Financial PerformanceBECN’s 1Q24 results were strong, highlighted by good organic volume growth, stable pricing, and modestly better-than-expected gross margin.
OutlookManagement’s second-quarter outlook implied upside to Street estimates, while the full-year guidance was also slightly raised beyond the 1Q24 beat.
ValuationOverall, a continued healthy demand/pricing environment for BECN is seen ahead, while the stock continues to be significantly undervalued when compared to precedent transactions/peers and vs. historical valuation.