Timing hasn't been my strong point in my career, but I don't think I'm alone there.
With this much capacity being filled with one customer, I may be early, but I'd be keen to know what plans the company has for future DCs. The MPC could fill quickly now, especially given MAQ's target customer base, so I'd be interested to know what is in the pipeline or at least in the planning for future additional DCs. Geographical expansion could be next.
I wasn't a huge fan of the sale-and-lease-back they did. I'd prefer them to own the real estate and maintain control of it, but I understand the capital rationale for using the sale proceeds to partly fund the fit out. Going forward I would like to see them purchase the land for future DCs to show their expansion plans. Owning the real estate enables them to do the builds on their terms and timeline. While the capital outlay for the RE purchase hurts cash in the short term, over the long haul we would all benefit. I'd be happy to chip in on a cap raise to fund land grabs for future DCs if they can continue to fill capacity at existing centres quickly.
MAQ Price at posting:
$49.22 Sentiment: None Disclosure: Held
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