Trading at price levels not seen since 2010, Carpenter Technology Corporation (CRS) appears to be trading, on paper, at cheap valuation multiples.
Carpenter Technology is a manufacturer and distributor of specialty metals, such as specialty alloys, including titanium, nickel, and cobalt, as well as alloys specifically engineered for additive manufacturing processes. The company reports its operating results under two segments: Specialty Alloys Operations and Performance Engineered Products.
What caught our attention at first was the keyword “specialty” in their business description. We thought that by providing some kind of product differentiation, the