Richelieu Hardware (RCH) closed up 11% on a solid Q3 print, which delivered accelerating revenue growth thanks to price increases (40% of organic growth) and higher volumes…

… across both Canada and the US.

While EBITDA margin compressed 30 bps Y/Y on the back of US tariffs, the drag is expected to cycle in Q4 - with management targeting ~11% margins through 2027…

… which provided a modest boost to the multiple, though investor caution on the macro backdrop is keeping a lid on valuation in the near-term.

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