Quick Value #241 - From Debt to Equity

From 7 years of repaying debt to 100% allocation to shareholder returns

Today’s idea:

• An overpriced acquisition in 2016 led to high debt

• Spent 7 years repaying debt (100% capital allocation)

• Stock is ridiculously cheap at <9x FCF with 2.1x leverage

• Repurchased 5% of shares in 3 quarters of inaugural buyback authorization

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