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Brandon Dietz

@EquiCompound

Equity Analyst and Investor. Hunting for exceptional businesses. In-depth research available at https://teapawt.net/t.co/EYY5FlJWvd.

 Ohio
EquiCompound.com/
Joined December 2021
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Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)Photo by Brandon Dietz (@EquiCompound)
I’m a big fan of scaled wholesale distributors, like $POOL, $SITE & $FERG One that very few have heard of is Richelieu Hardware $RCH.CN, which is the subject of my latest research piece A free, in depth analysis of $RCH.CN is available over at EquiCompound (link in bio)
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Brandon Dietz retweeted
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Sahil Khetpal
@skhetpal2 Apr 2024
TIKR is hiring! We're looking for someone to lead our content efforts for our growing community of 300,000+ investors. I'll work closely with you and we'll nerd out on all things investing / finance! More about the opportunity below. (Appreciate any likes/RT for visibility)
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Good news from professional remodelers: Professional remodeling project completions picked up to +2% YOY in 4Q23 after a flat 3Q23. Most remodelers now expect a stronger 2024. They see lower rates, better product availability, and more homeowners remodeling instead of moving.
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Nice slide from fiber cement siding powerhouse $JHX summarizing key estimates sourced from external data providers on CY'24 industry growth for US new construction and repair & remodel
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$RBLX developer economics are rapidly improving with scale These developer payout figures might surprise you… - Top 10 – avg ~$27mln/yr (+1.5x vs. 2020) - 100th Largest – makes ~$1mln/yr (+2.2x vs. 2020) - 1000th Largest – makes ~$65k/yr (+4.5x vs. 2020)
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Source - $RBLX Investor Day
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$SITE continues to consolidate a still highly fragmented landscape distribution vertical… A surge in M&A in August, including a large ~35 branch deal, combined with today’s acquisition of Newsom Seed, puts $SITE at 11 deals YTD with a record ~$310mln in estimated acquired sales
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Branch proximity is also exceptional, with strong scope for branch consolidation… - $SITE's Gaithersburg branch is ~0.1mi from Newsom's - $SITE's Burtonsville branch is ~3.0mi from Newsom’s in Fulton
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All in, a key component of my investment thesis on $SITE is M&A With 2023 YTD acquired sales at a record, numerous textbook deals, and the large acquisition of Pioneer in August, $SITE continues to execute strongly on M&A and my investment thesis remains fully intact
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Surprising given the very substantial slowing in remodeling project completions so far this year, which have yet to see a growth inflection...
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Source... Data is via John Burns @JBREC & Qualified Remodeler's Q3 US Remodeler Index Report Highly recommend those interested check this out - full PDF is available at Qualified Remodeler - many other interesting insights and available for free
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Even with widespread deceleration in home improvement & remodeling demand, pro contractors across the space actually expect better topline growth in 2024 vs. 2023… Via @JBREC – pro-outlook is for +2.5-4.3% growth in 2024 vs. 2023 growth of +0.5%-2.5% $FND
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Building products player Simpson Manufacturing $SSD has an impressive ~75% US market share position in wood connectors…
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Zooming out – while global share is a bit lower – $SSD also has ~54% share in wood connectors across North America, Europe, and the Pacific Rim
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Investors in $FND should keep close tabs on store openings… Due to a flurry of openings so far this qtr (+8), $FND is now at +25 new stores YTD vs. 2023 guidance for +32 new stores
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$FND has also entered +6 new markets/MSA’s YTD - Albany, NY - Buffalo, NY - Grand Rapids, MI - Huntsville, AL - Lafeyette, LA - Rochester, NY
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All in, while store opening cadence has been a bit disappointing this yr, despite a tough macro backdrop and sustained construction delays, $FND continues to quickly expand its footprint and is within striking distance of meeting its 2023 FY guide for +32 (+17% y/y) new stores
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