PGT Innovations: The Miter Offer Is Not Good Enough, But There Is No Better Alternative [Seeking Alpha]
PGT Innovations, Inc. (PGTI)
Last pgt innovations, inc. earnings: 2/25 07:30 am
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US:NASDAQ Investor Relations:
ir.pgtinnovations.com
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Source: Seeking Alpha
Operating efficiencies did not improve significantly despite the company's growth. PGTI is being acquired by Miter Brands at a price of $42 per share, which offers a margin of safety for Miter Brands. The Board left money on the table. For the shareholders of PGTI, the offer is the best way to exit, as it would be challenging for management to deliver shareholders' value via operations. Investment Thesis PGT Innovations ( NYSE: PGTI ) revenue has grown by about 5-fold over the past 10 years. However, this growth was driven more by acquisitions than organic growth. Moreover, the growth was at an unsustainable Reinvestment rate. At the same time, while bigger, there were hardly any improvements in the operating efficiencies. The result is that while there was profit growth over the past 10 years, there was hardly any growth in the operating return and ROE. As such, when growth slows down because of funding constraints or lack of target, we will not have a wonderful company.
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PGTI
News
- MITER Brands Completes Acquisition of PGT Innovations [Yahoo! Finance]Yahoo! Finance
- MITER Brands Completes Acquisition of PGT Innovations, Inc.Business Wire
- Roivant Sciences Set to Join S&P MidCap 400; Sunrun to Join S&P SmallCap 600 [Yahoo! Finance]Yahoo! Finance
- NewSouth Window Solutions Unveils New Streamlined Website [Yahoo! Finance]Yahoo! Finance
- NewSouth Window Solutions Unveils New Streamlined WebsiteBusiness Wire
PGTI
Earnings
- 11/2/23 - Beat
PGTI
Sec Filings
- 3/29/24 - Form 4
- 3/28/24 - Form 4
- 3/28/24 - Form 4
- PGTI's page on the SEC website