BenWise Research
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Masonite: An Unknown And Undervalued Building Products Company With Over 50% Upside

Masonite (NYSE:DOOR): An unknown and undervalued building products company with over 50% upside

Background: Masonite is a leading manufacturer of interior doors for residential new construction, repair, renovation and remodeling markets. The company emerged from bankruptcy in 2009 after restructuring $2.6 billion in debt incurred in an LBO by KKR in 2005. Since the restructuring, the common stock of Masonite traded OTC among a small group of distressed and special situation funds and brokers that specialize in "post-reorg equities." In February 2013, the company filed an S-1 in connection with a proposed $150mm IPO and NYSE listing to be led by DB, Barclays, and BofA. In consultation with the largest shareholders (Oaktree, Mount Kellett, Centerbridge), the company...

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