HMDPF - Hammond Power Solutions: An Investment Thesis
Introduction:
This little-known company’s primary listing is on the Toronto Stock Exchange. It trades under the symbol HPS.A, and is headquartered in Ontario. Hammond Power Solutions manufactures a variety of transformers and magnetic products. They are the largest manufacturer of dry-type transformers in North America and enjoy a variety of technological, process, and scale advantages over peers. While some competitors are large multinationals, the market is fragmented and many are small scale operators generating less than $20 million in annual revenue. Hammond Power has manufacturing operations in Canada, the US, and Mexico, as well as