Description
Short Thesis
TREX is over-earning due to a cyclical peak in home remodeling activity. Over 90% of Trex’s sales are derived from domestic residential remodeling. Remodeling activity is now back to the levels achieved at the peak of the last cycle (which in hindsight we know was a massive housing bubble) and TREX’s sales and profits are correspondingly elevated. Shares are expensive both on normalized and peak earnings.
Business Overview and History
There are essentially three options when building a new deck; Wood is the most common and cheapest. 100% plastic / PVC is the most expensive and least common. The third option (which is what TREX produces) is a composite of plastic and wood fiber. Plastic / composite decking can cost 2-4x wood decking, but offers the benefits of requiring lower maintenance and not needing to be stained. TREX’s products are sold through a nationwide network of regional distributors who in-turn sell to retail outlets. Trex manufactures its own polyethylene (50% of raw materials by volume) from recycled sources and recently expanded capacity in order to sell polyethylene to outside firms.
TREX was spun-out of Mobil Corporation in 1996 and went public in 1999. During the 2000’s synthetic decking took a significant share of the market from wood, although these share gains plateaued by the end of the decade. During the housing crisis in 2008-2009 a number of smaller players in the composite space went out of business. As shown in Figure 1 below, Trex was able to capture some of the business of these bankrupt companies causing the company to grow share from 30% in 2007 to 37% in 2011. During this same period the share held by smaller, independent manufacturers fell from 42% to 24%. In 2012 two of Trex’s largest competitors, Azek and TimberTech, merged. This merger experienced significant integration issues which allowed Trex to convert some distributors who previously carried Azek / TimberTech’s products, to Trex products. This further increased Trex’s market share from 37% in 2011 to 40% today.
Figure 1: Historical Market Share of Composite Decking
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Remodeling Activity is at a Cyclical Peak
Home remodeling is highly cyclical in nature and tends to follow the strength/weakness in the overall economy. As shown in Figure 2, by any measure current levels of remodeling activity are back to the highs of the past cycle.
Figure 2: Remodeling Activity is at a Cyclical Peak
![](data:image/png;base64,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)
TREX is Over-Earning
Since over 90% of Trex’s sales are to the domestic remodeling market, it should not be surprising that sales are strongly correlated to overall remodeling spending. As proof of this relationship, a simple linear regression of Trex’s sales to total remodeling activity (as calculated by the Joint Center for Housing Studies) and the company’s market share yields the following equation with a highly statically significant relationship and an R-squared of 0.84 (a full regression output is shown in the appendix):
Trex Sales = -221.8 + 3.01*total remodeling + 4.50* market share
Using this equation we can calculate what Trex’s sales are likely to be in a more normalized remodeling environment. From 2004 – 2015 (a time period that includes a large housing bubble) the average annual remodeling spend was approximately $126B/yr. As shown in Figure 3, assuming the normalized level of future remodeling cycles is similar to historical levels and Trex’s market share is unchanged, we would expect normalized sales to be about $334mm. Even if you assume remodeling spending in future cycles increases to $135B/yr and Trex’s market share grows to 41%, normalized sales would be $369mm. Applying a justified multiple to the earnings of each of these scenarios yields a fair value of $12-$23 per share or approximately 45%-70% below current levels.
Figure 3: TREX Normalized Earnings and Valuation
![](data:image/png;base64,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)
Peak-Level Risk is Acceptable
Trailing 12 month remodeling spend is about equal to the peak of the last cycle. Even so, TREX still trades at 24x trailing P/E. While it is certainly possible remodeling spending could continue to grow to a level higher than the previous peak, it seems unlikely that the peak of this cycle will be significantly higher than the prior cycle when you consider that at the time of the prior cyclical peak the U.S. was in the middle of the largest housing bubble in the last 100 years. By my calculations (below) even if you assume some continued market share growth, for TREX to trade at an 11x P/E the remodeling market would have to grow by an additional 47%. As such, the downside risk here seems acceptable.
Figure 4: How Much Growth is Needed for TREX to be Cheap?
![](data:image/png;base64,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)
Key Risks
The Normalized Level of Home Remodeling has Increased – As is always the case with over-earning businesses, some would argue that ‘this time is different’ and that we are not currently at a cyclical peak for remodeling. There are generally two reasons given to support this view; the first argument is that current low interest rates, high-housing prices and availability of credit make remodeling a compelling investment. The problem with this argument is that while remodeling may indeed currently be a good investment due to high housing prices, low interest rates and easy credit, these factors are themselves cyclical in nature. Since there is no reason to believe that either house prices, interest rates or credit availability has undergone a secular change, this argument actually supports conclusion that remodeling investment is cyclically elevated.
The second “this time is different” argument contends that the U.S. housing stock continues to grow and age and as such requires more spending to remodel. While the U.S. housing stock is indeed older and larger than previous cycles, the amount of difference is small and not nearly enough to offset historic housing bubble experienced during the last remodeling cycle.
Furthermore, even if you do in fact assume that mid-cycle remodeling spending going forward will be higher than previous cycles, TREX is still significantly over-earning and significantly over-valued on mid-cycle earnings power. We can see this just by looking at the current earnings. With the remodeling market at all-time highs TREX still trades at 24x P/E which is much higher than any reasonable justified multiple. Thus, in order for TREX to be cheap on a mid-cycle basis, normalized remodeling activity has to be significantly higher than all-time highs which seems highly unlikely.
Increased Market Share – From 2007 to 2014 Trex has increased its market share of composite decking from 30% to 40%. While these market share gains are impressive, they are the result of two specific one-time events and there is no reason to think share gains will continue. First, the housing crisis allowed Trex to capture share from smaller players that went out of business. Then in 2012/2013 integration issues with the Azek / TimberTech merger allowed Trex to convert some distributors who previously carried Azek / TimberTech’s products, to Trex products. As such, it seems appropriate to view these market share gains as one-time in nature.
Furthermore, even if TREX gains significant additional market share, shares are still expensive. If we assume TREX’s share goes from 40% to 50%, mid-cycle sales and EPS would be approximately $435mm and $1.90 – implying a mid-cycle P/E of about 21.5x which is still higher than the high-level of justified P/E we calculated above.
Increased International Sales – Trex estimates that approximately 50% of the total market for composite decking is outside North America. Since 2010 Trex has been selling products outside North America, but so far international sales are a very small (and undisclosed) percentage of total sales. Given that in general international expansion tends to destroy shareholder value and thus far Trex’s international efforts have produced minimal sales, this risk appears acceptable.
Appendix: Regression Output
![](data:image/png;base64,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)
I do not hold a position with the issuer such as employment, directorship, or consultancy.
I and/or others I advise hold a material investment in the issuer's securities.
Catalyst
Lower earnings, end of cyclical growth