Tag Archives: Industrials

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[DWDP – DowDuPont] Rack & Break; Part 2

Two years after it was announced, the merger between Dow Chemical and DuPont finally close in August 2017, creating the conditions for a three-way spin-off that will take place sometime in the next 2-4 months.   This two-step merger/separation process was part of a grand design to drive scale among the businesses that these two companies […]

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[DWDP – DowDuPont] Rack & Break; Part 1

Part 1 is about the past.  It will give you an overview of what Dow and DuPont were before their 2017 merger.  Part 2 is about the future.  It gets into the profit potential and valuation of DWDP’s constituent parts. Salient experiences create salient stocks.  We zone out to Netflix on our iPhones, order more of […]

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[FAST – Fastenal] Notes from CFO Convo; [ASHG – Ash Grove] Constructive Cement Pricing, Stock Is Cheap

[FAST – Fastenal] Fastenal’s dense branch network affords scale advantages in distribution and service relative to Grainger, which has 2.5x Fastenal’s sales but only ~1/10 its branches and ~1/7 its field employees.  Local market density is especially important because fasteners, which comprise nearly 40% of the company’s sales and a greater proportion of gross profits, is […]
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[GBX – Greenbrier] Valuation Update

Greenbrier and Trinity (TRN) act as a duopoly in the North American railcar industry, together accounting for nearly 80% of total backlog, with both players taking market share over the last decade (GBX: 13% in September 2006 -> 33% today; TRN: 36% -> 44%; ARII: 21% -> 6%).  Needless to say, the railcar manufacturing and […]

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