Dec. 7 at 10:43 AM
$UFI for the few who watch and likely less who care, I'm paying attention to Ken Langone accelerating his purchases from 11.8K at 3.49, 22k at 3.49, and posted Friday 66.3K at 3.49, tangible book is over
$12 and if he were to pay
$6.25 where UFI started the year against the
$32M EBITDA they expected but failed to come close but eventually will as a cyclical (remember they forecasted over
$100M at pre COVID investment day), the
$6.25 is less than 7x EBITDA and roughly half TBV...Langone likely seeking to exploit tax loss flushing and be in position to takeout the rest eventually but even if not then this is a coiled spring when (not if) cyclical tailwinds manifest again and tone of last couple of calls seems to dictate sometime next year as inventory has to rebuild from customers
