{"id":30663,"date":"2023-07-03T05:11:55","date_gmt":"2023-07-03T09:11:55","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/unleashing-the-power-of-the-small-atkore-vs-encore-wire-nyseatkr\/"},"modified":"2023-07-03T05:11:59","modified_gmt":"2023-07-03T09:11:59","slug":"unleashing-the-power-of-the-small-atkore-vs-encore-wire-nyseatkr","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=30663","title":{"rendered":"Unleashing The Power Of The Small: Atkore VS Encore Wire (NYSE:ATKR)"},"content":{"rendered":"<div data-test-id=\"content-container\">\n<p><figure class=\"getty-figure\" data-type=\"getty-image\"><picture><\/picture><figcaption><\/figcaption><\/figure>\n<\/p>\n<p>The discovery of a discrepancy between the valuation of large caps and small caps has led to my focus on researching smaller companies. The latest article covered the mismatch between large and small caps. Now, it is time to look<span class=\"paywall-full-content invisible\"> at two new stocks that showed up in the screener, Atkore (<\/span><span class=\"ticker-hover-wrapper paywall-full-content invisible\">NYSE:ATKR<\/span><span class=\"paywall-full-content invisible\">) and Encore Wire (<\/span><span class=\"ticker-hover-wrapper paywall-full-content invisible\">NASDAQ:WIRE<\/span><span class=\"paywall-full-content invisible\">). Both have a market cap between $500 million and $6 billion. They generate strong free cash flow compared to the valuation of the business. In addition, either is a great capital allocator and has a healthy balance sheet.<\/span><\/p>\n<h2 class=\"paywall-full-content invisible\">Criteria Screener:<\/h2>\n<p class=\"paywall-full-content invisible\"><strong>Atkore<\/strong><\/p>\n<ul class=\"paywall-full-content invisible\">\n<li><strong>Market cap: $5.5 billion<\/strong><\/li>\n<li><strong>Price To Free Cash Flow: 5.41<\/strong><\/li>\n<li><strong>ROIC (Return On Invested Capital): 34.8% \/ AVG 5y 23.0%<\/strong><\/li>\n<li><strong>ROA (Return On Assets): 30.7% \/ AVG 5y 18.51%<\/strong><\/li>\n<li><strong>Current Ratio: 2.99<\/strong><\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible\"><strong>Encore Wire Corporation<\/strong><\/p>\n<ul class=\"paywall-full-content invisible\">\n<li><strong>Market cap: $3.09 billion<\/strong><\/li>\n<li><strong>Price<span class=\"paywall-full-content invisible no-summary-bullets\"> To Free Cash Flow: 4.43<\/span><\/strong><\/li>\n<li class=\"paywall-full-content invisible no-summary-bullets\"><strong>ROIC (Return On Invested Capital): 32.76% \/ AVG 5y 18.86%<\/strong><\/li>\n<li class=\"paywall-full-content invisible no-summary-bullets\"><strong>ROA (Return On Assets): 33.85% \/ AVG 5y 18.23%<\/strong><\/li>\n<li class=\"paywall-full-content invisible no-summary-bullets\"><strong>Current Ratio: 10.48<\/strong><\/li>\n<\/ul>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Business Overview<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Atkore<\/strong> is a manufacturer of electrical products and serves the markets non-residential, electric power, data centers and telecom, water, transportation and solar. The company&#8217;s products include: conduits, cables, installation accessories, metal framing, mechanical pipes and many more. In 2022, the sales in the United States accounted for 91% of total sales, with customers like Wesco, Rexel and The Home Depot. Next to the manufacturing facilities in the United States, Atkore has manufacturing in Australia, Belgium, Canada, New Zealand and the United Kingdom.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company grew revenues organically through pricing improvements, of which 40% is sustainable according to management. Further, strategic acquisitions were also a key driver of sales. In the latest quarter, sales grew quarter over quarter but were down year over year. The business seems to be more resilient than expected, with guidance increases in adjusted EBITDA and EPS.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><picture><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/53593551-16878558581429884.png\" alt=\"Q2 2023 revenue\" contenteditable=\"false\" loading=\"lazy\"><\/picture><figcaption>\n<p class=\"item-caption\">Atkore Investor Relations 23Q2<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company sees opportunities in the HDPE (High-Density Polyethylene) market. HDPE is used in pipe systems, since it is UV-resistant and can withstand low and high temperatures. One of the growth drivers in HDPE products would be the expansion of 5G networks and &#8220;fiber to the home&#8221;. Additionally, Atkore is making use of the tailwind in the solar sector to increase sales for the large tube business. Capacity expansion in Hobart, Indiana should support the growth in solar and other large tube applications.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><strong>Encore Wire<\/strong> is a manufacturer of electrical wire and cables in the industry of data centers, renewables, healthcare, commercial, industrial and residential. The company primarily focuses on manufacturing and distributing copper electrical wire and cable products, therefore it is dependent on copper prices and the possibility of increasing the pricing of their products. Copper accounted for 44% of the total cost of goods sold in 2022.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Encore Wire has an single site campus from where all products are made. Vertical integration helps the company to be cost efficient, flexible and have an competitive advantage compared to the other players in the sector. Though, this does also come with disadvantages as transportation costs could run up for long-distance travel of goods.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Similar to Atkore, revenue declined year over year, mainly due to a business cycle downturn after the highs of 2021. Higher interest rates make loans more expensive and slows down the expansion and renovation of real estate. Therefore, home building products see a slowdown in demand.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/53593551-16882079351249504.png\" alt=\"Income Statement\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Encore Wire Investor Relations 23Q1<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Encore Wire sees opportunities in the demand for copper. Renewable energy generation, through wind power and solar power, commands more copper (x3-5) than the non-renewable energy sources. Furthermore, electric vehicles also need a lot more copper (x3-10) than normal gasoline vehicles. These growth factors could give a boost to higher margins in the long-term.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Valuation<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Both Atkore and Encore Wire have outperformed the S&amp;P 500 by a wide margin over the last three years. Yet, after such a homerun the valuation seems to be modest for either.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_2a5612fd45d8935ad2754437ab0cdc93.