REH moat, page-84

Just trying to think of some warts for balance. This wont be popular, but here goes...

The Wilson family and board structure. What happens when the Wilson brothers (71, 76, 79) and Mr Pitcher (78) reach their 80s and inevitably start to wind down with the passage of time? How reliant is CEO Peter Wilson (49) on the wise counsel of his father and uncles. How reliant is the entire Reece Group to the current board and its dynamic?

I sincerely hope that the future is kind to the ageing board members and they can continue on strongly serving the board through their 80s. That would be a great thing to see.

The current board have built a great business. How are they going to ensure it is an even better business when the stewardship of the business is transferred over the next decade or so?

Ok thats my wart contribution, now back to the can of clear gloss. The ABS's population projection is 31-43m by 2056. Think all those extra people, needing housing, bathrooms, plumbing. Population density in urban areas will continue to increase leading to increased customer density per store catchment.