201769
20174
1 2017 AIN HOLDINGS INC. All Rights Reserved.
2 2017 AIN HOLDINGS INC. All Rights Reserved.
M&A218105.6%99.2%99.5%98.6%
P/L
16/4
17/4
17/4
%
%
234,843 250,000 248,110 13,267 105.6 99.2
%
38,535 16.4
42,500 17.0
42,092 17.0
3,557 109.2 99.0
%
23,915 10.2
27,700 11.1
27,529 11.1
3,614 115.1 99.4
%
14,619 6.2
14,800 5.9
14,563 5.9
56 99.6 98.4
%
15,158 6.5
15,300 6.1
15,080 6.1
78 99.5 98.6
%
7,917 3.4
8,300 3.3
7,949 3.2
32 100.4 95.8
1
249.69 261.77 250.71 1.02 100.4 95.8
3 2017 AIN HOLDINGS INC. All Rights Reserved.
16/4
17/4
17/4
%
%
211,009 224,000 221,801 10,792 105.1 99.0
%
30,268 14.3
32,600 14.6
32,090 14.5
1,822 106.0 98.4
%
11,629 5.5
13,600 6.1
13,432 6.1
1,803 115.5 98.8
%
18,639 8.8
19,000 8.5
18,658 8.4
19 100.1 98.2
%
19,219 9.1
19,500 8.7
19,110 8.6
109 99.4 98.0
881 1,001 1,066 185 121.0 106.5
115.6%
90.8%
M&A105.1%99.0% 99.4%98.0%
4 2017 AIN HOLDINGS INC. All Rights Reserved.
102.4% 866
16/4
17/4
17/4
%
%
20,884 21,300 21,383 499 102.4 100.4
%
7,236 34.6
7,750 36.4
7,623 35.6
387 105.3 98.4
%
7,931 38.0
8,570 40.2
8,583 40.1
652 108.2 100.2
%
694 -
820 -
959 -
265
%
459 -
740 -
866 -
407
52 58 52 0 100.0 89.7
99.7%
102.7%
5 2017 AIN HOLDINGS INC. All Rights Reserved.
M&A16/47,1282,371
17/4
65,420 29,775
72,955
7,596
594
90,902
2,435
23,188
18,254
958
60,178
156,323
156,323
236
% 38.1
2,371
% 38.4
B/S
16/4
56,593 22,647
66,744
5,690
668
83,294
2,677
19,818
14,854
1,198
53,324
139,888
139,888
6 2017 AIN HOLDINGS INC. All Rights Reserved.
15/4 16/4 17/4
19,553 22,647 29,775 7,128
8,369 12,385 9,990 2,395
9,909 10,984 11,668 684
46,365 56,593 65,420 8,827
11,678 14,694 15,365 671
7,931
1,388
9,537
1,352
9,958
1,166
421
186
22,472 28,153 28,464 311
26,340
28
33,337
13
40,939
8
7,602
5
27,623 35,586 43,109 7,523
2,872 2,677 2,435 242
984 2,038 2,167 129
9,710 10,013 10,443 430
17,688 19,555 19,329 226
67,783 83,294 90,902 7,608
114,149 139,888 156,323 16,435
4,786 16/417/4
M&A
M&A16/416,435
M&A
7 2017 AIN HOLDINGS INC. All Rights Reserved.
16/417/4
15/4 16/4 17/4
31,826 39,987 39,325 662
6,330 5,690 7,596 1,906
628 668 594 74
54,433 66,744 72,955 6,211
7,640 14,854 18,254 3,400
1,341 1,198 958 240
11,669 19,818 23,188 3,370
66,103 86,563 96,144 9,581
8,682 8,682 8,682
7,872 6,367 6,367
31,639 38,605 45,286 6,681
47,776 53,237 59,918 6,681
48,046 53,324 60,178 6,854
114,149 139,888 156,323 16,435
M&A16/49,581
M&A
8 2017 AIN HOLDINGS INC. All Rights Reserved.
16/4 17/4
21,352 18,409 2,943
13,949 14,307 358
3,259 3,687 428
2,938 3,654 716
236 5,369 5,133
495 449 46
600 2,820 2,220
3,031 4,340 7,371
20,877 11,183 9,694
9,916 3,448 6,468
10,954 9,697 1,257
2,028 116 1,912
2,503 7,342 4,839
21,892 29,234 7,342
CF
M&A7,342
9 2017 AIN HOLDINGS INC. All Rights Reserved.
15/4 16/4 17/4
% 42.0 38.1 38.4 0.3
% 117.9 121.0 156.6 35.6
PER 21.72 21.39 30.79 9.40
1EPS 195.45 249.69 250.71 1.02
PBR 2.82 3.19 4.09 0.90
1BPS 1,511.57 1,679.69 1,895.63 215.94
%ROA 5.8 6.2 5.4 0.8
%ROE 13.8 15.6 14.0 1.6
EBITDA 16,284 20,816 21,905 1,089
EV/EBITDA 7.98 8.08 11.07 2.99
D/E 0.08 0.00 0.04 0.04
3,613 236 2,371 2,135
133,605 168,520 244,828 76,308
134,598 169,318 244,782 75,464
=EV
15/44,24515/4 16/45,34016/4 17/47,72017/4
D/E
16/417/4
201410112 15/411
10 2017 AIN HOLDINGS INC. All Rights Reserved.
