Investment Thesis Executive Summary
Ampco-Pittsburgh Corporation (NYSE: AP, referred to as "AP" or the "Company"), a manufacturer of custom-engineered specialty metal products, has seen its share price decline over the last twelve months from ~$10 per share to $3.16 as of the last market close. With its stock seemingly priced for bankruptcy at ~0.45x book value, many of AP's insiders recently purchased shares for their personal portfolios. Over time I believe the market will correct the overly negative sentiment built into AP's stock price, putting it more in line with its fundamentals at a