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Holly LaFon
Holly LaFon
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Baron Funds Comments on CaesarStone Sdot-Yam Ltd.

November 25, 2013 | About:

CaesarStone Sdot-Yam Ltd. (NASDAQ:CSTE) is an Israeli-based manufacturer of engineered quartz surfaces, which are used predominantly for kitchen countertops and bathroom vanities in place of other materials, such as granite and marble. CaesarStone invented the first quartz surface over 25 years ago, and today has leading market positions in 42 countries, including the U.S., Australia, Canada and Israel. Quartz countertops represent an exciting growth story, having outgrown the $33 billion global countertop market by four-fold over the last decade, yet is underpenetrated at 8% of the market vs. granite at 27%. Consumers have favored quartz relative to granite for its superior scratch and stain resistance, variety of design options and comparable price point. We think CaesarStone can double its revenues and expand margins over the next five years, as construction activity rebounds (particularly in the U.S.), quartz penetration increases, and CaesarStone introduces new, higher priced products. Management is making significant investments to expand its manufacturing capacity in anticipation of demand. (David Kirshenbaum)

From Ron Baron's Baron Funds third quarter 2013 commentary.


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