“Normal is the wrong name often used for average” Henry S. Haskins On TREX’s 2Q21 earnings conference call there were TWELVE references to “normal”, “normalization”, or “normalized”. ...
READ MORE >TREX has an $11B+ market cap. In a market full of excess, this singular data point has us shaking our heads day after day. After all TREX manufactures composite decking from wood pulp and recycled plastic. Based on the deluge of...
READ MORE >There are better companies whose stocks have been absolutely destroyed over the past few weeks for posting the type of upside that TREX delivered in the third quarter. Yes, the company generated strong sales growth and...
READ MORE >The strength in sales of products related to the “home” since early March truly has been something to behold. This is particularly true of items that can be used outdoors or can improve the...
READ MORE >We’re going to keep it fairly short in this note. Heading into the quarter, the magnitude of bullish sentiment surrounding TREX was simply baffling. Many analysts and investors appeared to be CONVINCED that strong feedback about decking related sales at Home Depot and Lowe’s...
READ MORE >Attached please find a report which outlines the feedback from a survey of decking dealers that we conducted over the first two weeks of April.
READ MORE >“We estimate that composites account for 19% of the North American total decking market and that the enhanced products have further expanded our addressable market to about 60% of the overall decking market...
READ MORE >“The fact that I mentioned for the first time any guidance on the top line growth, I think is noteworthy. I think what I said was that we plan to have solid double-digit growth in 2020. The demand we've...
READ MORE >Slowing sales trends as competition starts to heat up.
READ MORE >Admittedly, heading into the quarter we thought the revenue results and sales outlook for 3Q19 for TREX would be materially worse. For the past few months the only consistent feedback we heard surrounding the company was that dealers...
READ MORE >“We are very pleased with the current selling season, which will be for 2019 business. We had very good reception; we are going to take a lot of market share in the retail space with our...
READ MORE >“Most decking contractors I know go for the cheapest brand. “ Regional Decking Products Distributor A few years ago, we introduced Acuity Brands as a short idea. At that time,...
READ MORE >LONG
$75
LONG
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SELL/SHORT
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$50
SELL/SHORT
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SHORT
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SHORT
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LONG
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LONG
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PAIR TRADE
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PAIR TRADE
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LONG
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SHORT
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SELL/SHORT
$10
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SHORT
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SHORT
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SHORT
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PAIR - LONG BGG/SHORT TTC
25%
PAIR - LONG BGG/SHORT TTC
25%
SHORT
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SHORT
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PAIR - LONG KNL/SHORT MLHR
25%
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LONG
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LONG
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PAIR - LONG CSGP/SHORT LOOP
40%
LONG
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SHORT
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SHORT
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