Quick Value 6.26.23
Distressed equity + bond idea
Today’s post is for paid subscribers and we’ll be back next week with a free edition of Quick Value. Sign up below to keep the ideas coming (a thorough portfolio review is in the works):
The security highlighted today is a cash flowing company trading at stressed levels with bonds yielding >20% YTM. Management is deploying capital in a smart way by buying back bonds at a deep discount to par and simultaneously repurchasing equity at a cheap valuation.