Horizon Global: A Cheap Price And One Big Problem [Seeking Alpha]
Horizon Global Corporation Common Shares (HZN)
Last horizon global corporation common shares earnings: 3/16 06:30 am
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US:NYSE Investor Relations:
investors.horizonglobal.com
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Source: Seeking Alpha
Summary Source: finviz.com I want to step into the ~50% decline in Horizon Global (NYSE: HZN ). I really do. HZN looks cheap; at Thursday's close of $13.88, the stock trades at just 14.6x the midpoint of 2017 EPS guidance, and around 7x on an EV/EBITDA basis. The benefits of the company's acquisition of European provider Westfalia - which spiked the stock in late August - haven't yet been realized. Management targets of $100 million-plus in free cash flow imply a sub-4x P/FCF multiple, against a current pro forma market capitalization of about $353 million. And while leverage does explain some of the decline in HZN shares since mid-December, the steep drop appears to be far too much. But there's real concern coming out of the company's Q4 results, particularly relative to that Westfalia acquisition. HZN's stock actually fell twice off Q4 - once when preliminary results were released (along with a stock and convertible debt offering ) in late January and aga
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