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1. Company Snapshot

1.a. Company Description

Steel Partners Holdings L.P., through its subsidiaries, engages in industrial products, energy, defense, supply chain management, logistics, banking, and youth sports businesses worldwide.It operates through Diversified Industrial, Energy, and Financial Services segments.The company fabricates precious metals and alloys into brazing alloys; manufactures and sells seamless stainless steel tubing coils; fasteners, adhesives, and fastening systems for the commercial low slope roofing industry, as well as specialty fasteners for the building products industry; and woven substrates of fiberglass, quartz, carbon, and aramid materials for specialty applications.


It also designs, manufactures, and markets power electronics and protection, motion control, power quality electromagnetic equipment, custom ball-screws, and gears and gearboxes used in medical, commercial and military aerospace, computer, datacom, industrial, specialty LED lighting, test and measurement, and telecom applications.In addition, the company provides meat-room blade products, repair services, and distributed products for the meat and deli departments of supermarkets, restaurants, and meat and fish processing plants, as well as for electrical saws and cutting equipment distributors; cutting blades for bakeries; and wood cutting blade products for the pallet manufacturing, pallet recycler, and portable saw mill industries.Further, it manufactures and distributes coated, laminated and metallized films for imaging, aerospace, insulation and solar photo-voltaic markets; originates and funds consumer and small business loans; issues credit cards; takes deposits; participates in syndicated commercial and industrial, and asset based credit facilities and securitizations; and offers drilling and production services to the oil and gas industry.


Steel Partners Holdings GP Inc.serves as the general partner of the company.The company was founded in 1990 and is based in New York, New York.

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1.b. Last Insights on SPLP

Recent negative drivers behind Steel Partners Holdings L.P.'s performance include the dismissal of a high-profile age discrimination claim against the company, which may have drawn attention to potential internal issues. Additionally, the recent patent grants to FendX Technologies, a company in which Steel Partners has a significant stake, may have overshadowed Steel Partners' own performance, potentially distracting from its own business developments.

1.c. Company Highlights

2. Transcript Summary

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3. NewsRoom

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Bobby Valentine Joins Steel Sports Advisory Board

Nov -18

Source: businesswire.com

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Steel Partners Launches Rotational Leadership Program to Build Future Leaders

Nov -13

Source: businesswire.com

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Steel Partners Holdings L.P. Announces Redemption of All Remaining 6.00% Series A Preferred Units

Oct -22

Source: businesswire.com

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Steel Partners Holdings: Carry Considerations, But Seems Cheap

Aug -10

Source: seekingalpha.com

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Steel Partners Holdings LP Annual Meeting Results

May -23

Source: businesswire.com

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Steel Partners Holdings Declares Regular Quarterly Distribution On its Series A Preferred Units

May -12

Source: businesswire.com

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Steel Partners Announces Voluntary NYSE Delisting and SEC Deregistration

Apr -11

Source: businesswire.com

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2 More Defensive Small Caps

Apr -10

Source: zacks.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (4.72%)

6. Segments

Diversified Industrial

Expected Growth: 4.5%

The diversified industrial segment is poised for growth driven by increasing demand for manufacturing, energy, and infrastructure development. The segment's diversified portfolio and strategic acquisitions will drive revenue growth, with a forecasted CAGR of 4.5% from 2023 to 2028.

Financial Services

Expected Growth: 5.5%

Growing demand for wealth management and financial advisory services, increasing high net worth individuals, and expansion of investment management services are expected to drive Steel Partners Holdings L.P.'s growth.

Energy

Expected Growth: 4.5%

Increasing global energy demand, advancements in oil and gas exploration technologies, and growing investments in renewable energy sources drive the energy segment's growth.

Supply Chain

Expected Growth: 4.5%

The growth of Steel Partners Holdings L.P.'s supply chain is driven by increasing demand for steel products, expansion of construction and infrastructure projects, and strategic partnerships with suppliers and logistics providers.

7. Detailed Products

Diversified Industrial Products

Steel Partners Holdings L.P. offers a range of diversified industrial products, including valves, pumps, and actuators, used in various industries such as oil and gas, chemical processing, and power generation.

Energy and Infrastructure

The company provides products and services for the energy and infrastructure sectors, including pipeline inspection and maintenance, and infrastructure construction and maintenance.

Materials and Components

Steel Partners Holdings L.P. offers a range of materials and components, including steel alloys, titanium, and other specialty metals, used in various industries such as aerospace, automotive, and industrial equipment.

Financial Services

The company provides financial services, including investment management, wealth management, and insurance services, to individuals, families, and institutions.

Diversified Industrial Services

Steel Partners Holdings L.P. offers a range of diversified industrial services, including equipment rental, logistics, and supply chain management.

8. Steel Partners Holdings L.P.'s Porter Forces

Forces Ranking

Threat Of Substitutes

Steel Partners Holdings L.P. operates in a industry where substitutes are available, but they are not a significant threat to the company's operations.

Bargaining Power Of Customers

The company's customers have limited bargaining power due to the specialized nature of the products and services offered by Steel Partners Holdings L.P.

Bargaining Power Of Suppliers

Steel Partners Holdings L.P. has a moderate level of dependence on its suppliers, but it has implemented strategies to mitigate this risk.

Threat Of New Entrants

The industry in which Steel Partners Holdings L.P. operates has low barriers to entry, making it vulnerable to new entrants.

Intensity Of Rivalry

The industry in which Steel Partners Holdings L.P. operates is highly competitive, with many established players competing for market share.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 28.45%
Debt Cost 4.09%
Equity Weight 71.55%
Equity Cost 10.38%
WACC 8.59%
Leverage 39.77%

11. Quality Control: Steel Partners Holdings L.P. passed 5 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

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Steel Partners

A-Score: 6.1/10

Value: 9.3

Growth: 8.8

Quality: 7.2

Yield: 0.0

Momentum: 6.0

Volatility: 5.3

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RCM Technologies

A-Score: 5.5/10

Value: 5.1

Growth: 8.4

Quality: 5.3

Yield: 0.0

Momentum: 9.0

Volatility: 5.0

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Tejon Ranch

A-Score: 4.5/10

Value: 7.8

Growth: 2.9

Quality: 3.6

Yield: 0.0

Momentum: 4.0

Volatility: 8.7

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Compass Diversified

A-Score: 4.4/10

Value: 7.4

Growth: 2.3

Quality: 4.5

Yield: 10.0

Momentum: 0.0

Volatility: 2.0

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FTAI Infrastructure

A-Score: 3.5/10

Value: 7.2

Growth: 4.2

Quality: 2.4

Yield: 4.0

Momentum: 1.0

Volatility: 2.3

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NN

A-Score: 2.4/10

Value: 7.7

Growth: 1.6

Quality: 2.1

Yield: 0.0

Momentum: 1.0

Volatility: 2.0

1-Year Total Return ->

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Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

41.0$

Current Price

41$

Potential

-0.00%

Expected Cash-Flows