Hardwoods Distribution (HDI.TO) Buy, Sell or…

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Hardwoods Distribution (HDI.TO)

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27.25

+0.82 (3.10%)

as of Dec 7, 2022, 5:28:17 pm Market Open.

25 watching

SELL

A distributor of hardwood to manufacturers of hardwood products, not flooring. About 70% of its business is in the US, so there could be a currency problem. The slowdown in housing in the US is a negative.

BUY

Will be volatile because of its exposure to the housing cycle. A reasonable amount of leverage. Have a history of expanding their outlets. Statistically very cheap. 6 X distributable cash flow. If you can deal with the volatility, it has every reason to be able to appreciate.

DON'T BUY

They have cut distribution once this year. Their pay out ratio is over 100%. It a seasonable industry. Avoid it.

DON'T BUY

Not a fan of distribution businesses. The largest hard wood distributor in Canada. There have been some improvements in its revenues but it is a thin margin business. Has cut distributions. Payout ratio is too high.

HOLD

Has not done well since its IPO. Thinks the worst times for this business are past. Extremely inexpensive. They have 2 years to grow their business to a point where they can offset an upcoming hedge that's coming off for currency.

DON'T BUY

Has a yield of almost 16%. Had a pretty strong correction which started last summer. Investors were becoming concerned with building materials and construction oriented companies. They cautioned that their growth was going to be more muted this year and it was. Have a well defined strategy. They will be economically sensitive.

DON'T BUY

Primarily focused on the furniture industry. Hard hit based on investors fears of building products being, low consumer demand. Growth has been relatively slower than last year. Pretty well back on track. Payout ratio is about mid-50’s and debt is reasonable. All of the bad news is now built into the price. Doesn't see a catalyst to make it moved higher.

HOLD

Involved with the distribution of lumber and building type products. Nothing fundamentally wrong with this story. Dropped because of the market's worry on housing. 3rd quarter results were flat. Payout ratio is about 97%, so a little higher than she likes. Trading at a good price with a 15/16% yield. Hold if you like the yield, but don't buy.

WEAK BUY

2/3% revenue growth is expected. Have a planned strategy to expand their existing markets. It will be a slow expansion. Distribution is relatively safe. Could be economically sensitive.

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