I think you hit on a lot of the points here. Unfortunately, it's not as interesting as I would like this to be. Good RemainCo, and I agree with your valuation there.
For SpinCo, there are probably really good efficiencies that can happen, especially around working capital. Which is like a primary driver of their value, but I don't know how much juice is really there anymore.
We'll see if remainco gets interesting. Not as juicy, but enjoyed the write-up.
I think you hit on a lot of the points here. Unfortunately, it's not as interesting as I would like this to be. Good RemainCo, and I agree with your valuation there.
For SpinCo, there are probably really good efficiencies that can happen, especially around working capital. Which is like a primary driver of their value, but I don't know how much juice is really there anymore.
We'll see if remainco gets interesting. Not as juicy, but enjoyed the write-up.
Yeah, I landed somewhere similar... plus it's soon enough that might as well wait to see how it trades...
That said, I love distribution businesses. They require solid operators and careful working capital management, but they can be great businesses.
In distribution, "growth" and "cash flow" are opposite ends of the spectrum though :)
Great review, thanks