Please follow the link to download our thoughts in reaction to the company's Q1 report, and management commentary.
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.
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.
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.
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.).