AAON (AAON) has been the subject of skeptical analysis from us (AAON: An Air Conditioning Manufacturer Set to Cool) on more than one occasion which, in retrospect, investors would generally have been well served to ignore as the company’s shares continued their upward march until the recent market volatility. However, despite the recent decline, the valuation premium still appears excessive both on an absolute basis and relative to peers. Our skepticism of the company’s valuation thus remains strong if slightly tempered with time.
AAON is a unique company with an exceptional