The Urgent Need for Change and The Superior Path Forward
SYNALLOY IS CARRYING A MEANINGFULLY HIGHER
DEBT LEVEL THAN ITS PEERS
Under current leadership, the Company is incredibly over-levered, both on an
absolute basis and compared to its peers
6.8x
PRIVET
FUND
Synalloy
2019
5.3x
UPG
STRONGER TOGETHER
5.1x
3.5x
2.8x
Net Leverage Ratio
2.5x
Olympic Ryerson Venator Ingevity
Steel Holding Materials
Corp.
2.3x
Mr. Bram has taken on piles of debt to
pursue his failed "strategy"
2.0x
Trecora Universal Worthington Hawkins Inc.
Corp Resources Stainless Industries
1.2x
1. Note: Net Leverage Ratio = (Total Debt - Cash)/LTM Adjusted EBITDA
Source: Company filings
01. 02. 03. 04. 05.
0.0x
Meaningful Change is
Required at Synalloy
Insteel
Industries
Synalloy now sits at greater than twice the leverage Mr. Bram has publicly stated he
is "comfortable with"
0.0x
0.0x
Northwest Synalloy
Pipe
2010
38View entire presentation