Hayward Holdings Inc

HAYW: XNYS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$55.80	Dnkqth	Lymllyrf

Hayward Earnings: Record Gross Margins Despite Volume Decline

Krzysztof Smalec

Aug 2, 2023

We’ve raised our fair value estimate for narrow-moat-rated Hayward to $14.60 from $14 after the company reported solid second-quarter results, delivering record gross margins despite headwinds in the pool business. The fair value adjustment reflects our more optimistic midcycle operating margin assumptions as well as time value of money.

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