Seeking Alpha: Techtronic Still Worth A Look As A Housing Recovery Play

My Top Idea call on August 20, 2013 to buy Techtronic (OTCPK:TTNDY) worked okay for a while, as the stock rose almost 20% through to year-end. Shortly thereafter, worries about the soundness of the housing play as an investing them started to creep into the market, stimulated by weaker housing starts and existing sales and worries about the economy as a whole. That took a lot of the steam out of Techtronic, as well as rival Stanley Black & Decker (SWK) and major retailing partner Home Depot (HD).

I believe the Techtronic story remains an appealing one. Techtronic has been a share-gainer in the U.S. with its Ryobi and Milwaukee tool lines, and still has yet to really address the European or major emerging markets in a big way. Likewise, I continue to believe that the company can do better with its floor care business, with a resulting uplift to margins. With margins and returns on capital heading in the right direction and a housing market only in the early phases of recovery, I still believe Techtronic has a lot to offer at these levels.

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Techtronic Still Worth A Look As A Housing Recovery Play

Seeking Alpha: Even After A Big Run, The Housing Recovery Can Take Techtronic Higher

Plenty of stocks tied to housing in one form or another have enjoyed strong rebounds, and toolmaker Techtronic (NASDAQ: TTNDY.PK) is no exception, as the shares have climbed almost 60% this year and nearly 1,000% from the depths of the housing/credit crash. With the remodeling/renovation market only just recovering and new housing construction still to come back, Techtronic should be looking at several years of above-average growth just on the recovery trade.

There's more to Techtronic than just a U.S. housing recovery. Techtronic has started to show progress in dealing with lagging margins and the company has barely scratched the surface of its opportunity in markets like Europe. Although these shares can respond violently to updates on the U.S. housing market, another 25% in the shares seems to be attainable on only relative modest margin improvement assumptions and fully executing on the opportunities in margins and Europe could send the shares as much as 50% higher.

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Even After A Big Run, The Housing Recovery Can Take Techtronic Higher