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1 Member FINRA & SIPC Required disclosures appear in the Appendix. 122 East 42 nd Street New York, NY (212) (212) AAON, Inc. (AAON-$20.47) Intraday Meeting Note NEUTRAL Lower Earnings Estimates; Earnings Release Target: $20 Joseph Mondillo (212) November 2, 2015 Market Cap (Mil) $1,110 Avg. Daily Trading Volume 138,000 Shares Out (Mil) Float Shares (Mil) Institutional Holdings / Analysts Covering 52% / 3 Dividend / Dividend Yield $0.17 / 0.8% Free Cash Flow Per Share (2016E) $ E 2016E 2017E OLD NEW OLD NEW OLD NEW Mar. $0.16 $0.15A $0.18 $0.17 $0.20 June A Sep A Dec EPS $0.83 $0.83 $0.79 $0.98 $0.90 $1.03 P/E 25.9x 22.7x 19.9x EBITDA $83.3 $83.2 $80.1 $94.5 $88.1 $97.6 in millions EV / EBITDA 13.2x 12.0x 10.8x Price to Book Value 3.2x Return on Equity (2016E) 34.1% Total Debt to Total Capital Nil 5-Year EPS Growth Rate Projection 20% 52-Week Range (NASDAQ) Net Cash Per Share (2016E) $1.50 Short Interest (Mil) / Russell / 1162 Action Date Px Rating PT PT 12/20/ PT 3/14/ PT 8/8/ PT 1/3/ Rating 4/24/ Buy 23 PT 4/24/ PT 5/5/ Rating 2/6/ Neutral 25 PT 8/6/ PT 10/19/ Note: EPS include annual stock-based compensation expense of $0.01 in E. Sum of quarterly EPS may not equal full-year total due to rounding and/or change in share count. The Russell 2000 Index includes AAON. NC=Not covered by. Year E 2016E 2017E Rev.(Mil.) $280.0 $245.3 $244.6 $266.2 $303.1 $321.1 $356.3 $348.2 $364.5 $390.0 GAAP EPS $0.47 $0.49 $0.38 $0.25 $0.49 $0.68 $0.80 $0.79 $0.90 $1.03 Description: AAON, Inc. ( is a leading domestic manufacturer of standard and custom heating, ventilating and air conditioning (HVAC) units, including unitary rooftops, chillers, air-handling units, make-up air units, heat recovery units, condensing units, coils and boilers. Products target the nonresidential market, specifically planned replacement (55%) and new construction (45%). AAON generates 95% of revenue in the U.S.; the rest mainly comes from Canada. Headquarters are in Tulsa, OK. EPS Fell 8% Year Over Year In 3Q:14 To Miss Our In-Line Estimate; Revenue Fell 8% Although Backlog Rose 10%; Lower EPS Estimates; Maintain NEUTRAL, $20 Target This morning, AAON reported that 3Q:15 sales fell 8% year over year to $94 million and EPS declined 6% to $0.24. Revenue and EPS in 3Q:15 missed our respective estimates of $104 million and $0.26. Reported revenue and EPS also missed the consensus estimates of $107 million and $0.26, respectively. Although sales and EPS were disappointing, backlog at the end of September was up 10% to $60 million compared to $55 million at the end of 3Q:14. Orders received in 3Q:15 fell 2% to $89 million from the year-ago quarter. As a result of the weak quarterly results and soft order intake, we reduce EPS estimates for 2015 to $0.79 (from $0.83) and 2016 to $0.90 (from $0.98). We also introduce our 2017 EPS estimate of $1.03, which reflects a pick-up in growth to 15% from 13% in At the end of 3Q:15, AAON was debt-free and held $62 million ($1.27/share) of cash, which was up from $42 million ($1.00/share) at the end of 3Q:14. We expect the company to use its excess cash for share repurchases. Given the slower growth outlook and the stock s large valuation premium to our industrial universe, we maintain a NEUTRAL rating. Our $20 target is 19x our just-introduced 2017 EPS estimate of $1.03. Previously, we valued the stock at 20x our prior 2016 EPS estimate of $0.90. Management will hold a conference call at 4:15 p.m. E.T. and can be accessed at (888) Key Risks Construction does not improve Steel and copper prices rise U.S. recession Copyright 2015
