Richelieu Hardware (RCH) gained 4% on its Q3 print, which beat estimates thanks to a return to organic growth in Canada…

… and the first Y/Y improvement in EBITDA margins in over three years.

Importantly, management views the recent tariffs on furniture and cabinets as an opportunity - with its U.S. footprint set up well for a reshoring of supply chains.

Combined with the potential for Build Canada Homes to boost the Canadian business and a margin-accretive M&A pipeline ($75M of revenue bought YTD)…

… RCH could get a re-rate soon.

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