This deserves a closer look. With a capital structure that complicated, it's no wonder the market doesn't want to touch it. Lots of work...but the more complicated it is, the more chance there is value inside. Time to take a dive
Interesting commentary on Mitsubishi... Seems that any US auto supplier with heavy ICE exposure is inexpensive at the moment; everyone trying to figure out what these will look like by end of decade... Valuations are even more pronounced if they have leverage in the 2-3x+ range
This deserves a closer look. With a capital structure that complicated, it's no wonder the market doesn't want to touch it. Lots of work...but the more complicated it is, the more chance there is value inside. Time to take a dive
Looks very inexpensive, thanks for the idea. Capex has been around $130 mil so with an EV of ~US$2 billion, looking at EV/EBIT of 5x roughly speaking.
In Asia, I know that Mitsubishi Heavy has exposure to turbochargers and trades at a much higher multiple.
Interesting commentary on Mitsubishi... Seems that any US auto supplier with heavy ICE exposure is inexpensive at the moment; everyone trying to figure out what these will look like by end of decade... Valuations are even more pronounced if they have leverage in the 2-3x+ range