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Hayward Holdings Inc HAYW

Morningstar Rating
$14.33 −0.46 (3.11%)
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Company Report

Hayward Earnings: Well Positioned to Return to Growth in 2024

Narrow-moat-rated Hayward ended 2023 on a strong note, as its full-year net sales of $993 million and adjusted earnings per share of $0.56 both came in above our estimates of $973 million and $0.55, respectively. After rolling our model forward one year, we’ve raised our fair value estimate to $15.20 from $14.20, which reflects our slightly more optimistic operating margin assumptions as well as time value of money. The stock jumped by as much as 20% intraday on Feb. 29 following the strong earnings release, and we now see the name as fairly valued relative to our updated fair value estimate.

Price vs Fair Value

HAYW is trading at a 6% discount.
Price
$14.33
Fair Value
$37.10
Uncertainty
High
1-Star Price
$39.64
5-Star Price
$1.91
Economic Moat
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Capital Allocation
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Bulls Say, Bears Say

Bulls

Hayward is a pure-play swimming pool equipment company poised to benefit from demand for maintainable and energy-efficient water solutions.

Bears

Hayward faces short-term headwinds as volumes revert to normal levels following record sales during the pandemic.

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News

Trading Information

Previous Close Price
$14.79
Day Range
$14.1214.92
52-Week Range
$9.8016.04
Bid/Ask
$10.88 / $15.43
Market Cap
$3.06 Bil
Volume/Avg
5.3 Mil / 1.7 Mil

Key Statistics

Price/Earnings (Normalized)
25.48
Price/Sales
3.19
Dividend Yield (Trailing)
Dividend Yield (Forward)
Total Yield
0.01%

Company Profile

Hayward Holdings is a leading manufacturer of energy-efficient swimming pool equipment and pool automation systems. The company offers a wide range of pool equipment, including pumps, filters, heaters, LED lights, and sanitization. Headquartered in Charlotte, North Carolina, the company has around 2,000 full-time employees. Hayward generated approximately $1.0 billion in revenue in 2023.
Sector
Industrials
Industry
Electrical Equipment & Parts
Stock Style Box
Small Value
Total Number of Employees
2,000

Competitors

Valuation

Metric
HAYW
IEX
XYL
Price/Earnings (Normalized)
25.4829.1334.77
Price/Book Value
2.345.123.04
Price/Sales
3.195.553.79
Price/Cash Flow
22.3526.5826.64
Price/Earnings
HAYW
IEX
XYL

Financial Strength

Metric
HAYW
IEX
XYL
Quick Ratio
2.021.921.20
Current Ratio
3.022.891.76
Interest Coverage
2.2815.7113.39
Quick Ratio
HAYW
IEX
XYL

Profitability

Metric
HAYW
IEX
XYL
Return on Assets (Normalized)
3.61%10.97%6.44%
Return on Equity (Normalized)
8.29%18.92%11.13%
Return on Invested Capital (Normalized)
6.61%13.76%8.73%
Return on Assets
HAYW
IEX
XYL
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