Daily Brief Industrials: Sammok S Form, Legence, Ies Holdings, Knight Transportation, Mytilineos Holdings Sa, Simpson Manufacturing Co, Inc, Alaska Air Group, Vertiv Holdings Co, GiG Works and more

• Kim Jun-nyun (chairman of Sammok S-Form (018310 KS)) is conducting a tender offer of 1.4 million shares (9.52% stake) in Sammok S-Form through affiliates of the company.
• We believe that this tender offer signals one step closer to Chairman Kim Jun-Nyun and related parties eventually taking the company private.
• The company’s net cash is nearly 73% of its market cap. The company is trading at dirt cheap valuation (EV/EBITDA of 0.6x).

• The wide $25-$29 range allows for valuation discussion amongst investors and the company. 
• From 2021 to 2024, their revenues grew at a 39% CAGR and have a $2.8b backlog, however debt overhang remains a concern. 
• We believe price sensitivity is likely to play a factor and a muted opening is potentially on deck.

Key points (machine generated)

• Warren Buffett’s quote emphasizes a unique approach to investor relations compared to typical public companies.
• IES Holdings (Ticker: IESC) does not engage in conventional investor strategies like earnings calls and analyst relationships.
• Despite strong fundamentals, IES is overlooked by investors due to its minimal engagement with the financial community.

This article is sourced from an online content aggregator through publicly available sources and is displayed below for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

• Knight-Swift Transportation Holdings Inc. recently reported its second quarter 2025 results, where revenues excluding fuel surcharges increased by 1.9%.
• The company managed to achieve a 17.2% improvement in adjusted operating income, driven largely by its truckload business and improved margins.
• Despite facing a soft freight demand environment, Knight-Swift has demonstrated resilience in managing operating income positively across most segments.

Metlen Energy & Metals delivered record revenue of €3.6bn in H125, up 45% y-o-y, while group EBITDA fell by 6% to €445m after losses on a UK power project. Excluding this, underlying earnings were closer to €577m, a record semi-annual profit performance consistent with unchanged guidance of more than €1bn in 2025. Net profit was €254m and net debt around 2.0x EBITDA. Renewables and utilities made record contributions, while alumina was resilient and infrastructure earnings almost tripled. The project loss was exceptional and fully recognised. Medium-term growth pillars in gallium, defence and circular metals remain on track and the recent London listing, with UK 100 entry, has broadened the group’s market profile.

• Simpson Manufacturing Co.’s second-quarter 2025 earnings highlight the firm’s resilience and adaptability amidst a challenging residential housing market.
• The company reported net sales of $631.1 million, marking a year-over-year growth despite flat volumes compared to the prior year.
• This sales increase was primarily driven by pricing actions, a $9 million contribution from 2024 acquisitions, and partial-month benefits from price increases.

• Alaska Air Group, which includes the recent acquisition of Hawaiian Airlines, reported a robust financial performance for the second quarter of 2025.
• The company achieved a GAAP net income of $172 million and an adjusted net income, excluding special items, of $215 million.
• This indicates the successful execution of integration and operational strategies, which have led to significant synergy benefits from the Alaska-Hawaiian merger.

• Vertiv’s second quarter 2025 results reflect a diverse array of achievements and challenges, presenting an intricate picture for potential investors.
• Vertiv demonstrated strong financial growth, highlighted by a 34% increase in organic sales year-on-year.
• This robust expansion was most notable in the Americas and APAC regions, with respective growth rates in the mid-40% and mid-30% ranges.

• GiG Works reported a recurring loss due to lower YoY revenue and JPY107mn in crypto asset valuation losses.
• System Solutions and Sharing Economy businesses saw YoY revenue and profit increases, while On-demand Economy declined.
• Revenue from shared office services grew 23.5% YoY, with registered members increasing by 32.9% YoY.