SEB on jatkanut myyntejään. Itse olen yrittänyt miettiä Harviaa ja markkinaa hieman pidemmällä aikavälillä.
Pool Corpista on ketjussa puhuttu ennenkin, mutta laitan vielä pari juttua. Firman edelliset 25 vuotta ovat olleet huikeat.
Tässä edellisen 20-vuotisen toimitusjohtajan kommentteja:
When Perez de la Mesa joined the company as its COO in early 1999, it was called SCP Pool Corporation (for South Central Pool), and primarily served the South. Pool/spa products distribution existed in a much more fragmented state at the time. Under Perez de la Mesa’s watch, the company undertook an acquisition campaign of more than a decade, absorbing competing chains such as National Pool Tile, as well as countless independent operators. It also became an international company, expanding into Mexico and Canada, then South America, Europe and Australia. It also entered the irrigation supply space.
The company currently reports operating 360 locations around the world.
On the investor side, the company saw a net sales compounded annual growth rate of 10% and return on invested capital of 29% during Perez de la Mesa’s tenure.
He said he immediately saw the potential for PoolCorp to achieve its explosive growth even while interviewing to join the distributorship. As the head of an air-conditioning distributor at the time, he saw unique characteristics in the industry.
“You have an industry characteristic where the penetration of pools at 10 to 11% of single-family households is a fraction of its long-term potential,” he said. “That’s a dynamic that makes it unique.”
Seeing this potential, he developed a list of goals for the company before his first day on the job. “For the first 10 years or so that I was in the company, we worked on that list,” he said. “We didn’t get them all done in the first 10 years but we’ve gotten almost all of them done at this juncture.”
Firmalla on yhtäläisyyksiä yrityksen ja Harvian markkinadynamiikan kanssa. Molemmilla vahva asema omissa niche -markkinoissaan. Harvia on toki moninkertaisesti pienempi, mutta on kutkuttava ajatus, mitä firma voi saada aikaiseksi, mikäli tynnyrisaunoja aletaan laittamaan enenevissä määrin myös uima-altaiden kylkeen. USAssa markkinapotentiaali on valtava.
Kiehtovaa nähdä, mitä n. 10% p.a. pitkäaikainen liikevaihdon kasvu voi saada aikaan:
EDIT: slidet firman omilta IR-sivuilta sijoittajapresentaatiosta.
