Description
Thermon is the #2 global provider of heat tracing solutions for petroleum and chemical plants, oil & gas production facilities and power generation facilities. While over 50% of the business is linked to oil & gas end-markets, including the challenged Canadian oil sands, the company generates meaningful annuity-like MRO/aftermarket revenue from its growing installed base. The excellent MRO business (about â
of total revenue), which is not directly tied to commodity prices, is likely worth slightly less than the current stock price, creating a significant margin of safety. Furthermore, the overall business is a high quality, albeit cyclical, niche business which benefits from sustainable barriers to entry and has attractive economics. I don’t have a view on commodity prices or the energy CapEx cycle, but the risk of permanent capital impairment is likely minimal due to the attractive valuation, clean balance sheet, variable cost structure and profitable MRO cash flow. THR is trading around 7-8x EBITDA, 8-9x EBITDA less CapEx, 10-11x FCF and 65% of my $23-27 estimated intrinsic value per share.
The company sells (and sometimes installs) heat tracing solutions which “provide an external heat source to pipes, vessels and instruments for the purposes of freeze protection, temperature and flow maintenance and environmental monitoring.” The products include heat tracing cables, tubing bundles and control systems. The company also provides services including design optimization, engineering, installation and maintenance. A typical installation includes up to hundreds of thousands of feet of heat tracing cable attached to pipes, valves, fittings, etc. linked to temperature control and monitoring panels. Heat tracing is low-tech (R&D is only around $3mm or 1% of revenue) but has a high value relative to its cost -- heat tracing is mission critical, ensuring efficient and safe plant operations, but generally costs less than 1-2% of total capital spend. The company’s end markets are highly weighted towards oil & gas:
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Oil & Gas (46%): roughly 50% upstream and 50% downstream. Midstream pipelines generally use boiler stations. The “Distribution Channels” “end market” mentioned below also includes oil & gas exposure.
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Chemical (16%)
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Power (8%): includes coal, gas, nuclear.
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Other (7%)
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Distribution Channels (23%): includes some oil & gas exposure.
Thermon reports Greenfield and MRO/UE (upgrades & enhancements) revenue. In most years, about 40% of the revenue is derived from Greenfield and 60% from MRO/UE which translates into roughly 40% Greenfield, 30% MRO, 30% UE. It’s worth noting the Greenfield/MRO/UE distinction is imprecise -- Greenfield is defined as orders over $1mm and MRO/UE is orders under $1mm.
Thermon is a high quality, compounder with sustainable barriers to entry
The company benefits from a sustainable competitive advantage derived from economies of scale and customer captivity:
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Economies of scale
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Top two industry participants occupy a preferred position for Greenfield projects. Pentair Thermal Management (formerly Tyco Thermal Controls / Raychem) and Thermon have 26% and 20% market share, respectively, whereas the #3 (Bartec) has only 4% market share.
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Pentair and Thermon are generally the only two pre-qualified providers on large Greenfield projects and the company usually sees no more than 3-4 bidders on small projects.
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Economies of scale are derived from a combination of manufacturing, R&D, engineering expertise, distribution and country/regional certifications.
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Customer captivity
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Greenfield & UE projects: strong reputational advantage (quality, safety, reliability) as a result of long-standing relationships with large customers and EPC (engineering, procurement & construction) companies.
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MRO: strong incumbent advantage with a near 100% win rate due to reputation advantage and high switching costs (warranty and compatibility issues). Being out of stock is the primary way to lose MRO business according to the company (distribution economy of scale).
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This reputational advantage is likely enforced by the high value-to-cost ratio mentioned above -- why bother switching?
The competitive advantage is demonstrated in the company’s financial results. Thermon has profitably grown revenue (8% organic CAGR since F1990), generates high and consistent margins (~ 45% gross margin, ~ 25% EBITDA margin), has low capital intensity (2% CapEx / sales) and possesses excellent returns on capital (~ 30%).
Growing, annuity-like MRO business worth around $15 per share
I believe the excellent MRO business is being overshadowed by the challenging energy CapEx environment. Although over 50% of the company-wide revenue is from oil & gas end-markets, including the challenged Canadian oil sands, a significant percentage is from the excellent MRO business. I believe the MRO business is truly excellent and very valuable:
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2nd largest installed base was built over 50+ years and includes thousands of customers
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very high switching costs (compatibility, warranty) translate to near 100% retention
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installed base creates significant MRO revenue equal to 5-10% of initial project cost beginning 1-3 years after installation
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while a cable is certified up to 20 years, it rarely remains in the field that long -- underlying in-line equipment can wear out every 2-5 years and it’s easier to rip out insulation & heat tracing when performing facility maintenance
As noted above, the company reports MRO/UE revenue, however, I have made an attempt to isolate the highly-valuable and less cyclical MRO business (although there is a highly recurring aspect to the UE business as well). The table below attempts to calculate the installed base, which, according to the company, generates MRO revenue equal to 5-10% of its value per year. My basic calculation assumes the installed base grows by the Greenfield revenue (assume UE revenue offsets asset retirements). The company has noted the MRO/UE gross margin runs 50-60% and was 57% in F2015. Based on the low cost nature of MRO, I estimate mid-60% gross margins and 35-40% EBITDA margins for MRO.