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Surprisingly, the free cash flow yield of Atkore and Encore Wire are above the average of the past years. Considering the stock appreciation, both companies have improved their free cash flow generation massively.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_b97ac3b58782ae68698512da0c825516.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Comparing the two companies with some peers, it is visible that Atkore and Encore Wire trade at the higher end of the graph, which makes them rather cheap. Only Nucor (NUE) is trading at a higher free cash flow yield at 17%.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_516150b78b3b36a9c61141e5f93cd07a.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">On top of that, the two businesses stand out with their return on invested capital, beating the other peers by a wide margin.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_16c2bc17dca0dc6de0212ef478d8f295.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Although, the last two years have been great, it is important to keep an eye on the long term picture. There will always be business cycles with ups and downs. We definitely see that 2021 and 2022 have been an outlier while looking at Encore Wire&#8217;s history of ROIC.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_ecf1eac26e493ccbc05c7fce6bb2396e.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">A normalization of profit margins would mean that the current &#8220;cheap&#8221; valuation might be a value trap and a period of lower profitability could be near.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_43dd5a156515e0774b12bc6c6949b7fd.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Balance Sheet &amp; Buybacks<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Atkore has a solid balance sheet with $354 million in cash and cash equivalents and $1.4 billion in current assets. On the other hand, the company has $467 million in current liabilities and $761 million in total debt. As a result the current ratio is 2.99, which is not bad at all. In my eyes the balance sheet is not superb, since the company has only 5.8% (of the current market cap) cash on hand , this will limit further stock buybacks when we might see a collapse in stock price or lower free cash flow generation.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/53593551-16882051707652745.png\" alt=\"Balance Sheet\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Atkore Investor Relations 23Q2<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Encore Wire has built up a much stronger balance sheet in this windfall period. Cash and cash equivalents stand at $697 million and current assets rival that of Atkore at $1.35 billion. The company&#8217;s liabilities are almost non-existent with current liabilities at $129 million and $0 long term debt. Encore Wire&#8217;s balance is quite a fortress with a current ratio of 10.48 and 20% (of the current market cap) cash on hand.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"regular-img-figure paywall-full-content invisible\" contenteditable=\"false\"><span><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/53593551-16882058652069666.png\" alt=\"Balance Sheet\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\">Encore Wire Investor Relations 23Q1<\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Both companies are buying back a lot of shares. The question is if this is the best place to invest their money right now. The stock prices of both companies are close to all-time highs, similar to their profit margins. Considering both businesses have a cyclical nature, it might not be the best time to buyback a lot of shares on the top of the cycle. One benefit for shareholders is that stock prices have less downward pressure, till profits might shrink more. But as a shareholder in those companies I would like more focus on profit efficiency, building a stronger business and maybe a dividend or dividend increase.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">\n<figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/07\/saupload_124161ae9be5d029856db362de547bed.png\" alt=\"Chart\" width=\"635\" height=\"366\" class=\"sa-ycharts-img\" data-width=\"635\" data-height=\"366\" loading=\"lazy\"><figcaption>Data by YCharts<\/figcaption><\/figure>\n<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Takeaway<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Both Atkore and Encore Wire have excellent years behind them with high profitability. Still, it is no better time for investors to re-evaluate the risk and reward balance. Both companies are cheaply valued based on the current profits they make. They have been able to pay back debt and stash up some cash.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I worry that profitability could shrink further before we see the growth initiatives play out. The enormous buybacks might not be the best at the top of the cycle, but will protect the shareholders temporarily from a drawback in share price. In my opinion, the risk on both stocks is rather high and the reward rather low. Therefore, I rate both stocks a &#8220;HOLD&#8221;. I do want to mention that Atkore&#8217;s business is more diversified and could hold up stronger with their profit margins. Although Encore Wire is on the other hand a &#8220;one trick pony&#8221; and could lose profit margins faster, the company has a fortress of a balance sheet and could definitely survive in the next decade when things go south.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">While researching both companies, I learned the a screener is not perfect for looking for deals in the market. Keep doing your own due diligence and find out in which phase the business cycle is at.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\"><em>Thank you for reading, I am always welcoming feedback!<\/em><\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4614895-atkore-vs-encore-wire-unleashing-power-of-small?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>The discovery of a discrepancy between the valuation of large caps and small caps has led to my focus on researching smaller companies. The latest article covered the mismatch between large and small caps. Now, it is time to look at two new stocks that showed up in the screener, Atkore (NYSE:ATKR) and Encore Wire [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":30664,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-30663","post","type-post","status-publish","format-gallery","has-post-thumbnail","hentry","category-news","tag-featured","post_format-post-format-gallery"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v20.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Unleashing The Power Of The Small: Atkore VS Encore Wire (NYSE:ATKR) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"The discovery of a discrepancy between the valuation of large caps and small caps has led to my focus on researching smaller companies. 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