Intangible Valuation
Value, contrarian, coat tail rider, idiosyncratic research

Tandy Leather Factory: A Niche Retail Gem

Tandy Leather Factory (NASDAQ:TLF) is a little retail gem. The company sells leather products including "leatherworking tools, buckles and adornments for belts, leather dyes and finishes, saddle and tack hardware" and the like. The company is a slow and steady grower and their outlook is cautious and measured. This conservatism reflects good management.

According to Tandy's account, there are no competitors across their entire product line -- let alone another national competitor. The 10-K puts it succinctly (p. 3):

"We estimate that there are a few hundred of these small independent stores in the United States and Canada…Our large size relative to most competitors gives us an advantage of being able to purchase large volumes and stock...
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