Thursday, February 16, 2023
Haynes International, Inc. is a leading developer, manufacturer and marketer of technologically advanced, nickel and cobalt-based high-performance alloys, primarily for use in the aerospace, industrial gas turbine and chemical processing industries.
Mark Reichman, Senior Research Analyst, Natural Resources, Noble Capital Markets, Inc.
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Initiating coverage with an Outperform rating. Haynes International, Inc., headquartered in Kokomo, Indiana, is one of the world’s largest developers, producers, and distributors of advanced high-performance nickel- and cobalt-based alloys. Haynes’ products, which are sold primarily to companies in the aerospace, chemical processing, and industrial gas turbine industries, consist of high-temperature resistant alloy (HTA) and corrosion-resistant alloy (CRA) products.
Track record of innovation. Founded in 1912, Haynes has a track record of pioneering many well-known nickel- and cobalt-based super alloys. In fiscal 2022, 59% of the company’s revenues were from alloys the company invented. Haynes currently has 20 published U.S. patents and applications. Approximately 27% of its product margin dollars were from proprietary alloys that no one else produces due to Haynes’ patent protection and/or processing technology and expertise. Since 2003, Haynes’ technical programs have yielded nine new proprietary alloys.
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*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary. Proper due diligence is required before making any investment decision.