2 AAON, INC. Exhibit 1: AAON, Inc. 3Q:15 Variance Analysis 3Q:15 Actual 3Q:15 Estimate Variance % Variance 3Q:14 Actual YoY Change Revenue (thou.) $94,360 $103,946 ($9,586) -9.2% $102, % Gross profit 30,185 32,639 (2,454) -7.5% 33, % Profit margin 32.0% 31.4% 32.4% Operating income 20,157 22,972 (2,815) -12.3% 22, % Profit margin 21.4% 22.1% 21.9% Adjusted net income $13,251 $14,373 (1,122) -7.8% $14, % Profit margin 14.0% 13.8% 14.0% Adjusted EPS $0.24 $0.26 ($0.02) -8.2% $ % Source: Sidoti & Co., and Company reports 2
3 AAON, INC. Table 1. AAON, Inc. Income Statement (in thousands, except where noted) MarA JunA SepA DecA 2014 MarA JunA SepA DecE 2015E MarE JunE SepE DecE 2016E 2017E Sales, net $76,367 $92,310 $102,917 $84,728 $356,322 $76,768 $90,275 $94,360 $86,846 $348,249 $79,839 $95,692 $98,606 $90,320 $364,456 $389,968 Cost of sales 54,521 64,434 69,567 59, ,059 54,970 63,158 64,175 61, ,443 57,085 65,549 66,559 62, , ,969 Gross profit 21,846 27,876 33,350 25, ,263 21,798 27,117 30,185 25, ,806 22,754 30,143 32,047 27, , ,999 SG&A 7,629 10,584 13,830 8,519 40,562 8,317 9,200 10,062 8,685 36,264 7,984 9,186 10,156 8,761 36,088 37,444 Other (24) (281) (305) 5 (30) (34) (59) 0 0 Operating income 14,241 17,292 19,520 16,953 68,006 13,476 17,947 20,157 17,022 68,602 14,770 20,956 21,891 18,696 76,313 85,555 Operating income (ex. one-time items) 14,241 18,292 22,520 16,672 71,725 13,476 17,947 20,157 17,022 68,602 14,770 20,956 21,891 18,696 76,313 85,555 Interest expense (69) (71) (55) (81) (276) (44) (29) (14) (25) (112) (30) (30) (30) (30) (120) (120) Other (income) expense 21 (34) (27) Income before income taxes 14,289 17,397 19,532 17,028 68,246 13,445 18,003 20,113 17,037 68,598 14,790 20,976 21,911 18,716 76,393 85,635 Income tax provision 4,467 6,034 7,092 6,495 24,088 5,046 6,873 6,862 6,474 25,255 5,472 7,761 8,107 6,925 28,266 31,685 Net Income $9,822 $11,363 $12,440 $10,533 $44,158 $8,399 $11,130 $13,251 $10,563 $43,343 $9,318 $13,215 $13,804 $11,791 $48,128 $53,950 Net Income (ex. one-time items) $9,145 $12,016 $14,360 $10,353 $45,874 $8,399 $11,130 $13,251 $10,563 $43,343 $9,318 $13,215 $13,804 $11,791 $48,128 $53,950 GAAP Diluted EPS $0.18 $0.20 $0.22 $0.19 $0.80 $0.15 $0.20 $0.24 $0.19 $0.79 $0.17 $0.25 $0.26 $0.22 $0.90 $1.03 Diluted EPS $0.16 $0.22 $0.26 $0.19 $0.83 $0.15 $0.20 $0.24 $0.19 $0.79 $0.17 $0.25 $0.26 $0.22 $0.90 $1.03 Diluted shares outstanding 55,613 55,568 55,484 54,816 55,370 54,640 54,670 54,580 54,280 54,542 53,980 53,691 53,413 53,145 53,557 52, % -1.50% -1.81% -2.12% YOY Growth: Revenue 14.3% 1.2% 14.7% 15.5% 11.0% 0.5% -2.2% -8.3% 2.5% -2.3% 4.0% 6.0% 4.5% 4.0% 4.7% 7.0% Cost of sales 5.8% 1.4% 10.3% 11.9% 7.2% 0.8% -2.0% -7.8% 2.7% -1.9% 3.8% 3.8% 3.7% 2.8% 3.5% 5.9% SG&A 9.5% 16.4% 42.8% 3.3% 19.3% 9.0% -13.1% -27.2% 1.9% -10.6% -4.0% -0.1% 0.9% 0.9% -0.5% 3.8% Gross profit 42.7% 0.7% 25.3% 24.8% 20.6% -0.2% -2.7% -9.5% 2.0% -3.2% 4.4% 11.2% 6.2% 6.8% 7.2% 9.4% Operating income 70.8% -7.3% 15.3% 42.3% 21.8% -5.4% 3.8% 3.3% 0.4% 0.9% 9.6% 16.8% 8.6% 9.8% 11.2% 12.1% Net income 37.6% -6.2% 18.2% 35.6% 22.8% -14.5% -2.1% 