Added to YB: 2024-07-25
Pitch date: 2024-07-24
CNM [bearish]
Core & Main, Inc.
-8.92%
current return
Author Info
No bio for this author
Company Info
Core & Main, Inc. distributes water, wastewater, storm drainage, and fire protection products and related services in the United States.
Market Cap
$10.0B
Pitch Price
$50.89
Price Target
N/A
Dividend
N/A
EV/EBITDA
12.42
P/E
24.67
EV/Sales
1.69
Sector
Trading Companies and Distributors
Category
special_situation
Pipe Price Fixing - Core & Main, Inc. (short)
CNM: PVC pipe mfgs & distributors likely fixing prices via OPIS newsletter. Pipe prices 2.7-4.7x pre-Covid levels despite normalized costs/demand. CNM EBITDA +220% 2019-23, price +56%, margins 8.3% to 13.5%. $36B market. Regulators focused on collusion. Risk of price normalization, fines. ATKR, OTTR, WLK also at risk.
Read full article (2 min)