MTRN - Materion's Lagging Share Price Performance Getting More Interesting

• Materion has been delivering improving business momentum across a wider set of end-markets, but the shares have been underperforming.
• Second quarter value-added revenue grew 31% and EBITDA rose 89%, with management raising guidance for the rest of the year.
• Materion is leveraged to long-term growth in semiconductor volumes, a commercial aerospace recovery, and increasing electrification of cars, as well as strong near-term markets like construction and mining.
• The key to the Materion bull case is that management's focus on more differentiated, higher-value, and higher-margin products and end-markets will drive a significant upturn in margins.
• If Materion can produce 6% long-term revenue growth and drive that strong margin leverage, these shares can deliver a double-digit long-term annualized return from here.

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