Universal Stainless: It Was Profitable In 2023 Due To High Prices, But This Is Not Sustainable [Seeking Alpha]
Universal Stainless & Alloy Products, Inc. (USAP)
Last universal stainless & alloy products, inc. earnings: 4/22 06:45 am
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US:NASDAQ Investor Relations:
univstainless.com
Company Research
Source: Seeking Alpha
The decline in shipment volume suggests that USAP may have lost market share. The company's performance from 2012 to 2023 showed minimal growth in revenue and negative returns on equity and assets. There is no margin of safety based on its cyclical performance. The market is pricing USAP as if the past 2 years' product prices are sustainable and not cyclical. Investment Thesis Universal Stainless & Alloy Products, Inc. ( NASDAQ: USAP ) is a cyclical company. At the same time, it is facing declining shipments. Its better performance in 2023 was due to the unusually high product prices that resulted from unusually high raw material prices. Raw material prices are coming down and there is no evidence that USAP could rebuild back its historical shipment tonnage. I also have concerns about its financial strengths. There is also no margin of safety based on valuing its performance over the cycle. This is neither a wonderful company nor a value investment. Thrust of my analysis
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USAP
News
- Universal Stainless to Webcast First Quarter 2024 Results Conference Call on May 1stGlobeNewswire
- Yahoo Finance [Yahoo! Finance]Yahoo! Finance
- Universal Stainless (USAP) Rallies 39% in 3 Months: Here's Why [Yahoo! Finance]Yahoo! Finance
- Universal Stainless (USAP) Hits 52-Week High: What's Driving It? [Yahoo! Finance]Yahoo! Finance
- SA, DNMR and TSE are among pre market gainers [Seeking Alpha]Seeking Alpha
USAP
Earnings
- 3/28/24 - In-Line
USAP
Sec Filings
- 4/10/24 - Form DEF
- 4/10/24 - Form ARS
- 3/29/24 - Form 10-K
- USAP's page on the SEC website