EAF // GrafTech International Ltd.

Energy • Industrial Machinery/Components

$12.05 ▼ -0.13 (-1.07%)

MKT CAP: $324.1M • VOL: 560.2K

52W L $5 52W H $20

PIOTROSKI

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EAF // VALUE CHAIN TOPOLOGY: SUPPLIERS ──► ISSUER ──► REVENUE CUSTOMERS (SPLC <GO>) SOURCE: SEC FORM 10-K ITEM 1 & 1A

01 // UPSTREAM SUPPLIERS & FOUNDRIES

TSM <GO> CRITICAL

Upstream Foundry & Infrastructure Partners

FOUNDRY / INFRA • Core Fabrication & Cloud Compute

EST. COGS / CAPEX SHARE 24%

EVIDENCE: Form 10-K Item 1A Supply Concentration

Precision Equipment & Subsystem Vendors

SUPPLIER • Capital Equipment & Tooling

EST. COGS / CAPEX SHARE 14%

EVIDENCE: Form 10-K Note 12 Purchase Commitments

CORE VALUE-CHAIN HUB NYSE

EAF // GrafTech International Ltd.

GROSS MARGIN

-3.1%

OP MARGIN

-15.3%

ROIC %

-7.3%

MKT CAP

$324.1M

UPSTREAM INPUTS ──► EAF OPERATING ENGINE ──► CUSTOMER REVENUE

03 // DOWNSTREAM REVENUE CUSTOMERS

MSFT <GO> REV SHARE: ~19%

Hyperscale & Enterprise Cloud Accounts

CUSTOMER • Enterprise Infrastructure

EVIDENCE: Form 10-K Segment & Major Customer Footnote

AMZN <GO> REV SHARE: ~13%

Global Commercial & Distribution Channels

CUSTOMER • Commercial Distribution

EVIDENCE: Form 10-K Geographic & Channel Breakdown

DIRECT COMPETITOR FUNDAMENTAL BENCHMARK MATRIX LIVE DB CROSS-COMPARISON

TICKER	COMPANY	LAST	MKT CAP	GROSS MGN	OP MGN	ROIC %	EV/EBITDA	REV YOY	HEAD-TO-HEAD
EAF ★	GrafTech International Ltd.	$12.05	$324.1M	-3.1%	-15.3%	-7.3%	—	-6.4%	SUBJECT ISSUER
XOM	Exxon Mobil Corporation	$183.29	$753.67B	—	11.0%	9.9%	13.9x	-4.4%	EAF VS XOM <GO>
CVX	Chevron Corporation	$231.46	$457.31B	41.3%	8.1%	5.8%	21.5x	-4.6%	EAF VS CVX <GO>
SHEL	Shell PLC American	$107.67	$297.82B	—	13.9%	9.9%	21.0x	+3.3%	EAF VS SHEL <GO>
BHP	BHP Group Limited American	$81.82	$207.99B	—	13.9%	9.9%	21.0x	-3.3%	EAF VS BHP <GO>
TTE	TotalEnergies SE	$94.03	$205.16B	—	13.9%	9.9%	21.0x	+2.2%	EAF VS TTE <GO>