IBP – INSTALLED BUILDING PRODUCTS, INC. (HQ: USA/Industry: Household Durables)
Installed Building Products and its wholly-owned subsidiaries primarily install insulation for residential and commercial builders located in the continental United States. The company is also a diversified installer of complementary building products including waterproofing, fire-stopping, fireproofing, garage doors, rain gutters, window blinds, shower doors, closet shelving and mirrors and other products. 

Over the last 10-years the company has increased their revenue by more than 500%, which grew steadily during this period. While net income, EPS, and FCF each had extremely high growth as well. To value the business at their current market price Installed Building Products would need more than a 21% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=1580905&owner=exclude

UFPI – UFP INDUSTRIES, INC. (HQ: USA/Industry: Building Products)
UFP Industries is a holding company with subsidiaries throughout North America, Europe, Asia, and Australia that supply products primarily manufactured from wood, wood and non-wood composites, and other materials to three markets: retail, industrial, and construction. 

Over the last 10-years the company’s revenue grew steadily by more than 300%, with only one year of slight declines. While net income, EPS, BV and FCF each having significant growth during the period, along with a steady increase in the dividend. To value the business at their current market price UFP Industries would need more than a 16% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=912767&owner=exclude

ACCO – ACCO BRANDS CORPORATION (HQ: USA/Industry: Commercial Services & Supplies)
ACCO Brands designs, markets, and manufactures well-recognized consumer, school, technology and office products. The company’s widely known brands include Barrilito, Derwent, Esselte, Five Star, Hilroy, Kensington, Mead, Quartet, among many others. Approximately 70 percent of its sales come from brands that occupy the No. 1 or No. 2 position in the product categories. With products primarily sold in the U.S., Europe, Australia, Canada, Brazil and Mexico. 

Over the last 10-years the company has had slow unstable growth, with total revenue increasing 15% and multi years when sales had declined. While net income, EPS and FCF having mixed results during the period, with no signs of a potential steady growth. The best performance for the company has been BV, increasing 45%, but with multiple declining years. Though the market price is fairly valued with a margin of safety, there is an uncertainty on how the business will perform year-to-year.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=712034&owner=exclude

ESCA – ESCALADE, INCORPORATED (HQ: USA/Industry: Leisure Products)
Escalade operates in one business segment: Sporting Goods. The company manufactures, imports, and distributes widely recognized sporting goods brands in basketball goals, archery, indoor and outdoor game recreation and fitness products through major sporting goods retailers, specialty dealers, key on-line retailers, traditional department stores and mass merchants. 

Over the last 10-years revenue has slightly more than doubled, however, there have been multiple years with declining sales. With inconsistent net income, EPS and FCF, including two recent years of negative FCF. Only BV and the dividend had a steady increase, growing 79% and 81% respectively. To value the business at their current market price Escalade would need a 12% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=33488&owner=exclude

AJG – ARTHUR J. GALLAGHER & CO. (HQ: USA/Industry: Insurance)
Arthur J. Gallagher and its subsidiaries are engaged in providing insurance brokerage, consulting, and third-party property/casualty claims settlement and administration services to businesses and organizations around the world. 

Over the last 10-years the company’s revenue grew by more than 200%, with only one year of declining sales. While net income, EPS, BV and FCF each increased steadily by at least 150% during the period. While the dividend grew 41%, the share count also increased by 68%. To value the business at their current market price the company would need more than a 17% per year growth for the next 10-years.

SEC filing link: https://www.sec.gov/edgar/browse/?CIK=354190&owner=exclude