Butterfield Capital
Long only, deep value, special situations

Alloy Steel International: 200% - 300% Upside With Multiple Catalysts On The Horizon

Alloy Steel International (OTCPK:OTCPK:AYSI) is a grossly undervalued provider of premium / proprietary wear plate technologies. Despite its stable mining consumables business, favorable industry dynamics, fortress balance sheet, and strong historical performance, AYSI trades at <2.0x LTM EBITDA and <4.0x LTM EPS. The Company, however, is poised to benefit from multiple catalysts over the next 6-12 months while offering a unique opportunity to own a stable provider of proprietary mining consumables. A combination of the fact that investors incorrectly treat AYSI as a general "steel" or "mining" company and AYSI's history of poor shareholder communications / opaque corporate governance has created an opportunity for a meaningful re-rating in AYSI's stock as lingering overhangs are alleviated

AYSI is a...

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