Dover Saddlery, Inc. (DOVR) is on track to accelerate store openings and dominate the equestrian retail market with high earnings predictability and returns on equity, says Peter Gottlieb, Chairman and CEO of North Star Financial Services Corporation, and Eric Kuby, Chief Investment Officer of North Star Investment Management Corporation.
“This is a niche business with high earnings predictability and returns on equity, run by a disciplined management team whose interests are aligned with shareholders, which we were able to buy at less than replacement value. DOVR is a specialty retailer in the equestrian markets. Through almost 20 retail locations around the country, as well as a catalogue and Internet business, DOVR employs a multi-channel strategy that dominates its market in the highly fragmented equestrian retail space,” Kuby said.
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Gottlieb adds that DOVR is still poised for major growth, with a near-term goal of opening 50 retail locations across the country as other major competitors in the space remain elusive.
“The runway for growth is still long, and as the economy continues to improve, the pace of store openings should begin to accelerate from a few a year to potentially double that. We do not feel like the market is fully appreciating the quality of the DOVR business, given that there is no other major competitor of size in the equestrian retail space,” Gottlieb said.
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