Thanks @DeepValue7 – I read that comment as well on the earnings call. My only contention here is that there are lots of export oriented auto ancillary companies that don’t carry 350 days of inventory and such large working capital. 135-150 days is perhaps a more reasonable number for export oriented manufacturing businesses. This is the part that makes me nervous both about the quality of the business (since their current valuation implies ~40x normalized FCF) and about whether the inventory is appropriately valued. Has anyone done any scuttlebutt on this that can provide any comfort or otherwise?
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