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bDgQxNEjiXPcGQsWzZMps+lEf2epOhXjc/9+bPnx+VgwzkITckz8Wg58pAKwwktRHZ3zRpyqWVMkN5aA/utALnxPHn6uBf+/KSMJG2KFwh/SmTNsyUiNu3+Hpz3S3d43Tx48AnfR/3hEexk5/evU7CJXJcG7t5izgP2QN84PT74zgdkjCRvoq4yobJb+tyzV628CsBe/Gcxq5xIQlXWewk2MBC8K99XEmYSFsWXK7eYHL7EPeenAsuIydyI3R0nS8KcOeeufYfKuK0uZWGiiMOVyjP3//+96CT5ncYaeShtwZloB0G0rQRedg1a3jt6EFe2o20La4pV16epDOiLU6ZMiVqa3FlpsEk8mnreeFK0p8y+JO+gWNc6Jbucbq4cfQ12CZOb6kfcfdERhpcIicve0jZccc4e6C/lO33x3Ey0mAiX5VwlRFTXNt//PHHI1vBsfssbtVW3bYTesdhDT3ny2iruHYl9kjqQyQNR8HV0hQqaz78uedVq1Y1zOEePXrUDt0yhztt2jRz7Ngx+3fbbbdFQ7qhPKHhx2bxectrVp7eVwaEAdY7HTlyxK6Jkyl+uVfkkSH5MWPG2CJYfydrsVhO4E6ftKpD0bhE/8OHD1sVWc9H/8Ia2yeffLKtNbZF6+5zKmuR/Olt0qGL9JmtTmuLnE7UM1m24tvj2WefjfZrHDdunKGfv+mmm6IlMz4naa87ZatO4uoUJjhO0/YvXLhgzUGbazV0ClPITvStabBmxVcGXOic1IfEYWrJgUMQa2xYwA2hzEnLeVwhrAehofNHPkKzPHFyiHPn4nEKL1261Ja8UDkarwxkZYD6OHr0aLsRcda8adOzjuXy5cvRWrFTp05Zp43NjyXgILBYeenSpRLV1jFPXCH9W1ncnwZUnronlSecJ212/f777zes30mSl3SvE5hYVxUX2GxbXhIGBgbM/PnzzV//+lfroMalzxJXR1ydwORyLPWQtu8+o0mDLgymNFsY78qLO+8EplD9c/VxsbrxrZ53G5fgSepDhmCToTh3eC7unKE9Wb8m9xkKZDiT4A5rMoUjw+zck2FBd+onlMcflmfIVqZd/TzLly8P3vN1IK8GZaAVBkJtRKYTZPlAp9YnuW1NljL4uki7DOENYSK9LytvXHH6Sx8hXHIMTTd2U/cQn3AmU9mSJiuPIVxZ5Uj57RzT2MPvq+PKC2EibVVxlQ2Tz6Pb9t221qwdh3D58pvJiasHWeNC9c/XxcUaV0YIUxnrH9j8PiQOE3GCK/UauJAgjVcG6s6ANJYQzoceesg+jEL3yxjfDBM6lxVXlXVPqgvNcJXVHu1gKnM9C+FqZqcqYkLnZri0/oVqROfjxVYtT6EOGcrTCGVgGDLAsDc/y29nXUkZaasyrirrHqoLdcQE1jriUkyhWly++KrbqgdP7sYbbywfs6qRMlASBj788ENTtzZSZUxV1j2pStcRl2JKsni57qmtymWPJG3EVjoCl8SS3lMGlAFlQBlQBpQBZaCEDNgRuBLqpSopA8qAMqAMKAPKgDKgDMQwwKzQNcTXbXooBqtGKQMtMyDD1S0LKGHGKmOqsu5JVaGOuBRTksXLdU9tVS57JGmDrQg6hZrEkt5TBpQBZUAZUAaUAWWghAyoA1dCo6hKyoAyoAwoA8qAMqAMJDEwbB04dpBgW6933303iR+9pwwoA8qAMqAMKAPKQOkYyNWBY/+ynp4e+7d69eoILPsyTpo0qa19DSNhLZ7wvZfly5dHDlse+8K1qIpmUwaGLQO8MI0dOzbqJ9iKibZZ5r6jmbHo36TfkyO4XnrppSi+bP2hi4mXWfpnt4+WOMGDzbBdle0EZuoatqkTLt9WYMNOVbeV4HLrZdUxue0uj/PcHDgaxt69e+0m1GxETYMn0LkRzp492/YebFZQi//42Opnn30WfXCVvRfz2BeuRXU0mzIwLBlg0+iLFy/a/TTpJz755BPrGJS572hmKHdzbfqZvr4+s2bNGvPKK6+Utj8UTDhl3/3ud83PfvYzc+utt0b7+PKCu2TJkmjfU2w2efLkUvfxginpuHPnTrsfrezneuedd5rXXnut0rhefPFFM2fOnMhWq1atMuyRXOU2FVcvy+5jJNW7ou7l5sC5DhLO0bhx4+wbABs408HFBfdtHC97xYoVtjPH6XvqqaesEyhvruKNy5sT8cQtWLAgGtkjn6SXNy15E0Gfo0ePWr1Ix2a5X375ZTQaICMBcXpqnDKgDOTPAP3EV199Za699tro5Spt35G/NvlIFAfhjjvuqAQmHOqTJ0+aq1evmpEjR1pbwAQbe9NnuqGVPt7N3+1znhf79u0zGzZsiFSZPn263UlFXu6rXv94pp4+fdrcfffdlah/kSG8k7h6WfX650HM5TI3B27UqFH2DYBG/+CDD5oxY8aY/fv3m927d8cqioO1adMms2vXLpvvwIED5ty5c3aEDKfvrbfeMh9//LHNT9qVK1eaZ5991qYdGBiwlZTK+vnnnxveFmmczz33nKEBkv7MmTOmt7fXzJ071yxevNhs377d/vHmhUNJGbxVUgYjAZcvX7YNOVZZjVQGlIFcGaCN7tixw6xbt86O7NAu0/YduSqSozD6IxyErVu32pGsKmGir8aZkUD/+PDDD9upRpk+zdrHi6yyHHlOTJgwwdY30QmcVce1du1a+9xjcINnKs43o6VVqn9iD//o1suq28nHlsd1bg4cb9GMcFFpcMaOHDliFi1aFK01kJExUfr48eP2FAdLAo2Ljp03iG3btkVvg3FpyYNByUNgGPl73/uemThxor3m4cCPFNCLQEOdOnWqPcfZ88tADvI0KAPKQD4MMNLtjpi7UtevX2+nsniZytp3uHLKck6/xcOTdbbXXXddpTChOy++0j/CKS/e9OX8bd682WIjPksfXxbbiB44Nu4oI7ivXLliR6uqjIu2RDhx4oR57733DKPAVWpToX7Cr5dVwiR1ruhjbg6cKIpz9Mgjj5inn346dg2IpGMKc/z48ZGDJY0LoxHczcH9tPIDhBtuuME2SOb7f//735sf/ehH5vz587Yi46Ddc889VpY0VMojSH4pg87Lbdg2kf5TBpSBthhw14bJSDxtkeUKjPZInBSStu+Q9GU68tAkMBrihipgYmqKGQjpH1395dztq6uASfROOjJLw/NCngNVxIXzQ8ABvf322+3ACVPi8hytAqa4fgJMoXpZBUxJ9S7Pe7k6cBDLAso9e/ZYx8xfVxBSnKmHLVu22E4dZ6rZjwsYXZM3XWS+8847ZuHChXbY+Otf/7r5yU9+0nDfnTsnvV+GO0wb0lHjlQFloD0G6B9uvvlmuwaJTtsNrfYdroxundN/Pf/88w2zBuhSFUxxU4vCJRhYmrJ06VIbVRVMon/S0X2OVBUXM0vu1LcMhDBaVVVMYrO4ell1TIItt+MHH3wwmEfo7+8fnDJlyiBHwhdffDHY19c3aIwZnDhx4uDAwEBDMaTr7e2192fPnj24cOFCm3f79u2D/LmBvMhAFn+rVq2KbpNW5EuZlMu5BDe/yJcyJM/BgwcluR6VgQYG8mojDUK7fNFpTNLOpA3LkXaXte/otO5JphJc0p9I2qyYyNdpXHAvdpDjb37zm6jfljjBVgVMwn/c0X0OgE2eI1lxddpOcVgkzrehPAuzYkJeWXD5mLBVK/1EmTCJvfI6iq3sZvbd3gvV9apZP6JBGSgTA7pHYJmsYUwd7QHDdcSlmMrVdpK0UVslsVOue2KrXKdQs0B0Fy7y6zOmQNV5y8KgplUGlAFlQBlQBpSB4crANd0CzhoYfx1Mt3TRcpUBZUAZUAaUAWVAGagSA3YKtUoKq67KgDKgDCgDyoAyoAwMZwZY+mZH4Lq9Bm44G0Gxl58BWW9Qfk3Ta1hlTFXWPclCdcSlmJIsXq57aqty2SNJG2xF6NoauCTl9J4yoAwoA8qAMqAMKAPKQJgBdeDC3OgdZUAZUAaUAWVAGVAGSsmAOnClNIsqpQwoA8qAMqAMKAPKQJiB0jpwfN2cTZRlI+UwhGLu8G069lJ9/fXX7RF90gbSslOEbGdCPpGXRU7a8jSdMqAMKAPKgDKgDAwvBnJ14A4dOhS7eTXffJs0aZJ1YtLQi+PDxtC7du0yFy9eNLfcckuUDQcIxwqHKGtALo5VGidK9kuVMmS/PLlOOsbtrSrysshJKkPvDU8GqPe0JdkkXtpVXm2vaFZ9/cGB7lXRP44fxWRM1j4+jsdOxLnfH5U2xN68L730UtSmVq9eHalSBVyKqTr1L6pYOZ3k5sDhHO3du9f09/fbP0bOCFQuwtmzZ1N/qJe9S2lcs2bNsnndfzhzbNbbykd//T1RXbn+ueyXevXq1aZ7s/p54/ZWFXmt6O3L1+vhy8Cjjz5q1q1bZwYHB+3fnDlzzFtvvZVb2yua2RdffNGgs+jP3smnTp2qjP5x/Cim7H18HI+diHM3Tud50NfXZ9asWWNeeeWVXJ5dncDgl6GYqlP/fNu1e52bA+c6Rzgr7K7AWzWb7YY+2Ou/ufLmQx7yHj16NJLhgsQhFKeQ41NPPWWnWXH4eJPCkSRe3q7kbcqXSxpG4nA0SctIxooVK6LRuY8++shuEixHdIjTl3hXDvL+8Y9/mHnz5rlqG+R8+eWXUXmiq5/f1SMOR5IeDQXqRe0YoP6dPn16SN2izn/22WeG0d20ba8M5NBuwHP33XdXUv84DhVTHCvljNu5c6cZP368ueOOO2pT/xRTOetaYVrJpqjtbrIqmzqz8Swb6r7wwgvRZsFxsiU9m9QS2GiYTe3ZhJfNk2WjYT8v8ZKHc9m4nnySf/78+Vaenxe5sjGzX77kRw+ClCPHuPTLli0b/PTTT60OopMvR3RwdXWxxslNwhGXHj2I11AMA3m1kXa1c+sNsuT6xIkT0QbkadoeebuFSeov/YS0XTcujf7d0j1kP1f/VjF10yZxuOqIycXp9tMu1irWP8HVDqay1b86YxJs7RylD8xtBO7aa6+1o2ZMjRw4cMAcOXLELFq0aMhImHiix48ft6dz586VqOjIqN3SpUujazmREQjemuR827ZthrIJEyZMsFOr6LBy5cqGHxFwH7lTp061aePKJ/+oUaMi2SNGjLAjBJRH+jfffNPcddddFtPMmTNtGX/+85+tPBeHyLE3/jtyx0iDq6vcC+nBVGscjpAewoHI1WP9GKBOPPbYY4a6x6gxI9WXLl0yN9xwQ6a2101m1q9fb4s/ceKEee+99wwjBln7jm7qH1e2Yuqx9VFmO+I4KlMcI9assWY9NG2q6vUPbhVTj6lK/cuzLeTmwIlSOFaPPPKIefrpp2PXFUg6phRxjMTxkEX+XF+5csXek7RylDRMFbnn3GfqaOTIkXYaienXDRs2mOuvvz6aEqWCu3L98o8dO2bzU77IlnIpj/Ss15G1OxwXL15s410crhzJL/LkBwzudUgP0sbhCOkhZemx3gxQ56QObt++3a4nk3WVadtetxhiSQCBen377bfblzzWs9I2CWXX3yrp/VNMQ9eOeRSV7pKXBsLatWsbdKti/RMAiqnfLk8SPobLMVcHjgaAk7Nnzx7rmPnrcpJI3bFjh30jwoGSfH5694cA7jnp/B8OMCLGAlUJ7ho9iZMj61a2bNli17wRJ7Kz/oDBlyPykTd69Gg7ukecYJUHr6SLy+/jkLR6HN4MUFf27dtntm7daolop+11iklGwKdPnx4V577sVEH/SHHnRDE1rr10qCnlKe3m+eefHzIbUtX6B8mK6X9rf0tZ6YpUSuZS25mPJS/z71OmTLFHrv11BbK2TMrhmvUGrIXhjzViBNaSyToSSStHdw2bey5lse4uTib53fLIi769vb22bMq7//77I91Fthz9/O76nSQ5rt4PPPBAhNXFF5f/8OHDqXC4ekhZesyfgbzaSLua0UakvVDPpU1lbXvo0Q1MtG3Rn6NgyKp/N3QP2S4vTN2ySRyuOmICpzwn6NfdUOX6lxcm+PwhjZwAAB2QSURBVChLu6ojJre+5XEuturhpEyb2TMlwVvt7t27i/RbVbYykJoB3eQ5NVUdSVhHe0BcHXEppo40iVwKUVvlQmNHhIitrulIaSkKYRh4wYIFNiU/gNCgDCgDyoAyoAwoA8qAMhDPQGkcOD7Qy64LGpQBZUAZUAaUAWVAGVAGkhmwU6jJSfSuMqAMKAPKgDKgDCgDykBZGGDpmx2BK9MauLKQo3ooA8KArDeQ6zocq4ypyron1Z064lJMSRYv1z21VbnskaQNtiLk+hmRpAL1njKgDCgDyoAyoAwoA8pAPgyoA5cPjypFGVAGlAFlQBlQBpSBjjGgDlzHqNaC6szAxo0bo10/6oSzyriqrHuoDtURE1jriEsxhWpx+eKraqth58DxuZKxY8eaSZMm2a17yleVVKOqMcBWUOz0IVulVU3/kL5VxlVl3etojxAm4tVWSeyU514d7VT5+idf9E3zdWB3NwP5ojq7GfAl66oEvmbPl8Yl+F/hfuihhyqFR3DosTgGktqIuzsCbcL/yntRWsnXymU3A79tNmuXSZjQuWhc7ejfbd1DNm0HEzKTcBVtDx+TX5+o226/6WP188t1EibSlAWXjzep/VQFk7+jhrv7idjHPSbh6rSd0Itns+yWhO7oQPB1ceuli4fzJExxsoruv/16Ju2qVVul/g4c3vfKlSvNunXr7HB3ed4L0msCBvYldQPfn2ODeAL3//KXv5jvfOc7hngNykASA4zmnj592gwMDBh/X9ukfHncY/PqGTNmmJ6eHiuO8s+ePWvPqcdLliyxdb2VetwJXEXp3wndQ/arG6aJEyeat99+O7Zu+1hDnCTFd8tWIVx5tJ+yYRocZPe6/wTZ5ShrX9UNTPRhmzZtMrt27TKLFy8WCHaZypUrV+yMB/umHzp0yO4tzp7hXGcJ3cCFfqH614qtUk+hnjlzxly+fNncc889sRyxGTA7KfDHQwViqTCcyx/XBNIyhSnxpI2Lcwvi/gMPPGB+8IMfRPmQF1cu+fyyn3jiCftQe/PNN81dd91l5s+fbx02yQ8+HnpyX6dYXfb1PMTA559/bi5cuBC6XUg8Hc/JkyfN2rVrC5GP0CJxFa1/kbqHCK8jpk5g7YatQrjyii8jJp5z+/btMxs2bGgJZqcx8Tzu7e01OGZuOHbsmBk5cmTkrM2aNcv6AyxhaSV0GlcaHbPYKrUDx8jV6NGjzahRo6zjgwOEAyaOEIqdO3fOPPjggwZPcvz48bbCMDrBdX9/v71GuVOnTpk5c+bYeO7hYcfF+WBxru67774GeTw83XKRRWdKZXXLPnz4sPnFL35h+vr6zMGDB83Ro0ejSkA5eO+vvvpqdJ+3saxvKr6+el1vBhjd4qVi5syZHV1TuWPHDjsa7r9xyksLbZSO2n1zzWKJonEVqX/Ruod4rCMm+tVx48bZft59oQ1hDXETiu+WrUK48mg/ZcMk3PN8nTZtWkszS93AhL/x8ssvW3/DHegBz/Tp0wWWPbbqhHUDFwqH6p+AymKr1A6cCOfIgwMHSLze48eP29sMDeIREzAAFUacoMmTJ1sHEOVIw9C86/zFxVlBzj9XPvImTJhgR+Dc+GZlO+L0VBlomwF+vcRLyIEDB8xNN91kVq9e3bbMJAGMVhPinDPRhZele++9146CJ8lKuiey8sbVCf2L0j3EVx0xyZQ8dZs/XrgfffTRqE7F1b8QP0nxnbZVCBc6ii7tth+Rk3fbCfGYhIk8TEfidC9dujQkoml8pzGhEIMt+BjUP2zy5JNP2uf9+++/31TftAk6jStvW6V24BhRYwpVnLa0BLnpGBJFjoDYtm2buf76622nEBfn5m33XMpuV47mVwbiGOBt7siRI3ZNHKPMRYX9+/ebPXv22FERRkd4kcJxZNRZArps3rzZdtp03u2EvHF1Uv+8dQ/xWEdMPlYe/ryU/+pXv2pa//y8aa47ZStfF8HltpO82k9ZMMkAiz8d6XOR5rpbmPiF/5gxY4aoKMtX2v0CQLdw+fUvq61SO3AAZESNt7A0AUeNBd7yMGNO+/z58w2fWkAmDxr5EQFy4+KkPIYeGcEjiDwcPz+kKdvPo9fKQLsMsD5Dlhm0KyuUf/fu3faNlLdSlggwiv3Xv/51yNQIb6m0A3+aNSQ3KT5PXJ3WP0/dQxzVEZOPFSeV+vTb3/42Vf3z86e57oStfD0El99O8mo/3cYko2+LFi3KpS+Av05gYkaOASOe8wSe+/R53/3udxv8CnRxZ/p8+2a57gQuXx+3/rVkq2Y/s/V/luv/hNf9jMH8+fMH+ZmsBH6Sy89k5U9+7uvGy8+14+JEDkfkIp8/V57Eu+WS3pUnP9WVn76LHq5cyS/5BJerg54PTwZCbcT/mXun64xb97PqEsKEhbPKarVWtKp/GXQPYW4VE/JCuDplDxeT/1mDvr6+QfpPN7hY3Xj3PISJNGXClUWXqmASjmfPnt3wXHbt456HcGXhxpXX7rk8i3l+i5+ATDe+WZ8bwoScbuBKalfok9VWJglguwbIM3+aziLP8lSWMiAMNGsjVfx2YDNMYC8rrirrLnUq7tgMV1ntEYdF4pphIl3VcNURE3ZohqtqdkqDqYr1z8WVegrVH/rTa2VAGajnV+SxK8P5rHdtd21JN+pIlXUP8VVHTFWvZ8PJVlr/QtbubnwPXveNN97YXS20dGWgxAx8+OGHpm5tpMqYqqx7UjWvIy7FlGTxct1TW5XLHknaiK2sA5eUUO8pA8qAMqAMKAPKgDKgDJSHAQYV7FZadRtdKA/FqkkdGJC3nTpgEQxVxlRl3YX/uGMdcSmmOEuXM66utvq/A//XQPjgT/+3vVjDjQpdYCuCroGrkNFUVWVAGVAGlAFlQBlojYE6OG8ucnXgXDb0XBlQBpQBZUAZUAZqx0DdnDcMpA5c7aqpAlIGlAFlQBlQBpQBYaCOzhvY1IETC+tRGVAGlAFlQBlQBmrFQF2dN4yUqwPHps49PT32z93U+5lnnjGTJk2KttXqVu1gv8jbbrut63p0C7+WWy0G3PZEu6IdUYfHjh0btTO20uIbTW7asrQ9V6cq6u/XFrYFpB+TPg47YA8/Xvo6F39ZbOJj4trVU+zkYxKsbtoyYwrhEvyCrw62qiMm+jppZ3Kkr3vppZei+LLXv1AdlLonuNppW/ZXqFIB2jnyENm7d6/p7++3Yn7961/bI4YgnD171h67+Y99Vk+ePNlNFbRsZSAVAzgGTz75pN3v1N/v9+LFi1YGaVasWGGdiLK1vTT605GxtyFpy6Z/nJHYOHvJkiXWkXbv8yBZt26d2bhxo43m+q233jKvvPJKqftDlA3ZiXgfK3381q1bS48pCRf3wLFhwwZz7733WjvxIK1C/QvZqq6YpD1hL+rimjVrKtGmsAchZK8821ZuI3B8tf2zzz6zX27/17/+ZcaNG2ff7NgUWAzxX1zRAefuqaeeikYU6Phcz5u3PSFCRh14Y5KHFvdcGeSHnKS0pHfz0HhlFCNSTE+UgS4zsGPHDvPYY48Z33lz1aKdffXVV3aT6qxtz5VTxHka/dmgevTo0bbPKJv+cZyw2TX9mhtwQk+fPm3mzZvnRlsnoQqYQnaKw9pKH99ASgcvQrhQYf369XYm5mtf+5phk3c2Sa+yreqKSarLzp07zfjx480dd9xRCTuJ3qE6mGvbarb/GftupQmyUTwbz7LB7AsvvDDIxvdJgfuySbJsLMtGtQSO3Be5sgG9v+GrKyNNWuS4eXx5SfrqveHJQF5tJC177PtLG6ItyR911g1S12kncp6l7RWJKUl/aefoKm0/q/5F6u5y7J9jA7GHbK4NVjagBhdBrk+cOGHxlcUmPhbRNVTP4rBmtRNldMNWSfVP+n90AyPXWXHVEVM3bJVkJ/QhuM/nrHYifzdsRblJ2PJoW4IrtxG4a6+91hw9etS+zRw4cMAcOXLEvt3IPC+jY26QN9dt27bZEQRGE2bMmGHWrl1rkzFyN336dHP8+HF7PXfu3Cj7hAkTzKhRo+zaE95+RUaatCNGjLBvzJIHoSIvKkBPlIEuMsBU3a233mr3ImV0gGUJ1HPajARGEXgrZXQ7a9sTGUUdk/RnGQNTwAMDA+b8+fOGt+uy6R/iZffu3bZ/wyabN282mzZtsv0QI6UzZ860a3MYobt06ZK54YYbMvWHoTKLjE+yUxxWdMnSxxepe5LsEK7XX3/dTpX+/Oc/tyOkV65csW2oCvVvOGGSfo6pU9rY8uXL7UxEFewk9TJkL7Dl2bZyc+BEcRR85JFHzNNPPx3NV/MAYlrTDQAkyGbZH330UdSYMBwO3dSpU40bT3qGH0eOHGk7/SQZobS2UKdcyhF5ck+PykA3GaBO4gTEBdoGU/683NARuCFt23PzFHGepL+Ux9Qw68Z4UZNQFv1Fn2ZHHGgeKosXL44cu+3bt5s5c+ZEU99lxpTGTsKBYOW6zJjQLw7X559/bn7yk5+Yl19+2TrdDABwvmDBArvspuy4hgsmqW8cebkjyKCO3Ct7/UPPOHuJ/v6xnbaVqwMHsatWrTJ79uyxHZu/rsBVHIDTpk2LOjo68qVLl9okrLVg5G7WrFluFtvQtmzZYh9e3PBluIlZCxeX9urVqw3l7t+/P5Ln5tdzZaAsDLCWgrZCuPnmm+0CbH9daZa212lcor+7ng9H9I033ojaXpn19/lC1+eeey7qr+Q+fc6+ffvsQn/iqoQJfePs5GOtGibB9c1vftMOBjB6yt/BgwdNX1+f+fjjjw2jwlXDha3qiEl8AtrS888/H82uSRurmp1E78Lalsyl2gnnNv4xVz1lypRoLYg/X82csBtYuyPr3Ui7bNmyKC+yuCaec9abyJqZ+++/P0rnykC2m5Z1KQsXLhyS1s0jOsr6Olc/PVcGhIG82ojIa3aUeinrrVgr9umnn0ZrqiSeI3U3a9uj/CIxxelPnLv2A925JmTVv0jd42zj40F36btcTKwnk34uK6aibZIGV6ieCdYqYAKnby9Za+ly4D4HsuLqdP3rBCbK6DSukJ0kXuqd2C2rnbqBSXQVDNJX5922xFY9nNRxM3vXU3ff/MUj1qMykJaBum7yXNV2X0d7UBfriEsxpe1lup9ObdV9G6TVQGyV6xRq2sKLSud+goTFxAsXLoymaIsqU+UqA8qAMqAMKAPKgDLQaQZy+5BvpxWPK491Qf7aoLh0GqcMKAPKgDKgDCgDykCVGbBTqFUGoLorA8qAMqAMKAPKgDIwnBhgCYwdgavqWpjhZCzF2j0GZL1B9zTIv+QqY6qy7kmWrCMuxZRk8XLdU1uVyx5J2mArQq3WwCUB1nvKgDKgDCgDyoAyoAzUhQF14OpiScXRVQZYe8m3i+oWqoyryrqH6lEdMYG1jrgUU6gWly++qrYqzIHjYcYWGHywU4MyUGcGqON8fFp2FakL1irjqrLuofpTR0xgrSMuxRSqxeWLr7KtMjtwOGZsi+XvbZpkFr7Jdttttw0ZoYA4tgWS/VI5PvHEE0Pi+DwIgfQ4hegQl5f86PaHP/xhiIxJkyY17CXZCo4kjHpveDJAO2BbnhdeeMHw6Rqpq0WxQVuiLkubob5TlwlSp+Veljbq61sUrk7oX5TuPkdyHcLkx2OXQ4cOSbZMx7JicutfJkD/TVxHXGXFVIf6R/uR/k2O/rM9Sz2suq0yO3DsRXrvvffazajpoNIEPqR78uRJu2WJn763t9du1i1bnDCU6caxjyrb0/hluRvbsi0KW3ghg42y2RrFlUE8+y6uXLkyGhFsBYevu14PbwZwmNhkno3Z3fpbJCu0pbNnz9ryGPWbMWOG3R+YFxo2ft61a1eki79Xalq9isRVtP5F6h7iL4SJ9BMnTmyoH+ybmjWUBRNbF8ZhJb6VUHZcPCOyhjJhQve61T9332H6XH/v4Sz2qoOtMjlwPCRwxH70ox/Z0YZTp0418IU3K17xihUrons4X3EjcFGCJicTJkywoxxNkiXevueee8z58+fN8ePHrROXhCNRkN5UBhwG2CT7woULTkx3Ts+cOWNfWubOnZuLAp3Glaf+ndY9F8KbCKkjJiDXEZdialKZc7qNX8HgzoYNG1qWWHVbZXLg6GQJkydPths5s0ErTh3B92YfeOABc+nSJXsv6R9pZs6caR0/GY534xYsWGAeffRRw4hbO4E3xzlz5lgRSTjaKUPzDi8GGOmlnlN/2xnGb5U16vEnn3xi5s2bZxgFefnll+2LjrxEtTpd1ylcRejfKd1DNnMxkebcuXP2ZRebtFpHuoVJdrZhiQAPSRk9DMWHOAnFlw2X6OnbUOLTHMuGqY71T+zAANK0adNiZ/YkTdKxFraSTVFlE9akIxs3ywazbNrMhvFsMEtgU23ZnJpr4mVDej+tlMGGr+4m9sT7ce4Gtv49keOXHZeOODaUlbQhHCJTj8qAMJCmjVBPe3t7G9qA5C/i6NZn5FOv3U270Yf2KZur+zqkwUSeonC1o3+3dfe5lGsfk8TLkf7R7SMlXo5pcBVlD9Eh7ihlUsfcEIp306TBRHqRlcSPKzePcynTxdXMhpRbNUzCVZ3qXxo7DQdbpR6BY7jy7bffNg8//LAdLWPB9jvvvGPX3yR5ue3ew0v+5je/2XY5rBe6fPmyGTFiRFdwtMuD5i83A9TTI0eO2DVx/nrNvDVn1HvJkiVm0aJF0aiIXwa/iB0zZowfnfm6CFyd0r8I3UMEpsG0dOlSO1IqsxYhWUnxncQkelDm5s2bjTvjwr1QvOTLciwDrjQ2rBomV9861T+WQhHyWjJShvrXiq1SO3AMV7IWDUdIFmzz44E33njDTqOOHz++4eHFAtA0U6iu0nHnNCqmh6ZOnRp3O3Uc07AMt169ejURR2qBmlAZ8Bigzo8ePbrt9Zqe2CGX69evN7Q3fvAjYdasWfYFhekfAu2Vdsr0V7shb1yd1D9v3UNcxmHy0+7fv9/ard3lIJ3C5Or//vvvx+oeinfzpj3vNq40NkyLRdJ1G5PowbEu9Q+fgJcJXmDbbUsuP5W0VdrhYIZfZdpRhmT9qVHSGGPs38aNGwfvv/9+OyXqp5P8MgwqeTh+//