{"id":53663,"date":"2023-08-27T17:48:08","date_gmt":"2023-08-27T21:48:08","guid":{"rendered":"https:\/\/ifintechworld.com\/news\/atkores-a-top-tier-industrial-mid-cap-play-nyseatkr\/"},"modified":"2023-08-27T17:48:12","modified_gmt":"2023-08-27T21:48:12","slug":"atkores-a-top-tier-industrial-mid-cap-play-nyseatkr","status":"publish","type":"post","link":"https:\/\/ifintechworld.com\/?p=53663","title":{"rendered":"Atkore&#8217;s A Top-Tier Industrial Mid-Cap Play (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<h2>Introduction<\/h2>\n<p>It&#8217;s time to discuss <strong>Atkore Inc. (<span class=\"ticker-hover-wrapper\">NYSE:ATKR<\/span><\/strong>). This industrial midcap player with a market cap of $5.4 billion has become a high-flying outperformer during the pandemic, turning every $1.00 invested into more than $7.00.<\/p>\n<p><figure class=\"sa-widget sa-ycharts paywall-full-content invisible\"><img decoding=\"async\" src=\"https:\/\/ifintechworld.com\/wp-content\/uploads\/2023\/08\/saupload_7ef451988d3fed42a3f8cbccee480dc7.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\">What makes this Illinois-based company so special is its focus on margin enhancements in the Electrical Equipment and Parts industry. <\/p>\n<p class=\"paywall-full-content invisible\">While ATKR does not pay a dividend, it efficiently uses free cash flow to grow its business. Year-to-date, shares are up 26% despite weakening economic growth. <\/p>\n<p class=\"paywall-full-content invisible\">Even better, the company recently hiked its guidance thanks to strong secular tailwinds and its ability to target specific demand. <\/p>\n<p class=\"paywall-full-content invisible\">In this article, we&#8217;ll discuss all of this and why I believe that bottoming growth in the future could give this stock another major boost &#8211; far beyond prior highs. <\/p>\n<p class=\"paywall-full-content invisible\">So, let&#8217;s get to<span class=\"paywall-full-content no-summary-bullets invisible\"> it!<\/span><\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">What&#8217;s Atkore?<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">While Aktore&#8217;s roots go back to the 1950s, Atkore Inc. was established as a Delaware company in 2010. It&#8217;s the parent company of Atkore International Holdings and Atkore International. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company is a leading manufacturer serving the non-residential construction, residential, and industrial markets.<\/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\/08\/31557165-16931323054414504.png\" alt=\"Image\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>Atkore Inc.<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Atkore operates in two core segments:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>Electrical products for the construction of electrical power systems<\/li>\n<li>Safety and Infrastructure products for critical infrastructure protection<\/li>\n<\/ul>\n<p> <span class=\"table-responsive paywall-full-content invisible no-summary-bullets\"><span class=\"table-scroll-wrapper\"><span data-intersection-boundary=\"start\"><\/span><\/p>\n<table>\n<thead>\n<tr>\n<th>USD in Million<\/th>\n<th>2021<\/th>\n<th>Weight<\/th>\n<th>2022<\/th>\n<th>Weight<\/th>\n<\/tr>\n<\/thead>\n<tr>\n<td>\n<p>Electrical<\/p>\n<\/td>\n<td>2,230<\/td>\n<td>76.2 %<\/td>\n<td>3,014<\/td>\n<td>77.0 %<\/td>\n<\/tr>\n<tr>\n<td>\n<p>Safety and Infrastructure<\/p>\n<\/td>\n<td>698<\/td>\n<td>23.8 %<\/td>\n<td>900<\/td>\n<td>23.0 %<\/td>\n<\/tr>\n<\/table>\n<p> <span data-intersection-boundary=\"end\"><\/span><\/span><button class=\"table-enlarge-button\"><svg xmlns=\"http:\/\/www.w3.org\/2000\/svg\" viewbox=\"0 0 16 16\" class=\"table-enlarge-icon\"><path fill-rule=\"evenodd\" clip-rule=\"evenodd\" d=\"M16 11a5 5 0 0 1-5 5H5a5 5 0 0 1-5-5V5a5 5 0 0 1 5-5h6a5 5 0 0 1 5 5v6zm-4.5-2.5h2v-6h-6v2h4v4zm-9-1h2v4h4v2h-6v-6z\"><\/path><\/svg>Click to enlarge<\/button><\/span> <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Atkore believes that its competitive edge lies in product quality, strong brands, national presence, and commitment to customer satisfaction.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As one can imagine, the company serves a wide customer base, including electrical, industrial, and specialty distributors, contractors, OEMs, and more.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">With an extensive distribution network, the company&#8217;s products are essential components for over 13,000 electrical distributor branches in the United States.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Distribution-based sales account for a significant portion of net sales, with an emphasis on value-added services like ReliaRoutes fixed trucking lanes and a mobile app for order tracking.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Its main suppliers include steel companies like Cleveland-Cliffs (CLF), Steel Dynamics (STLD), and Nucor (NUE). <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Furthermore, the company operates the Atkore Business System, which prioritizes Strategy, People, and Processes. It&#8217;s a culture-shaping approach to streamline the company. <\/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\/08\/31557165-16931327251655104.png\" alt=\"Image\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>Atkore Inc.<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So far, this has borne fruit. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Between 2017 and 2022, the company has grown its net sales from $1.5 billion to $3.9 billion, which includes seven acquisitions. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company also boosted its adjusted EBITDA margin from 15.1% to 34.3% while increasing its addressable market by widening its footprint. <\/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\/08\/31557165-16931330390747554.png\" alt=\"Image\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>Atkore Inc.