Chemed: Empire of Care - [Business Breakdowns, EP.215]

This is Business Breakdowns. Business Breakdowns is a series of conversations with investors and operators diving deep into a single business. For each business, we explore its history, its business model, its competitive advantages, and what makes it tick. We believe every business has lessons and secrets that investors and operators can learn from. And we are here to bring them to you.

To find more episodes of breakdowns, check out joinccolossus.com. All opinions expressed by hosts and podcast guests are solely their own opinions. Hosts, podcast guests, their employers, or affiliates may maintain positions in the securities discussed in this podcast. This podcast is for informational purposes only and should not be relied upon as a basis for investment decisions. I'm Zach Buss, and today we are breaking down Chemed.

Chemed represents the union of Two seemingly distinct businesses, end-of-life healthcare and plumbing services. As our guest Chad so aptly puts it, old houses and old people. The two underlying businesses, Vitas and the widely recognized Rotorator, both offer interesting stories in their own right. The strength of this business has been its intentional and well-executed capital allocation strategy, which has resulted in a 21% EPS kager since 2003, which has resulted in a market cap of $8.5 billion and a net cash balance sheet.

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