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Brad Hathaway

Research Analyst at Fairview Capital Investment Management, LLC

Brad Hathaway is the Managing Partner of Far View Capital Management, an investment firm he founded in 2011 that focuses on value-oriented strategies across global equities. He has played a key role in covering companies like Distribution Solutions Group (DSGR) and sits on the board of CDON AB, reflecting his exposure to both U.S. and international markets. Hathaway previously served as an analyst and portfolio manager at J. Goldman & Company for four years and as an analyst at Tocqueville Asset Management for three years, after graduating with a B.A. in Political Science from Yale University. Widely recognized for his expertise in sourcing and analyzing investment opportunities, Hathaway leverages a decade-spanning track record in hedge fund management, though specific quantitative performance metrics and securities licensing details are not publicly disclosed.

Brad Hathaway's questions to Distribution Solutions Group (DSGR) leadership

Question · Q1 2025

Brad Hathaway of Fairview Capital requested details on the company's path to achieving its 20% return on invested capital (ROIC) target, focusing on both numerator (NOPAT) and denominator (invested capital) drivers.

Answer

Executive Ronald Knutson identified improving the numerator (NOPAT) as the primary driver, focusing on realizing synergies from recent acquisitions like Source Atlantic. Executive John King elaborated on four key levers: cost synergies, sourcing and pricing initiatives, normalization in lagging end markets, and organic growth from the 'network effect' of sales initiatives. While working capital investment may rise with inflation, King expects pricing actions to generate higher returns on that capital.

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Question · Q3 2024

Brad Hathaway questioned the company's strategy for increasing its Return on Invested Capital (ROIC) from current levels to the 20%+ benchmark for mature distributors.

Answer

Executive John King stated that the primary path to higher ROIC involves realizing synergies and driving earnings growth from recent acquisitions, which temporarily depress the metric. He emphasized that the biggest driver will be growing the earnings of acquired companies, supplemented by working capital efficiency and organic growth from the expanded platform.

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