AZZ - AZZ: The Re-Rating Is Complete
2024-06-03 09:29:23 ET
Summary
- AZZ underwent a transition to higher value-added activities, with the last big move being a $1.28 billion acquisition of Precoat Metals.
- Sluggish operating performance and debt overhang made investors initially somewhat cautious.
- AZZ has improved its balance sheet and capital structure following a well-timed equity offering, making it a more standard investment opportunity with manageable leverage.
Shares of AZZ ( AZZ ) have been on fire, having doubled from lows in the $40s in the fall of last year to the mid-eighties at this point in time. This huge move surprised me somewhat, after I concluded that there was a lingering M&A overhang in May of last year....
AZZ: The Re-Rating Is Complete