Howdens Joinery (HWDN) has been built up into a very successful business since it was founded in 1995. The company has many hallmarks of quality from an investor’s point of view. It is a highly profitable business with no debts.
However, for the past three years, its share price has been stuck in a trading range despite the business continuing to grow its revenues and dividends. Profits growth has been more of a problem, though.
Despite its exposure to the UK economy – and the housing market in particular – Howdens is a business that I’ve liked in the past. So I’ve decided to revisit it to see if its shares have been harshly treated or if life is as good as it gets for it right now.