Howden Joinery - Getting even better at what it does best is key to its success

Davy Research
/Read Important Disclosures

Howden hosted a site visit to its Howden, Yorkshire facility on September 12th. The trip showcased the powerful position the group enjoys in its chosen end-market and the enduring robustness of its operating approach. The business, like so many others, is subject to the short-term uncertainties and risks that have become an unavoidable fact of life for UK companies. However, the overwhelming impression was that Howden has a sustainable and focused business model that is highly unlikely to be displaced any time in the near future. The aforementioned externalities are likely to continue to weigh on the share price and rating in the immediate future; however, investors should remain vigilant and look to take advantage of any possible valuation dislocation.