Lords is a building materials distributor sitting squarely in the current hot-spot of industry/RMI growth yet with longer-run expectation to sustain industry outperformance supplemented by acquisitions where its historic record (aggregate 20% ROI) is strong. Lords represents a more attractive vehicle in our view than the seemingly ‘peaked' models of the quoted majors in traditional merchanting with very little restriction to the scale of its share gains but upside still in comparative margins. I ....
