What to Watch

  • Aging Infrastructure - According to Core & Main, the average age of water and wastewater pipes in 2020 was 45 years, up from 25 in 1970. Add to this over 600 municipalities still use 200-year old cast iron pipe systems. It estimates that over $2 trillion will be needed to repair and upgrade water infrastructure in the U.S.

  • M&A - Core & Main’s main source of growth comes from acquisitions, a riskier strategy than investing in organic growth, but one it has been making work. By performing accretive, bolt-on acquisitions that allow it to easily and quickly expand its geographic footprint, it can avail of new income streams while concurrently achieving cost savings.

  • Cyclicality - Core & Main operates in a cyclical industry, meaning it usually moves in tandem with the wider economy. This can make it more volatile than other stocks.

Government Funding

The Infrastructure Investment and Jobs Act was signed into law in 2021 and has earmarked $55 billion for drinking water, wastewater, and stormwater infrastructure funding.

Core & Main is in a position to be one of the main beneficiaries of this increased spend, and as you can tell from the first point, this likely won’t be the end of the spending.

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