NTD: The wheels keep turning

National Tyre amp; Wheel (ASX:NTD) are a distributor of tyres and wheels. They are the largest independent importer and wholesale distributor of tyres and wheels in Australia and NZ. They also have a presence in South Africa.
They are primarily a wholesaler but also have a chain of retail stores under the Tyreright brand. Primarily the business services commercial vehicles such as trucks and buses as well as agricultural vehicles and four wheel drives.

Source: National Tyre and Wheel, Annual Report 2023, 18/9/23
NTD have experienced strong revenue growth over the last five years. In addition to organic growth, a lot of the revenue growth has come via acquisitions. The acquisition of Tyres4U in August 2020 was a transformative transaction resulting in revenue increasing from $160 million to $460 million. They made a couple of smaller acquisitions in 2021, including Black Rubber, a truck tyre business and Access Alloys. In late September this 2023, they announced a deal to distribute Dunlop tyres in Australia and New Zealand. The deal is expected to be exclusive and they have the right to exit it if another distributor is appointed. The expected impact on...