6.5% 0.3% -5.5% 10.9% 18.7% 4.2% 11.6% 11.0% 12.1% Diluted EPS 63.7% -0.6% 36.6% 37.7% 28.5% -6.5% -5.9% -6.2% 1.3% -4.4% 12.3% 20.9% 6.4% 14.0% 13.1% 14.5% Margin Analysis: COGS/sales 71.4% 69.8% 67.6% 70.3% 69.6% 71.6% 70.0% 68.0% 70.4% 69.9% 71.5% 68.5% 67.5% 69.6% 69.2% 68.5% SG&A/sales 10.0% 10.4% 13.4% 10.1% 11.4% 10.8% 10.2% 10.7% 10.0% 10.4% 10.0% 9.6% 10.3% 9.7% 9.9% 9.6% Gross profit margin 28.6% 30.2% 32.4% 29.7% 30.4% 28.4% 30.0% 32.0% 29.6% 30.1% 28.5% 31.5% 32.5% 30.4% 30.8% 31.5% Operating margin (ex. one-time items) 18.6% 19.8% 21.9% 20.0% 19.1% 17.6% 19.9% 21.4% 19.6% 19.7% 18.5% 21.9% 22.2% 20.7% 20.9% 21.9% Pretax margin 18.7% 18.8% 19.0% 20.1% 19.2% 17.5% 19.9% 21.3% 19.6% 19.7% 18.5% 21.9% 22.2% 20.7% 21.0% 22.0% Net margin 12.9% 12.3% 12.1% 12.4% 12.4% 10.9% 12.3% 14.0% 12.2% 12.4% 11.7% 13.8% 14.0% 13.1% 13.2% 13.8% Tax rate 31.3% 34.7% 36.3% 38.1% 35.3% 37.5% 38.2% 34.1% 38.0% 36.8% 37.0% 37.0% 37.0% 37.0% 37.0% 37.0% Source: and company reports 3
4 Appendix Required Disclosures AAON, Inc. (AAON-$20.47) NEUTRAL Target: $20 November 2, 2015 Action Date Px Rating PT PT 12/20/ PT 3/14/ PT 8/8/ PT 1/3/ Rating 4/24/ Buy 23 PT 4/24/ PT 5/5/ Rating 2/6/ Neutral 25 PT 8/6/ PT 10/19/ Key Risks Construction does not improve Steel and copper prices rise U.S. recession Valuation: Our $20 target is 19x our just-introduced 2017 EPS estimate of $1.03. Previously, we valued the stock at 20x our prior 2016 EPS estimate of $0.90. Required Disclosures The (Sidoti) Equity Research rating system consists of BUY and NEUTRAL recommendations. BUY suggests capital appreciation of at least 25% from initiation of coverage over the next 12 months, while NEUTRAL denotes that a stock is not likely to provide similar gains over a 12-month period. As of 11/02/15, Sidoti provides research on 274 companies, of which 213 (77%) are rated BUY and 61 (23%) are rated NEUTRAL. Of the BUYS, Sidoti has received investment banking income from 2 companies (0.94%). Of the NEUTRALS, Sidoti has received investment banking income from 1 company (1.64%). Of the NEUTRALS, 23 trade above our price targets. A risk to our price target is that the analyst s estimates or forecasts may not be met. This report contains forward-looking statements, which involve risks and uncertainties. Actual results may differ significantly from such forward-looking statements. Factors that may cause such a difference include, but are not limited to, those discussed in the Risk Factors section in the SEC filings available in electronic format through SEC Edgar filings at The research analyst certifies that this report accurately reflects his/her personal views about the subject securities and issuers and that none of the research analyst's compensation was, is or will be directly or indirectly related to the analyst's specific recommendations or views contained in this research report. Sidoti research analysts seek to have management of their covered companies meet with investors during non-deal road shows. Analysts compensation may be related to their success in scheduling non-deal road shows. Sidoti research analysts generally do not cover (or continue to cover) those companies that limit access to their senior executives by not participating in Sidoti-sponsored conferences and non-deal roadshows. A possible effect of this view may be that continued