In light of news updates published in the Wall Street journal over the weekend, Elliot Management's open letter to the PSA board of directors, and the company's response published yesterday, Antrim offers our thoughts on the developments at PSA and the outlook for storage.
Today we are initiating coverage of a new short idea: Public Storage, Inc., listed on NYSE under the ticker: PSA. Subscribers can download our report using the link below.
On Thursday, November 12th, TransDigm reported fiscal Q4 earnings, with a headline EPS of $2.89 vs. S&P Cap IQ consensus of $1.95. Download our report for our thoughts on TDG earnings quality and management commentary.
On Thursday October 29th, after market close, Kinsale reported operating earnings of $0.42, $0.35 below the consensus expectation of $0.77. Download our report to find our thoughts on the Kinsale results, and management commentary.
On Tuesday, October 27th, before market open, QSR reported earnings, and hosted a conference call to discuss their financial results. Attached, please find Antrim's thoughts on the QSR quarter, along with our outlook for the shares.
This morning before market open, SNA reported earnings. The company hosted a conference call to discuss results at 10am ET / 9am CT. Please download our Q3 Earnings Review to find Antrim's thoughts on the quarter and conference call:
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, QSR, KNSL, and SNA found themselves in the headlines. As well, Antrim has updated diligence work on KNSL and SNA.
Ballard Power Systems is a 40 year old product design, prototyping and engineering firm credited with substantial contributions towards the development of hydrogen fuel cells for use in heavy duty motive applications. The company and its shares have been swept up in a frenzy of investor enthusiasm that coincides with global governments expressing support for hydrogen powered transportation solutions as part of carbon emission reduction policies. Antrim’s research suggests that the company is a sub-scale product design and engineering firm, tasked with scaling up manufacturing of a commodity product in a competitive, cost-conscious industry facing structural overcapacity, and competing directly with better capitalized vertically and horizontally integrated peers (Toyota, e.g.).
Despite our ongoing focus on the identification of profitable ideas for our clients' short book, Antrim continues to believe that opportunities exist on the long side in certain special situations and otherwise unique opportunities. We maintain coverage of two long ideas - DESP, which is a deeply undervalued and misunderstood, high quality, emerging market e-Commerce business, and MIK, which is an e-Commerce resistant (though not immune) specialty retailer that is currently benefitting from a coronavirus related improvement in the Arts & Crafts category, and putting investors through a "short squeeze." Since we initiated coverage on these names earlier this summer, both have been in the news. You can find our thoughts on these developments using the link below:
Click the image or the link below for the first installment of "Short Shrift," which is Antrim's monthly update note on the short ideas under our coverage. In this issue, we discuss QSR, which has reported earnings since our 8/2 initiation, and KNSL, which has reported earnings, raised equity, and lost a chief claims officer since our initiation on July 26th.
