Description
This is an illiquid PA idea. All figures are in CAD. You can download an excel file with historicals here.
Hammond is a nano-cap Canadian manufacturer trading for 6x EPS and 65% of tangible book value (which approximates IFRS book value). The company makes industrial enclosures and racks, primarily used to house electronic components of various sorts. The end markets are widely diversified. If you want to know more, the company website has a lot of information about hundreds of its products.
Hammond’s products are essentially commodities. The company earns a ~30% gross margin, a 5-8% EBITDA margin, and a 6-7% return on equity over the cycle. Hammond has compounded revenue annually at roughly 5% and book value per share at 7% over the last decade without acquisitions.
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)
Hammond is located in Guelph, Ontario, which sits roughly between Detroit and Buffalo. HSales to the US and other non-Canadian regions are about 60% of revenue, while the large majority of the company’s fixed costs are denominated in CAD. So a strong dollar is great for Hammond.
The benefit is already showing up in the financials—but the effect on income is being obscured by non-cash mark-to-market losses on USD-denominated intercompany loans. The total effect on EPS has been $0.07 over the last twelve months. Not insignificant on a ~$2 stock. Profits are surging, but the growth is being partially masked:
![](data:image/png;base64,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)
Hammond’s annual normalized EPS (before FX and non-operating costs) has increased from its post-crisis average of ~$0.20, up to ~$0.40 on an LTM basis.
If the CAD remains weak compared to the USD, I think the company can continue earning double-digit ROEs for at least a few more years, until its production cost advantage eventually gets competed away. On the other hand, if the CAD strengthens you as an investor have a hedge, since your investment in Hammond is denominated in CAD.
Now for the risk: Hammond’s board recently approved a plan to spend approximately $20M between 2015 and 2018 to expand plant capacity. For Hammond this is not a small amount of money; $20M is 150% of current PP&E. The primary cost will be a new factory with a modern paint line, focusing on the racks side of the business. The factory will be large and will free up space for modernization and optimization at the existing factory. The cost will be financed with bank debt and a $1.5M grant from the local government. Hammond isn’t a business with backlog or contracted orders, so the company will quickly need to find new business to utilize the added capacity. Obviously management believes it can.
Robert Hammond, the CEO and Chairman, owns 1.4M Class A shares (1 vote each) and 2.8M Class B shares (4 votes each), giving him a 37% economic interest in the company and a 63% voting interest. So you are truly a passive minority investor. With that said, I do not see anything untoward going on at the company. The three named executives combined make about $700K per year (Mr. Hammond makes about $300K), and total board compensation is only $65K. Hammond is audited by KPMG. The company does not hold earnings calls or provide any investor information beyond what is required, but management is accessible and responsive to investors.
The company owns a 50% interest in an unused property currently under environmental remediation. The company is spending about $100K per year on remediation and other property expenses (I lump this in with FX as a non-operating cost). The property is carried on the books at $1M, and management estimates its fair value in filings at $1.25M.
For the last five years Hammond has paid a $0.02+ special dividend each year. The company is neither a purchaser nor an issuer of its shares; the diluted share count is unchanged since 2008. For the foreseeable future I would expect the new factory expansion to be the company’s sole capital allocation priority.
Frankly I have no idea what the “right” value is for this company. 100% of book value seems fair to me, in which case you’re looking at ~$3.50 today and maybe $4.50 three years from now based on retained earnings. The company traded at book leading up the GFC, but has consistently traded at a significant discount since then.
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
Increased EPS as FX charges roll off
Increased earnings from new factory