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Re-formatting Initiations

September 8, 2020by Eric Jensen in Equity Research tagged , ,

We've learned some lessons as we've rolled out coverage at Antrim. Some of our constructive feedback has been easy to implement. Like, why on earth don't Antrim Initiations include an "Issuer Info" section on the very first page? Well now they do. With this post, I'm re-publishing Antrim's previous initiations on Shorts: KNSL, QSR, and TDG with a little formatting change, and the new issuer info section, to make them slightly more accessible. There has been no change to substance or content of the reports.

Download our KNSL Initiation >>

Download our QSR Initiation >>

Download our TDG Initiation >>

Initiating Coverage of TransDigm Group (NYSE:TDG) with a Critical Analysis of Fundamentals, Leverage, and Valuation

August 30, 2020by Eric Jensen in Equity Research tagged

TransDigm Group, Inc. is a manufacturer of engineered parts and components for aircraft original equipment manufacturers (“OEM’s”), as well as for maintenance and replacement in the aerospace aftermarket parts and services business. The company has generated compound EBITDA growth of over 22% annually for the past decade, and now trades at over 18x trailing, “peak” EBITDA, despite severe distress resulting from the coronavirus pandemic and the impact it has had on the air travel industry, as well as the extreme levels of financial leverage and overall indebtedness besetting the company as a result of their pursuit of an aggressive, M&A driven growth strategy. Antrim believes investors have become complacent as it regards the risks to TDG’s business model, and that the company’s M&A strategy and pricing practices are unsustainable.

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