<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Looking at the overview below, we see that pricing was the main contributor to higher margins. It dwarfs the impact of M&amp;A on adjusted EBITDA growth. Volume\/mix remained unchanged. <\/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\/08\/31557165-16931330468774192.png\" alt=\"Image\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>Atkore Inc.<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Having said that, as most know, the economy isn&#8217;t doing too well right now. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This begs one question.<\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">What&#8217;s Atkore Up To Now?<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">While I&#8217;m writing this, ATKR shares are trading 13% below their 52-week high. Shares are up 26% year-to-date. <\/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\/08\/saupload_ATKRd064736488i.png\" alt=\"Finviz Chart\" contenteditable=\"false\" loading=\"lazy\"> <\/picture><figcaption>\n<p class=\"item-caption\"><span>FINVIZ<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">While shares have encountered increasing volatility this year, it&#8217;s hard to make the case that the company is struggling. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">This is confirmed by its numbers so far. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In its third fiscal quarter of 2023, the company saw a 2% increase in volume, aligning with its projection of mid-single-digit volume growth for the entire year. <\/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\/08\/31557165-16931335912752836.png\" alt=\"Image\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>Atkore Inc.<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Furthermore, PVC volumes experienced an anticipated decline due to normalization trends compared to the strong 3Q performance of the previous fiscal year.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">However, excluding PVC&#8217;s impact, Atkore&#8217;s volume would have risen by approximately 7%, which is a big deal in this environment. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Sequential growth in 3Q23 was observed in PVC products, with a quarter-over-quarter volume increase of 11%. Total pricing was an 18% headwind. <\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>The electrical segment experienced margin compression, which was attributed to pricing normalization and year-over-year volume declines in PVC-related products. Nonetheless, margins exceeded expectations, which shows the company&#8217;s resilience when it comes to protecting its bottom line.<\/li>\n<li>The steel conduit products benefited from resolving recent supply chain challenges.<\/li>\n<li>The S&amp;I segment saw net sales decline due to lower average selling prices, reflecting changes in steel input costs.<\/li>\n<li>Adjusted EBITDA and margins compressed due to solar credit adjustments, but the GGAM method would have led to a strong 19% adjusted EBITDA margin.<\/li>\n<\/ul>\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\/08\/31557165-16931344593176339.png\" alt=\"Image\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>Atkore Inc.<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">So, what&#8217;s GGAM?<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">During its 3Q23 earnings call, the company discussed a significant change in accounting treatment related to solar credits due to the Inflation Reduction Act.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company previously planned to apply the government grants accounting model (&#8220;GGAM&#8221;) for transferring a majority of solar credits to customers, but a recent determination shifted this approach.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For fiscal year 2023, ending on September 30th, the solar credits will no longer be recognized as a reduction of cost of sales; instead, they will contribute to the company&#8217;s income tax provision.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">However, starting from the fiscal year 2024, the GGAM will be adopted to record credit benefits as the cost of sales reduction. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Having said that, the company also excels at free cash flow generation. <\/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\/08\/saupload_e008a454ed6a7ca709b5111e264b22e1.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\">Free cash flow is operating cash minus capital expenditures. Free cash flow can be used to reduce debt, buy back stock, pay a dividend (ATKR doesn&#8217;t pay a dividend), or acquire other companies. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Year-to-date, cash flow from operating activities surpassed 103% of net income, which is a 52% increase compared to the same period in the previous fiscal year.<\/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\/08\/31557165-1693135119876777.png\" alt=\"Image\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>Atkore Inc.<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company invested more than $120 million in capital expenditures, primarily directed toward facility expansions and growth initiatives. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">More than three times that amount was spent on buybacks. <\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p><em>As we continue to drive strong results against the record highs of last year, the strength of our cashflow and balance sheet provides an important foundation for our company&#8217;s future. &#8211; ATKR 3Q23 Earnings Call<\/em><\/p>\n<\/blockquote>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Outlook &amp; Valuation<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">As a result of a strong performance in the first three quarters of this fiscal year, the company boosted its full-year guidance. