"I can't quite get there but Nick Scali had 81,000,000 on issue in 2004 through until 2023 while revenue moved from around $50m in 2004 to $450m now.
They issued shares in 2024.
Do I still win a prize."
Yes, prize awarded. If only because the reason NCK issued shares recently was to initiate a low-cost foray into the UK market (of course, how that pans out for NCK shareholders in the fullness of time is a topic for the NCK threads). The other one that held Issued Capital unchanged (at a very modest $10m ... I'll never forget the number) for decades was REH, until it, too, tapped the owners of the company for capital to start a business in the USA).
So, two highly successful businesses which might serve as an analogue for SDI because there are similarities: all the companies have unique product/service offerings, strong commercial moats, demonstrated track records of innovating and gaining market share, and continued multi-generational involvement of high-conviction founders who retain very significant shareholdings.
The difference between SDI and those other two companies is that REH and NCK have reported strong increases in operating margins over time, due to their ability to hold CoDB cost growth to lower than Revenue growth. SDI hasn't been able to replicate that, but should it one day start doing so, then there is nothing to stop SDI's earnings being capitalised at multiples approaching 20x, as opposed to the current ~10x.
But first the company has to get safely to the other side of Project Montrose.
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