Atkore: Category Leader Benefiting From Strong End Market Demand

Aman Budhwar of PenderFund Capital Management presented his investment thesis on Atkore (US: ATKR) at Wide-Moat Investing Summit 2024.

Thesis summary:

Atkore’s portfolio of electrical infrastructure products supports a broad range of construction projects and is well-positioned to benefit from the growth in demand from end-markets including data centers, manufacturing, healthcare, and solar over the next several years.

Atkor has a #1 or #2 position in the US in most of its products, as quality, brand, scale, and national presence provide a competitive advantage.

Aman believes the recent drop in the share price presents an opportunity to own a quality business at a significant discount to intrinsic value.

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About the instructor:

Aman Budhwar is a Portfolio Manager at PenderFund Capital Management, a firm he joined in February 2022. Aman is passionate about capital markets and has over 25 years of experience in the field of global and emerging market equity research, analysis and stock-picking. Prior to joining Pender, Aman held Senior Equity Analyst positions at leading Canadian fund and asset management firms. Prior to that, he began his career as an Investment Correspondent for India’s leading business daily, where he wrote full-page cover pieces that helped establish a loyal readership. He also worked with a domestic stockbroker in Mumbai before immigrating to Canada in 2001. Throughout his career, Aman has pursued investment opportunities with a long term, differentiated view. He takes a methodical approach to investing and likes to assess both the potential bull and bear cases as well as the probability of each before committing capital to an investment. Over the years, he has developed a process to help identify long term compounders by focusing on key attributes such as a sustainable competitive advantage, high returns on capital, and an attractive free cash flow yield. Aman holds a Bachelor of Commerce from Garhwal University in India and an MBA from the Institute of Management Technology in India. He earned his Chartered Financial Analyst (CFA) designation in 2004. In his free time, he enjoys an active lifestyle, traveling and spending time with his family.

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