2024-07-09 07:13:15 ET
Summary
- Compass Diversified is a holding company with ownership stakes in many defensive businesses.
- The company had a strong first quarter with 28% YoY EBITDA growth, well-diversified portfolio, and stable income potential.
- Management focuses on defensive, consumer-branded businesses with a successful track record, but the stock may not outperform the S&P 500 in the long term.
- Shares are a hold with a price target of $20.
Investment Thesis
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Compass Diversified: A Defensive Play That's Fairly Priced