coverage decisions are made, in part, based on the willingness of management of covered companies to participate in such meetings. This approach could be viewed as presenting potential conflicts of interest. Sidoti does NOT own securities of the issues described herein. Sidoti policy does not allow an analyst or a member of their household to own shares in any company that he/she covers. Sidoti policy does not allow employees or household members to serve as an officer or director of a covered company. Sidoti does not make a market in any securities. Sidoti has non-research employees that will seek compensation for investment banking services from this company and trading revenue in connection with trading the securities of this company. Investment banking services, as defined under NASD Rule 2711, includes, among other things, acting as an underwriter in or as a member of the selling group in a securities underwriting. Sidoti s role in any investment banking transaction can be viewed on this company s filings at Sidoti employees, including research analysts, receive compensation that is based in part upon the overall performance of the firm, including revenues generated by Sidoti s investment banking and brokerage activities, but compensation is not directly related to investment banking or brokerage revenues. Other Disclosures This report is for information purposes only and is not intended as an offer to sell or a solicitation to buy securities. Sidoti does not maintain a predetermined schedule for publication of research and will not necessarily update this report. The stock rating on this 4
5 Appendix Continued report reflects the analyst s recommendation based on a 12 month period. Information contained herein is based on sources we believe to be reliable but we do not guarantee their accuracy. Prices and opinions concerning the composition of market sectors included in this report reflect the judgments as of this date and are subject to change without notice. It should be presumed that the analyst who authored this report has had discussions with the subject company to ensure factual accuracy prior to publication. This report was prepared for market professionals and institutional investor customers. Market professionals and institutional investors should consider this report as only a single factor in making their investment decisions. This research report is not a substitute for the exercise of your independent judgment. At times, Sidoti may be in possession of material non-public information, none of which is used in the preparation of our research. Sidoti maintains and enforces written policies and procedures reasonably designed to prevent any controlling persons, officers (or persons performing similar functions), or employees of Sidoti from influencing the activities of research analysts and the content of research reports prepared by the research analyst. Reprints of reports are prohibited without permission. Additional information is available upon request. 5
Sidoti & Company, LLC Member FINRA & SIPC Required disclosures appear in the Appendix.
Member FINRA & SIPC Required disclosures appear in the Appendix. 122 East 42 nd Street New York, NY 10168 (212) 297-0001 (212) 297-9166 www.sidoti.com AAON, Inc. (AAON-$26.20) Morning Meeting Note NEUTRAL
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