NIA Impact Advisors Opens New $4 Million Position in Core & Main on the Dip

Core Investment Overview - NIA Impact Advisors initiated a position in Core & Main by acquiring 66,437 shares valued at approximately $3.58 million after the stock dropped nearly 20% in a single day during Q3 2025 [1][2] - This new position represents 1.2% of NIA's total reportable U.S. equity holdings of $307.72 million as of September 30, 2025 [3] Company Performance Metrics - As of December 10, 2025, Core & Main's stock price was $55.19, reflecting a 3% increase over the past year, but underperforming the S&P 500 by 10 percentage points [3] - Core & Main has a market capitalization of $10.52 billion, with trailing twelve months (TTM) revenue of $7.74 billion and net income of $431 million [4][5] Industry Position and Strategy - Core & Main is a leading distributor of water, wastewater, and fire protection infrastructure products in the U.S., serving municipalities, private water companies, and contractors [5][7] - The company operates in a highly fragmented industry, with the top two players controlling one-third of the market, presenting acquisition opportunities [10] - Core & Main's strategic focus on essential utility markets and specialized services supports a resilient business model [8] Financial Metrics and Valuation - The company trades at a forward price-to-earnings ratio of 24 and an enterprise value to EBITDA multiple of 13, indicating a valuation that is cheaper than the broader market [3][12] - Core & Main's return on invested capital has consistently been above 10%, showcasing its effectiveness as a profitable acquirer and integrator of businesses [11]