Our research on Howden Joinery has focused on:

1. Understanding the differences in the retail and trade kitchen buying process 
2. The risk of Wren Kitchens winning share from HWDN
3. HWDN historical international performance 
4. Outlook on France and Belgium growth opportunity 

Business Model: Scaled Economies Shared 

Founded in 1995, Howden Joinery is the number one trade kitchen supplier in the UK and has compounded FCF per share over 12% for 20 years with a consistent ~50% ROE. The company has ~850 depots in the UK and has also expanded into Europe with ~70 depots in France and Belgium combined.