Market ExpansionESAB has expanded its total addressable market from ~$15B to ~$30B through acquisitions and expects to reach ~$40B.
Stock ValuationThe recent valuation reset provides an attractive entry point, with ESAB trading at a discount to the Russell 2000 and key peers on a P/E basis.
Strategic GrowthESAB's strategy to expand equipment sales is driving structural margin expansion, with equipment sales being significantly more profitable than consumable products.