Hayward Holdings, Inc.

HAYW

Refrigeration & Service Industry Machinery

Mkt Cap

$3.042B

PE

37.04

Debt

$1.094B

Cash

$115.9M

EV

$4.02B

FCF

$167.5M

Market Cap

$3.042B

P/E Ratio

37.04

Debt

$1.094B

Cash

$115.9M

EV

$4.02B

FCF

$167.5M

Charts data: {"Earnings":[{"time":"2019-12-30","value":42000},{"time":"2020-12-30","value":335000},{"time":"2021-12-30","value":97503000},{"time":"2022-12-30","value":179347000},{"time":"2023-12-30","value":80687000}],"Sales":[{"time":"2019-12-30","value":733445000},{"time":"2020-12-30","value":875402000},{"time":"2021-12-30","value":1401794000},{"time":"2022-12-30","value":1314136000},{"time":"2023-12-30","value":992452000}],"Net Margins":[{"time":"2019-12-30","value":0.0000572640075261267},{"time":"2020-12-30","value":0.00038268132812125174},{"time":"2021-12-30","value":0.06955586912199653},{"time":"2022-12-30","value":0.13647522022073819},{"time":"2023-12-30","value":0.08130065736176662}],"Assets":[{"time":"2020-12-30","value":2607100000},{"time":"2021-12-30","value":2978470000},{"time":"2022-12-30","value":2875013000},{"time":"2023-12-30","value":2946284000}],"Stockholders Equity":[{"time":"2019-12-30","value":164000000},{"time":"2020-12-30","value":209200000},{"time":"2021-12-30","value":1369513000},{"time":"2022-12-30","value":1223034000},{"time":"2023-12-30","value":1311458000}],"ROE":[{"time":"2019-12-30","value":0.00025609756097560977},{"time":"2020-12-30","value":0.001601338432122371},{"time":"2021-12-30","value":0.07119538113183299},{"time":"2022-12-30","value":0.14664105822078535},{"time":"2023-12-30","value":0.06152465423978503}],"ROA":[{"time":"2020-12-30","value":0.04777415519159219},{"time":"2021-12-30","value":0.1067574962984351},{"time":"2022-12-30","value":0.09932928998929744},{"time":"2023-12-30","value":0.05947220295124299}]}

Hayward Holdings, Inc. designs, manufactures, and markets a portfolio of pool equipment and associated automation systems in North America, Europe, and internationally. The company offers pool equipment, including pumps, filters, robotics, suction and pressure cleaners, gas heaters and heat pumps, water features and landscape lighting, water sanitizers, salt chlorine generators, safety equipment, and in-floor automated cleaning systems. It sells its products through specialty distributors, retailers, and buying groups. The company was founded in 1925 and is headquartered in Charlotte, North Carolina.

Sector

MIDD

10-Q
9/30/23
10-Q
7/1/23
10-Q
4/1/23
10-K
12/31/22
10-Q
10/1/22
10-Q
7/2/22
10-Q
4/2/22
10-K
12/31/21
10-Q
10/2/21
10-Q
7/3/21
10-Q
4/3/21

DCF

Discounted Cash Flow Valuation of Hayward Holdings, Inc.

Calculate

Growth Years

Growth

Start

End

Discount

Start

End

Multiple

g\r	+10%	+11%	+12%	+13%	+14%
0%	10	9	8	8	7
+1%	11	10	9	8	8
+2%	13	11	10	9	8
+3%	14	13	11	10	9
+4%	17	14	12	11	10

Years	0	1	2	3	4	5	6	7	8	9	10	TV
FCF	$167.5M	$147.2M	$129.4M	$113.7M	$99.91M	$87.8M	$77.16M	$67.8M	$59.58M	$52.36M	$46.01M	$460.1M
DCF		$128M	$97.83M	$74.75M	$57.12M	$43.65M	$33.36M	$25.49M	$19.48M	$14.88M	$11.37M	$113.7M
Value	$619.7M

Chart P/E ratio

In the chart Earnings are multiplied by this value.

Earnings Growth 200%

Earnings Stability -49%

Competitiveness and MOAT

High margins render the company resilient under dire circumstances, hence able to drive competitors out or acquire them. ROE and ROA measure the average flow generated by each invested dollar. Their marginal value is a forecast of future growth, and it is considered by Buffett and Munger the most important single indicator.

The Net Margin is too low to guarantee profitability in case of higher costs or higher interest rates. Furthermore lower margins cause higher earnings’ volatility.

Data are missing

Years	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Net Margin	0.0057%	0.038%	7%	14%	8.1%	8.3%
ROA	-	4.8%	11%	9.9%	5.9%	6.1%
ROE	0.026%	0.16%	7.1%	15%	6.2%	6.2%

What is the average Net Margin?

The average Net Margin over the past 5 years is +8.13%.

What is the trend of Net Margin?

The trend of Net Margin over the past 5 years is -.

What is the average Return on Assets (ROA)?

The average ROA over the past 5 years is +5.95%.

What is the trend of Return on Assets (ROA)?

The trend of ROA over the past 5 years is -.

What is the average Return on Equity (ROE)?

The average ROE over the past 5 years is +6.15%.

What is the trend of Return on Equity (ROE)?

The trend of ROE over the past 5 years is -.

Safety & Stabiliy

Being debt the number one cause of investment losses and company death, the ratio Debt/FCF is of utmost importance to guarantee safety. On the other hand the Graham’s stability measures the drawdown of earnings, hence indicating the reliability of the flow generated by the company.

The company has high debt with respect to the cashflow it generates.

The Graham’s stability indicate reliability of earnings, and consideration about the future are more dependable.

Years	12-2019	12-2020	12-2021	12-2022	12-2023	TTM
Debt FCF	-	6.53	6.17	13.08	7.31	6.53
Debt Equity	-	6.23	0.74	0.92	0.86	0.83
MIN
Graham Stability	-	-	-	100%	87%	87%

What is the Debt/FCF?

The Debt/FCF trailing twelve month is 6.53.

What is the trend of Debt/FCF?

The trend of Debt/FCF over the past 5 years is -.

What is the Graham’s Stability?

Graham’s Stability measure stands at 0.87.

Growth

Growth can be dangerous when forecasting, simply projecting the current growth is in general wrong. A company passes through multiple phases, from being young and unprofitable, to the first periods of profitability and high growth, until it arrives at a period of regime with limited growth. Identifying in which phase the company is in may help forecasting.

Earnings growth has not been increasing in the past years.

Years	12-2020	12-2022	Trend
Revenue	4.3%	-24%	-20%
Net Income	520%	-55%	-3.1K%
Stockholders Equity	84%	7.2%	-63%
FCF	-8.4%	78%	-36%

What is the 5 year Revenue CAGR?

The Revenue CAGR over the past 5 years is -.

What is the trend of Revenue growth?

The trend of Revenue growth rate over the past 5 years is -19.79%.

What is the 5 year Earnings CAGR?

The Earnings CAGR over the past 5 years is -.

What is the trend of Earnings growth?

The trend of Earnings growth rate over the past 5 years is -3.12K%.

What is the 5 year Equity CAGR?

The Equity CAGR over the past 5 years is -.

What is the trend of Equity growth?

The trend of Equity growth rate over the past 5 years is -62.63%.

What is the 5 year FCF CAGR?

The FCF CAGR over the past 5 years is -.

What is the trend of FCF growth?

The trend of FCF growth rate over the past 5 years is -36.39%.