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Company: Haynes International (HAYN)
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  Stock down 50% which creates buying opportunity

The stock is down nearly 50% in the past three months (in the bottom 10% of the market). This scary drop opens up an opportunity for long-term investors.

The company has a decently sized short interest.

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  Growing their competitive moat with value-add products

As of the last conference call, the company was operating at +100% operating capacity for flat alloy products (accounting for 70% of profits). The Company claims to have "big demand for value-added service" and is "moving up the value chain" in their niche markets. Moving into this model can grown the companies moat and competitive advantage. By continuing R&D, becoming critical partners with their customers, and increasing value-added products the Company can protect their weak moat.

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  Periodically subject to takeover speculation

As a small company, HAYN is always subject to take over speculation. They pose a nice value to the massive multinational steel companies.

The price of nickel (needed for nickel-alloys) is driven by the stainless steel markets. Third Avenue Value is a holder of the company.

The Company is a provider to Boeing but hes very low exposure to the 787 Dreamliner.

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