16/4
17/4
18/4
%
234,843 248,110 267,500 19,390 107.8
%
38,535 16.4
42,092 17.0
46,530 17.4
4,438 110.5
%
23,915 10.2
27,529 11.1
29,930 11.2
2,401 108.7
%
14,619 6.2
14,563 5.9
16,600 6.2
2,037 114.0
%
15,158 6.5
15,080 6.1
17,000 6.4
1,920 112.7
%
7,917 3.4
7,949 3.2
8,900 3.3
951 112.0
1 249.69 250.71 280.69 29.98 112.0
40.00 50.00 50.00 0.00 100.0
17/418/4
18/4
18/41008107.8%GE112.7%
11 2017 AIN HOLDINGS INC. All Rights Reserved.
Review
2016
12 2017 AIN HOLDINGS INC. All Rights Reserved.
Review
13 2017 AIN HOLDINGS INC. All Rights Reserved.
16/4
17/4
17/4
%
%
234,843 265,000 248,110 105.6 93.6
%
38,535 16.4
44,200 16.7
42,092 17.0
109.2 95.2
%
23,915 10.2
27,900 10.5
27,529 11.1
115.1 98.7
%
14,619 6.2
16,300 6.2
14,563 5.9
99.6 89.3
%
15,158 6.5
16,700 6.3
15,080 6.1
99.5 90.3
%
7,917 3.4
9,000 3.4
7,949 3.2
100.4 88.3
1
249.69 283.84 250.71 100.4 88.3
M&A 93.6%GE90.3%
14 2017 AIN HOLDINGS INC. All Rights Reserved.
Review
CC
16/4
17/4
16/4
17/4
0.80.5%
+146
+158 218
+18
140 C GE
50
+132 +5.6%
+22
10 WSS
11 AYR
2
15 2017 AIN HOLDINGS INC. All Rights Reserved.
Review
+57
188 C
17/4
169 6.4%
17/4
+14 M&A
+4
24 WSS
10 AYR
17/4
17/4 13
25 AYR
CC
16 9.7%
16 2017 AIN HOLDINGS INC. All Rights Reserved.
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2,000
5 6 7 8 9 10 11 12 1 2 3 4
C
17/4
17/4
16/4
31.6%
C
Review
120
133
55
78
17 2017 AIN HOLDINGS INC. All Rights Reserved.
2016
18 2017 AIN HOLDINGS INC. All Rights Reserved.
2016
3
2016
4
2017
4
2017
5
1 2 3 41
31
383.0 312.3 70.7 336.2 46.8 337.0 46.0 2
4,000 70%
or 2,000 90%
or 4,000
25
19
3 4/
95% or
20
15
41 & 1,200
& 1/ & &
(5132)
32 147.5 117.8 29.7 174.0 26.5 177.7 30.2
GE
65-75% 18 191.1 146.4 44.7 182.9 8.2 182.5 8.6
75% 22
41 &
& 6 38
382.7 433.7 51.0 439.7 57.0 440.4 57.7 50
70
10 9.6 25.3 15.7 25.0 15.4 24.3 14.7
78.4 +43.9 +48.0 2016
20163
4594
1
4 594
19 2017 AIN HOLDINGS INC. All Rights Reserved.
2016
3
2016
4
2017
4
1 2 3 41
31
401.4 341.7 59.7 346.0 55.4 2
4,000 70%
or 2,000 90%
or 4,000
25
19
3 4/
95% or
20
15
41 & 1,200
& 1/ & &
(5132)
32 140.8 88.8 52.0 153.8 13.0
GE
65-75% 18 127.0 103.5 23.5 150.0 23.0
75% 22
41 &
& 6 38
374.9 428.4 53.5 432.7 57.8 50
70
10 4.0 13.2 9.2 15.3 11.3
72.5 +49.7 2016
20163
20163M&A200
1
M&A 200
20 2017 AIN HOLDINGS INC. All Rights Reserved.
16314
65 126 98 78 68 66 72
346 251
202 160 141
457
122 245 314 366 387
19.1
14.6 16.3
17.5 18.2 18.3
0
5
10
15
20
163 4 7 10 171 4
0
250
500
750
1000 118 222 GE
GE
GE1
G
E
GE74.3%20174
224 147
42
29 33
552
341 414
0
594
163 4 174
320 225 141
58
379 261
215 333
536
0
594
163 4 174
32 1236
4 594
4594
21 2017 AIN HOLDINGS INC. All Rights Reserve
