Tandy Leather

Market Cap ~ 80M (Price $7.87)

A whole-seller of leather (derived products) with over 100 stores worldwide.

Management has big shareholding (~ 33.63%). They have been able to the grow the business moderately 5% revenue in the last 10 years and 7% income. So, this checks out.

The company probably has some moat in terms of locations/quality/variety of products they sell. Unfortunately, this does not seem very sustainable to me. This goes into the “Too Hard Pile”.

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