Review of The North West Company Inc.

APR 25, 2024 - NWC is a stable consumer staples name that serves in niche markets of remote areas with small populations, which keeps the competition less intense for NWC, allowing them to earn decent returns on capital over time. NWC’s same-store-sales growth has been stable and resilient over the years. We think the investing thesis of NWC as a disciplined capital allocator and consistent dividend grower remains intact. We are maintaining our rating at “B.”