Core & Main, Inc.


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Core & Main, Inc.: Initiation of Coverage – An Insight Into Their Acquisition Strategy & Key Growth Drivers


Based on a rigorous examination of Core & Main’s first quarter fiscal 2024 results, a nuanced investment thesis for the company can be deduced by delving into various facets of its operations and financial performance. Core & Main, a prominent distributor of water, wastewater, storm drainage, and fire protection products, has marketed itself effectively as an indispensable partner to municipalities, private water companies, and professional contractors. Positively, Core & Main reported a robust 11% growth in net sales reaching a record $1.74 billion for the quarter. This growth is partly attributed to seasonal adjustments in selling patterns, particularly in northern regions, and the first improvement in residential volumes on a year-over-year basis in several quarters. The addition of complementary acquisitions, such as the significant one mentioned, also bolstered this growth, facilitating geographic and product line expansions.

Our Report Structure:

⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
⦁ Disclosures

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