Mueller Industries Inc. Common Stock (MLI) : juste valeur

Thèse ACCE

Mueller Industries makes copper tube, fittings, and brass rod for plumbing, HVAC and refrigeration, and it is one of the largest copper fabricators in North America. The moat is mostly scale and vertical integration: it recycles scrap and sources raw metal into its own mills, which keeps it cost-competitive against smaller converters and gives it a steady supply of product for the construction and replacement markets. Revenue grew 31.6% in the latest reported period, and the 19.5% operating margin and 26.3% ROE suggest the growth is being converted into profit rather than bought with price cuts. At a trailing P/E of 13.9 and a forward P/E of 11.6, the market is pricing in a flattening of earnings, which deserves testing against how much of the recent growth came from copper price pass-through rather than volume. The stock carries no index membership, so the name is likely under-followed, and a 68/100 score puts it in the group worth a closer look on the margin and cash-flow questions before any sizing decision.