Quick Value #256 - Beaten Down Cyclical

Cyclical is down 36% over past year, bought and sold assets >3x current market cap, starting to grow again and extremely cheap

Today’s idea:

• Beaten down industry (most stocks down 30-40% over the past year)

• Shares trading at 5x EBITDA and 10x earnings with modest leverage (<2x)

• Business model shift via capital allocation — sales + M&A = 3x market cap

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