Thermador Group 🚰
Thermador Group owns, controls, groups together, and drives companies distributing:
- materials and accessories for fluid circulation in buildings and industry,
- large tooling for the retail and pro markets.
Why did I choose to invest in Thermador Group?
- Steady growth 📈: +18.5% YoY Turnover in 2019 and +7.2% in 2020 (+2.6% at constant scope).
- Comfy margins: Consolidated net profit represents 8% of the consolidated turnover.
- Great after-sales service which is key 🔑 to keep happy clients
- A ton of potential gain in operational efficiency through digitalization. This is a new priority for the group.
- Management forecast growth in the next decade.
- The share of e-commerce in the company’s products is between 0 and 15%. There is a lot of room for improvement (ie for growth) and Thermador Group is aware of this as it is shifting focus toward e-commerce 🖥 to boost online sales. All the commercial subsidiaries’ websites will be totally revamped over the coming years.
- Thermador Group also is known for having an aggressive - yet consistent - external growth 💰 (8 acquisitions in the last 2 years), buying distribution companies that work in a way that is compatible with their model and their market.
- The company is aware of its own weaknesses and relentlessly works on them. For example, they tend to be less dependant on the new-building house market 🏗 which is a medium-term threat to their revenues as this market is stagnating and is likely to decline.
- Thermador Group communicates and invests a lot in its extra-financial performance. Companies that have the luxury to focus on this and which do are companies you want to be part of.
What is my position?
I bought shares at a unit price of 67,737€ on the last day of 2020. Currently, the share value is 72€, I’m up 6,29% and holding waiting for more growth and juicy dividends (dividend yield is around 3%).
The above references an opinion and is for information purposes only. It is not intended to be investment advice. Seek a duly licensed professional for investment advice.
