QXO Inc's Strategic Growth and Value Creation: Analyst Buy Rating by Christopher SnyderWe are regularly asked about QXO’s ability to turnaround performance at BECN w/ mgmt. eyeing $2B EBITDA by 2030 (vs sub $1B in 2025) and a 15% EBITDA margin (vs ~10% in 2025). Beyond the track record of the QXO mgmt. team (Here Gorilla), our analysis highlights numerous areas where BECN has fallen short which is now QXO's opportunity to create value: 1. BECN volumes have lagged the industry by more than 200 bps per annum over the last decade. This represents a material growth opportunity for a business that is only expected to generate MSD topline growth. 2. QXO store footprint is inefficient. Across QXO's four largest markets (CA, FL, TX, PA), less than 1% of company stores are free of competition from SRS / ABC Supply (25 mile radius).