vft1NBbpyUS3p/yhVZMi2aJFeG5tPgEDl6VAZgINRGZApG6urEiRODU5Z5MUldl/LkKFOntBOJYzoX/UIhhIn0ReLKQ/9u6R7iMoTpN7/5TWQP7CJ2CskJ4SrSHiFdQmWG4kNyQphIn1VWqIws8aEyQzbkmeOHqmKqQ/3DFtgwaXmIa6+628okAXSJaOc85MC1I1PzKgOdYqBZG3nooYcSnaVO6ZmlnGaYkFVWXFXWPclGzXCV1R7tYCpzPQvhamanKmJC52a4tP6FakTn48VWqadQ3aHGLOf8OvWmm26y06l1+1J9Fh40bT0ZYDhfd2Eol23raJM6YqLW1BGXYipXf5CkTdVt1YMnd+ONNyZh1HvKwLBm4MMPPzR1ayNVxlRl3ZMaUh1xKaYki5frntqqXPZI0kZsZR24pIR6TxlQBpQBZUAZUAaUAWWgPAwwqHAN6tRtdKE8FKsmdWBA3nbqgEUwVBlTlXUX/uOOdcSlmOIsXc44tVU57RKnFbYiFL4GLq5wjVMGlAFlQBlQBpQBZUAZaJ0BdeBa505zKgPKgDKgDCgDyoAy0BUG1IHrCu1aqDKgDCgDyoAyoAwoA60zoA5c69xpTmVAGVAGlAFlQBlQBrrCQK4O3KFDh+w+qT09PWb16tURoGeeecZMmjTJFL1HZFRg4IRv0t12221d1yOgnkYrAxED1NWxY8dG7Wn+/Pn2m1m0JdqX+8e9l156KYorQ9sL6U8fQF/g6k+/Ufa+A8OEMInRBJv0dVXAFNKd72NRr8RO1EXwVwVTyFZiI8FVJVvVEVOo/oWwVqX+CS6OUuekruXZtnJz4FBq7969pr+/3/7R4Ak8cAhnz5411113nT3v1j82rD158mTX9egWfi23OgxQVy9evGj3Mx0YGIj2OWX/U9mLmA8I9/X1mTVr1phXXnmlVG0vpP+LL75o5syZE2FYtWqV3be17H0HNSeEiXv0fxs2bDD33nuv3WsZB6EKmOJ0Z//cnTt32r1Ppa7deeed5rXXXqsMppCt2BN73bp1Uf2jLr711luVwFVHTKH652LFp/jkk0/sC0RV2hS4CH6/kHfbys2B42Hy2WefGXZbYPP5cePG2bc1Njt2N93+Ly57wLl76qmnopEGRg7cEQa8bYLrjePFrlixwsZxz5VB/mZpSe/moaOV0Q1bmP5TBkrGABvTjx492kyePLlBM3nI3nHHHZnbXoOggi9C+tNWT58+be6+++5S6x9Hj4+JjdAZ3f/a175mN9nG8cnaH8aV04k4X3f68n379lmHVMqfPn263XGkKphEb45iKzY+p77NmzfPvW0fslXDVSdMfv3zN6jHn/jqq6/sxvVVs5OPLe+2lZsDh2dJp4Xj9uCDD5oxY8aY/fv3m927dzc0FvcC5463n48//tiOHhw+fNjeRs727dttfjzYTZs2mV27dln5Bw4cMOfOnbOOIoldGT//+c+bpp06dWpDHrz7y5cv287J1U3PlYFuMuC+iOzYscO8+uqrtgMTnbjPQ3br1q2mlbYncoo6hvRfu3atfcHjxYl2fezYMeuYZu07itI7SW4Ik7xo8qJKf0QfU0abxGGL0/3ChQt2FNF9YQBXVTCBM2QrlwOmtnDosFeV61+VMcXVPxcPz3/6P0ZNqY9VsJPoH4ct77aVmwOH13z06NHIyTpy5Ih9E5W1Bu66HABK49m2bZt9MOFlz5gxw9DBE+gweOs7fvy4vZ47d6498m/ChAm2M/FlpEk7YsQI22ilXFdeVICeKANdZkCmEJg+PX/+vJ3SEpXkpWb58uV2OUDWtidyijyG9OeNlHDixAnz3nvvWVxl1D+OmzhMOApM6/DyiF2uXLlipx6rgCmkO071yJEjoxcGwcVIaZY+Po7DTsXF2YolPI899piZOXOmXdvHYMOlS5fMDTfcUAlcdcMUqn9uHaG/GD9+vJ3Fq0KbEt1D2PJuW7k5cKI4TtUjjzxinn766dh1OZIOT5QgG9x/9NFHUcdHh4FDx5uRG096l4AkGaG0tlCnXMpxOyu5r0dloAwM8NDh7ZMXGglMnRLkZUfi07Y9Sd+Jo6s/SxcIOAG333674SWPNam0d0IZ9beKef8E0x//+Ec7ivjyyy/bF0pGqDhfsGBBtMSjrJjgnBHQON3feeedBsRnzpyxLxHSV5cVU4PS/70QW0n7Wbx4sR1kkFke1sCRhlAVXHXAlFT/cH64z9ImBnH8Wbyy2ykJW95tK1cHDmJZlLxnz57Y+Wq3geE4TZs2LWo8NLClS5faJMwTM3I3a9YsN4vtFLds2WKNyg1fhpuYShCX9urVqw3lMs1LJdGgDJSRATqDN954I6qj1Ovnn3/euCPI6J2l7XUSp6u/jKpL+e7LWFn1F13do2D69re/HY3c4BAcPHjQ/qiEJSGMlpQZkzua4es+e/ZsF66dwpLR3jJjalD6vxdiK7+Ppx3JEgSSVglXHTAl1T9eFG6++Wa7BtNfP18FOyVhy71tffDBB4N5hP7+/sEpU6YMciR88cUXg319fYPGmMGJEycODgwMNBSzffv2Qf4k7bJly6K8yOAaGZz39vZaOci7//77o3SuDOS4aWfPnj24cOHCIWndPKLjwYMHG3TTC2XAZSCvNuLKTDpftWqVre+0Hf64Jkh9lXYjMqj3Wdoe+YrEFNKfdiaY3H4hq/5F6i6c+scQJjed27dkxVS0TVw9485d3emr6bPFVlL/qoIpZCs33n0mZcVVpvqXF6ay1D/p46TuyZG+I6uduo1J2lkRbUvqYA8nddzM3vXUZYg87g1N45SBZgzoJs/NGOrs/TraAwbriEsxdbZttFOa2qod9jqbV2yV6xRqZyEMLY01NvKjCRaoLly4MJqiHZpaY5QBZUAZUAaUAWVAGagmA9dUU+14rZkv9+fM41NqrDKgDCgDyoAyoAwoA9VlwE6hVld91VwZUAaUAWVAGVAGlIHhxQBL33pYaDe8YCtaZUAZUAaUAWVAGVAGqs3A/wMxt/E6Q4rj3gAAAABJRU5ErkJggg==)
The $35mm of estimated MRO EBITDA earnings power translates into about $25mm of NOPAT. The MRO business should grow in the mid-single digits over time and I believe it is worth around $15 per share at 20x NOPAT (about 14x EBITDA).
THR is worth around $23-27 per share
A significant portion of Thermon’s revenue is cyclical as noted above so I’m taking a flexible approach to valuation. First, I start with management’s F2016 revenue projection of a mid-to-high-single digit decline (after the impact of the 3 announced acquisitions). F2016 could be worse but the company has already reported two quarters in F2016. Next, I model out various Greenfield, UE and MRO scenarios over the next few years. Finally, I reach a value of about $23-27 per share in NPV terms after discounting a forward value back at 10%.
Below is my “base” case summary model:
![](data:image/png;base64,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)
Risks
As mentioned above, risk to permanent impairment of capital seems minimal. First, the margin of safety is compelling: the high quality MRO business alone is worth around the current stock price. In terms of the business quality, Thermon generates significant free cash flow and has a highly variable cost structure, which should help the company navigate a challenging energy CapEx environment (chemical end-markets should benefit from lower chemical feedstocks). Lastly, the balance sheet is conservatively levered (0.6x net debt / EBITDA). It is worth noting that the company ran with 4x leverage (at 9.5% coupon) under private equity ownership.
One point of potential concern is that Thermon’s management has become acquisitive over the past year. To date, the company has spent over $40mm to acquire 3 companies. Two of the targets seem reasonable: a distributor in South Africa and an insulation contractor in the Gulf Coast. The third acquisition (Sumac) is more of an adjacent acquisition. It’s too early to evaluate management’s capital allocation skills but it’s certainly something to monitor.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
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energy CapEx
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future acquisitions