制造能力和精密制造能力，是MEC目前缺乏的 [50][53][54] 4. **资本支出**：预计AccuFab的资本支出在200万 - 300万美元之间，与MEC过去提供的收入2% - 2.5%的指引相似 [39]

MEC ACQUISITION OF ACCU-FAB MAY 27, 2025 SAFE HARBOR STATEMENT Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This presentation contains statements that are forward-looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and ...

While the proven Zacks Rank places an emphasis on earnings estimates and estimate revisions to find strong stocks, we also know that investors tend to develop their own individual strategies. With this in mind, we are always looking at value, growth, and momentum trends to discover great companies.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use fundamental analysis and traditional valuation metrics to find s ...

Investors might want to bet on Mayville Engineering (MEC) , as earnings estimates for this company have been showing solid improvement lately. The stock has already gained solid short-term price momentum, and this trend might continue with its still improving earnings outlook.The rising trend in estimate revisions, which is a result of growing analyst optimism on the earnings prospects of this company, should get reflected in its stock price. After all, empirical research shows a strong correlation between ...

FORM 10-Q (Mark One) ☒ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2025 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from to Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, DC 20549 Commission File Number: 001-38894 Mayville Engineering Company, Inc. (Exact Name of Registrant as Specified in its Charter) Wisconsin 39-09 ...

Mayville Engineering Company (MEC) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Company Participants Stefan Neely - PartnerJag Reddy - President, CEO & DirectorRachele Lehr - CFONatalia Bak - Equity Research Senior Associate Conference Call Participants Ross Sparenblek - Equity Research AnalystEdward Jackson - MD & Senior Research Analyst Operator Hello, everyone, and thank you for joining the Mayville Engineering Company First Quarter twenty twenty five Earnings Call. My name is Sami, and I'll be coordin ...

Mayville Engineering Company (MEC) Q1 2025 Earnings Call May 07, 2025 10:00 AM ET Speaker0 Hello, everyone, and thank you for joining the Mayville Engineering Company First Quarter twenty twenty five Earnings Call. My name is Sami, and I'll be coordinating your call today. I would now like to hand over to your host, Stefan Neely, with Valem Advisers to begin. Stefan, please go ahead. Speaker1 Thank you, operator. On behalf of our entire team, I'd like to welcome you to our first quarter twenty twenty five r ...

1Q25 Results Presentation May 7, 2025 SAFE HARBOR STATEMENT Safe Harbor Statement under the U.S. Private Securities Litigation Reform Act of 1995: This presentation contains statements that are forward -looking in nature which express the beliefs and expectations of management including statements regarding the Company's expected results of operations or liquidity; statements concerning projections, predictions, expectations, estimates or forecasts as to our business, financial and operational results and f ...

Mayville Engineering (MEC) came out with quarterly earnings of $0.04 per share, beating the Zacks Consensus Estimate of $0.01 per share. This compares to earnings of $0.16 per share a year ago. These figures are adjusted for non-recurring items.This quarterly report represents an earnings surprise of 300%. A quarter ago, it was expected that this company would post a loss of $0.16 per share when it actually produced earnings of $0.76, delivering a surprise of 575%.Over the last four quarters, the company ha ...