Howden Joinery Presentation at MOI Global Wide-Moat Conference

In June, Todd presented KNA’s thesis on Howden Joinery (LON: HWDN), a UK-based supplier of kitchens, joinery, and hardware, at the 2025 MOI Global Wide-Moat Conference.

In the presentation, Todd discusses how Howdens’ vertically-integrated, decentralized, business-to-business model has a flywheel effect that reinforces its value proposition to depot managers, tradespeople, end customers, and other stakeholders. In an inherently cyclical business like home remodeling and repair, Howdens has proven itself to be resilient through downswings by prudently managing its supply chain and maintaining a tidy balance sheet.

You can view the video of Todd’s presentation below or click here to download the presentation slides. Todd’s 2024 MOI Global presentation on Games Workshop can be found here.

Please read important disclaimers.

A special thanks to MOI Global’s chairman, John Mihaljevic, for allowing KNA Capital to share this presentation with non-MOI Global members.