...December 17, 2024 We expect solid operating performance for AutoForm in 2024-2025, driven by growth in the Asian market, particularly in China and Japan, and in the US, along with new product offerings. Total revenues will grow 10%-11% in 2024-2025 by our projections, supported by the recently launched assembly segment in body-in-white (BiW), price increases and the company's strategy to engage directly with customers' C-level management, enhancing client penetration. Assembly is the key driver of growth, both on its own and when used with the forming solution.. We anticipate our adjusted EBITDA margin will improve up to 56% in 2024 and likely above 56% in 2025, from 54.6% in 2023. Though improving slightly, AutoForm's leverage will stay high, in line with our expectations for a 'B' rating. We forecast adjusted debt to EBITDA will dip below 10.0x (including PIK loan) in 2024 and get close to 9.0x (including PIK) in 2025. Free cash flow generation will be healthy compared to peers, at 45...
