Pie funds loves TWD

From their latest newsletter:

There are essentially five key reasons why you would want to own Tamawood.

1 Positive industry tailwinds with
structural under-build for the past 7
years and a resurgent property market.

2 Stong Balance sheet. Tamawood is a
home builder and not a developer.
The effect of this is that they carry little
risk with each individual project. As such
they operate with surplus cash.

3 Dixon homes has a
strong brand.

4 Excellent Dividend. The company
has paid regular and increasing
dividends since listing in 2000.

5 Tamawood is expanding into
Sydney and Melbourne. If they are
able to replicate only a portion of their
success in Queensland this bodes well.

Tamawood has very limited investor exposure.
There are only two brokers with research
coverage and just a few institutions on the
register. We’ve found that if a company is on
a growth path, this is a key ingredient for a rerating.
That combined with great management
and lots of blue sky.

I won’t go through all the numbers, but I think
this company is well placed and current
pricing does not reflect future potential, noting
there are a still a few goals to kick of course."