Howdens Joinery (LSE: HWND) - Best In Class Building Materials Company, Running Out of Runway
Does anyone here own Howdens Joinery (LSE HWDN)? It posts gross margins 20+% higher than it's UK peers, and has a counter-intuitive model (sells directly to builders, not consumers). There's a moat (Helmer's counterpositoning) and local scale economies, although three …