Foreword: I first heard of Cadre Holdings while reading Maran Capital Management’s 4Q21 letter to investor partners. Dan Roller, Maran’s Founder and CIO, laid out a pretty compelling investment thesis which led me to dig more into the company. The work that follows summarizes many of Dan’s points from the letter, the prospectus, additional company disclosures, as well as other material I thought was worth sharing. It ends with outlining two scenario’s that I’ve modeled which try to demonstrate the range of potential outcomes that an investment in Cadre Holdings could generate if held for the long-term, allowing for the company’s M&A strategy to unfold and allowing the stock to compound over time.
Cadre Holdings Inc. (NYSE: CDRE)
Cadre Holdings Inc. (NYSE: CDRE)
Cadre Holdings Inc. (NYSE: CDRE)
Foreword: I first heard of Cadre Holdings while reading Maran Capital Management’s 4Q21 letter to investor partners. Dan Roller, Maran’s Founder and CIO, laid out a pretty compelling investment thesis which led me to dig more into the company. The work that follows summarizes many of Dan’s points from the letter, the prospectus, additional company disclosures, as well as other material I thought was worth sharing. It ends with outlining two scenario’s that I’ve modeled which try to demonstrate the range of potential outcomes that an investment in Cadre Holdings could generate if held for the long-term, allowing for the company’s M&A strategy to unfold and allowing the stock to compound over time.