In addition to the points already made I would add these:
Online sales now @ 15% of revenue and growing rapidly. ADH are one of the leaders in omni-channel
They have pricing power via exclusive products and don't really focus in the 'me too' categories.
They have capacity to grow by (a) L4L sales (b) margin expansion (c) range expansion - this area is HUGE as the ADH focus is now to renovate every room in their customer's home (add on sales are much cheaper and more pofitable than first time sales and they have a huge database (d) store growth to greenfield areas and reclassification of smaller stores into the larger more profitable model.
There will be casualities in this segment (BigW to name but one). ADH can grow on the back of fewer competitors. Its comforting to know they have such a strong Balance Sheet and generate plenty of FCF.
In addition to the points already made I would add these:Online...
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