Mann’s Portfolio

Hey i dont know about compuage info but yes redington is the distributor and not the Brand licensee of Apple
Creative is Brand licensee of Honeywell
Their Enterprise bsuiness is kind of overlapping with Redington but still Creative is National Distributor it passes down the product in Value chain
Where as redington sab khud karta hee

Tbh in electronics component there is literally no one doing brand licensing

Hence you’ll not find core competitor → To understand the business model go through Page ind or Jubiliant foods

If you see tradtional business model you can say 50% Overlap with redington

I’m sorry your intepretation about the Credit rating is wrong Creative has it’s chain of distributor network that follows the supply path for almost every products in their portfolio

And hence the customer conventration

Honeywell’s business is mere 10% of revenue
They have vision to scale upto 2500 – 3000 crores of revnue even by 2030

See the moat is simple – Honeywell wont come to india and sell this white goods – Investement chaiye, Forex Risk, Credit Risk, Operation ka karcha and much more.
Hence Brand licensee – The audit of honeywell and its clearence required 2 years for creative
Switching time is very very very High
This is the moat in my opinion
The board seems quite competent

PE Is percperation of growth in earnings
Is the blended margins become 2x from 2% to 4%
The Profit CAGR Is very Hugh and hence highh PE

Go through earnings call in my opinion

Disclaimer – Invested and Baised