Howdens’ Second Chance to Change American Kitchens

Howden Joinery opens about 25 new depots a year in Britain, and on its own stated numbers has perhaps four or five years of runway before the domestic market is full. This paper argues that the best use of the company’s capital is a return to the US market where, over the next 20 years and beyond, it has the potential to build a kitchen-focused building materials depot network at least as big as in the UK.

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KNA Capital Management, LLC, its clients, and the author hold Howden Joinery shares in client accounts. This is not investment advice. See full disclaimers.

KNA Capital Management, LLC holds shares of Howden Joinery Group plc (LSE: HWDN) in client accounts, and Todd Wenning holds shares personally. Neither has received, or expects to receive, compensation from Howden Joinery or any other party in connection with this paper. A copy was provided to the company’s investor relations team in advance of publication. Howden Joinery did not review, approve or endorse it.

This paper is directed only at persons in the United Kingdom who are investment professionals within the meaning of Article 19(5) of the Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “Order”), or high net worth entities and other persons to whom it may lawfully be communicated, falling within Article 49(2)(a) to (d) of the Order. Any person in the United Kingdom who is not such a person should not act or rely on this paper or any of its contents.

Nothing in this paper is investment advice, a recommendation to buy or sell any security, or an offer or solicitation. Full disclosures appear at the end of the document.