In this issue of Short Shrift, please find our thoughts and diligence notes on a pipeline name that we've decided to pass on: Middleby Corporation (Nasdaq:MIDD), as well a brief earnings preview and warning ahead of Snap-On, Inc.'s (NYSE:SNA) earnings report scheduled for Thursday morning. In addition, we have some brief thoughts to share on recent divestitures at TransDigm Group, Inc. (NYSE:TDG).
In this month's issue of Short Shrift, please find our thoughts on recent strength in SNA shares as well as results of our ongoing due diligence, TRN's recent earnings announcement, PSA's earnings announcement, BLDP earnings (as well as the news competitor PLUG Power would be restating financials), and TDG's recently announced divestitures.
Today we are initiating coverage on a new short idea, Lincoln Electric Holdings, Inc. (Nasdaq:LECO). Subscribers can download our report using the link below:
Please download our report to find our thoughts on QSR's earnings, system-wide same store sales comps, leverage, and dividend coverage, as well as our outlook for the shares going forward:
Please use the following link to find our review of TDG's fiscal Q1'21, which includes our thoughts on earnings quality, commercial aerospace aftermarket M&A, and the recent change in management's incentive compensation targets.
On Thursday, February 4th, Snap-On, Inc. reported Q4 EPS of $3.82 vs. a consensus expectation for $2.93 in EPS. Please follow the following link to download our report, with thoughts on: earnings quality, segment results, and outlook.
Today we are initiating coverage of a new short idea, Trinity Industries, Inc., which is listed on the NYSE under the ticker: TRN. Subscribers can download our report using the link below:
In this month's issue of "Short Shrift," (the first of the new year) please find our thoughts on recent strength in shares of BLDP, weakness in KNSL, and the announcement that PSA has added two new independent trustees to its board of directors.
We write today to terminate coverage of Michaels Companies (Nasdaq:MIK), after our thesis has fully run its course. In Antrim's early days, before we had decided to pivot towards an exclusive focus on short idea generation and research coverage, we had initiated on two long ideas which we considered to be high conviction, special situations with unique, near term catalysts for price appreciation. Today, we are terminating our coverage of MIK, and moving to a rating of "Not Rated." Our thoughts on the initiation and current state of affairs are elaborated on in our write up.
In this month's installment of "Short Shrift," we provide subscribers with updates on short ideas under our coverage, as well as the results of our ongoing diligence work. In this issue, we discuss our work on the Mattress industry, including thoughts on TPX, PRPL, and CSPR. QSR, BLDP, and SNA found themselves or their competitors in the news, and we provide an ongoing update on our series of diligence conversations with automotive techs, as it pertains to SNA.