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">According to the company (emphasis added):<\/p>\n<blockquote class=\"paywall-full-content invisible no-summary-bullets\">\n<p><em>We are <strong>encouraged by the performance in the first three quarters<\/strong> of fiscal year and have <strong>increased our full year outlook<\/strong> for adjusted EPS. The results released today reflect not only the <strong>strength and stability of our underlying business model<\/strong>, but the determination of our team to execute and deliver on our <strong>strategic growth initiatives<\/strong>. When I take a step back and compare our results from this quarter versus those of several years ago, <strong>we have structurally improved<\/strong> this business and we are demonstrating the sustainability of our earnings into the future.<\/em><\/p>\n<\/blockquote>\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\/08\/31557165-16931360245803962.png\" alt=\"Image\" contenteditable=\"false\" loading=\"lazy\"><\/span><figcaption>\n<p class=\"item-caption\"><span>Atkore Inc.<\/span><\/p>\n<\/figcaption><\/figure>\n<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">In other words, there are three takeaways here:<\/p>\n<ul class=\"paywall-full-content invisible no-summary-bullets\">\n<li>The company sees stronger-than-expected developments despite worsening economic growth expectations. <\/li>\n<li>Structural business improvements continue to pay off.<\/li>\n<li>The company is attractively valued. <\/li>\n<\/ul>\n<p class=\"paywall-full-content invisible no-summary-bullets\">To be fair, my last takeaway needs more context. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Using NTM EBITDA, ATKR shares are trading at just 5.7x NTM EBITDA, which is cheap\/attractive for a company with an implied FY2024E free cash flow yield of 7%.<\/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\/08\/saupload_43f297e258c7daca6a007a913b24f432.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\">The problem is that the market isn&#8217;t willing to bet on a new bull market in ATKR&#8217;s industry. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Next year, the company is expected to generate $15.20 in EPS, down from $17.5 in 2023E. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Eventually, I believe that ATKR will reach an 8x multiple with higher EBITDA.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">That could pave the way for a market cap of $8 billion in the next 2-3 years (50% upside). <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">For now, the consensus price target is $178, which is 25% above the current price. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I agree with that target. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">However, I believe that economic weakness could provide another buying opportunity below $120. If I were in the market for more exposure in this segment, I would be looking for a first entry at these prices. <\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The reason I&#8217;m not currently investing in ATKR is because I have invested in Carlisle Companies (CSL). Although not a direct competitor, it is also dependent on building and construction demand.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">I&#8217;ll need a steep sell-off opportunity in order to expand my exposure in cyclical areas even further, as I really try to keep as few positions in my portfolio as possible. <\/p>\n<h2 class=\"paywall-full-content invisible no-summary-bullets\">Takeaway<\/h2>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Atkore stands out as a post-pandemic success story, multiplying investments by over sevenfold.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Its focus on margin enhancement within the Electrical Equipment and Parts industry has paid off, evidenced by a 26% share price rise this year despite economic challenges.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company&#8217;s strategic focus, commitment to quality, and broad customer base drive its growth.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Key highlights include resilient margins, smart adaptation to industry changes, and impressive cash flow generation.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">The company&#8217;s value proposition is compelling, trading at a low EBITDA multiple and offering a robust free cash flow yield.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">While current conditions may present a wait-and-see approach, the consensus price target of $178 aligns with my assessment.<\/p>\n<p class=\"paywall-full-content invisible no-summary-bullets\">Yet, I&#8217;m vigilant for a potential entry point under $120 due to economic uncertainties.<\/p>\n<\/div>\n<p>Read the full article <a href=\"https:\/\/seekingalpha.com\/article\/4631414-atkores-top-tier-industrial-mid-cap-play?source=feed_all_articles\" target=\"_blank\" rel=\"noopener\">here<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Introduction It&#8217;s time to discuss Atkore Inc. (NYSE:ATKR). This industrial midcap player with a market cap of $5.4 billion has become a high-flying outperformer during the pandemic, turning every $1.00 invested into more than $7.00. Data by YCharts What makes this Illinois-based company so special is its focus on margin enhancements in the Electrical Equipment [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31504,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"gallery","meta":{"footnotes":""},"categories":[236],"tags":[83],"class_list":["post-53663","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>Atkore&#039;s A Top-Tier Industrial Mid-Cap Play (NYSE:ATKR) | iFintechWorld<\/title>\n<meta name=\"description\" content=\"Introduction It&#039;s time to discuss Atkore Inc. (NYSE:ATKR). 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