MTRN - Materion's Transformation To A More Diverse Growth-Leveraged Company Continues Apace

• Materion's fourth quarter results were basically inline, but value-added revenue is growing at a double-digit clip and multiple key end-markets are set for good growth in 2022.
• Management has increasingly diversified the business mix and repositioned the company as a supplier of key advanced engineered materials for growth markets in semiconductors, autos, aero, et al.
• Mid-to-high single-digit revenue growth, EBITDA margins improving toward the mid-teens, and strengthening cash flows can support a fair value above $95.

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