Mueller Industries Inc. (MLI)
Mueller Industries: A Wonderful Company At A Fair Price
Mueller Industries has delivered over 487% TSR in five years, significantly outperforming the SPY, and remains attractively valued with strong profitability and returns. Revenues grew from $2.43B in 2019 to $3.4B TTM, with NOPAT compounding at 32% annually, boosting ROIC from 8.9% to 25%. Management has created $1.77B in shareholder value since 2019, but recent declines in NOPAT margins and FCF warrant close monitoring.
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The Transformation Continues For Mueller Industries
Mueller Industries' margins have remained strong despite declining copper prices, indicating a fundamental change in their business model. The company has announced a significant acquisition, signaling a shift in their strategy towards horizontal acquisitions. The acquisition of Nehring Electrical Works Company could potentially boost Mueller Industries' EBITDA and EPS.
