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Posted at 14/6/2014 10:43 by thelongandtheshortandthetall Hi Guys Here is a link to a quick fact sheet for Howdens If you scroll down you will see a graph that shows the growth in revenue and the rise in the number of depots over twenty years. And here is a snippet from the 2013 annual report. Chief executive - Matthew Ingle 'A depot breaks even with sales of around £650,000 per year, so it will come as no surprise to know that all our depots are profitable, and some are very profitable'. Piedro your numbers don't paint a very good picture I must admit. However when you look at the success they have achieved over twenty years the quality of the business is (IMO) undeniable. My favourite part is the simplicity of the business and the way they have continued to implement the model with out going off track. The business is reliant on the housing market and consumer confidence and will make for some upy downy earnings I guess and that is why the CAGRs could be skewed over a 5 or 10 year period. If anyone is interested in HWDNs here is a link to the 2013 annual report. Also here is another snippet. I think they will issue a special dividend at some point in the near future. That is what we are looking for. Businesses that produce excess cash way after all reinvestment in the business has taken place. 'The Board continues to monitor the cash balances in light of the Group's future investment opportunities, expected peak working capital requirements and the trading outlook. To the extent the Group has sustainable levels of capital in excess of expected requirements, the Board expects to return it to shareholders'. Im not saying HWDNs is perfect but it is sure easier to understand than the BLVN an oil exploration company drilling off the coast of Cameroon. |
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