Bryan Wagman
Long/short equity, value, growth at reasonable price, industrials

Beacon Roofing: Growth Is Already Priced In

Business Model And Company Overview

Beacon Roofing Supply (NASDAQ: BECN) is one of the largest distributors of roofing equipment in North America. The company offers residential roofing products, commercial roofing products, and complementary building materials. It sells asphalt shingles, wood shingles, metal roofing, metal edging, gutters, doors, windows, siding, and more. Founded in 1928, the company now has more than 250 locations and more than 3,000 employees. Operations span across 40 US states and 6 Canadian provinces.

Over the course of the last few years, the revenue mix has shifted toward being more reliant upon the residential roofing market. In 2004, 41% of revenue was from residential roofing, 34% from commercial roofing, and 25% from complementary products. In 2013,...

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