|
IDEA
AUTHOR
PUBLISHED DATE
|
|---|
|
No ideas
|
|
SUBJECT
AUTHOR
POSTED DATE
|
|---|
|
I agree with afgtt that historically, volumes were not very important. From 2013 to 2019, volumes declined by an average of 2% per year, while shares delivered a 17% CAGR. The big difference with today
... Read more
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;">I agree with afgtt that historically, volumes were not very important. From 2013 to 2019, volumes declined by an average of 2% per year, while shares delivered a 17% CAGR. The big difference with today is that they were very acquisitive with low financing costs and very good integration abilities. The company is managed like a private equity firm, focused on returns and not on top-line growth with an eagerness to use a lot of leverage. After closing deals, they would drop low-margin/commoditized SKUs to boost returns. Today, fewer large-scale deals are available, interest rates are higher, and the market is less flexible about leverage levels. I think management is rightly addressing share price pressure by paying down debt, repurchasing shares, and spinning off most of the non-consumer business.</p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;"> </p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;">Rulon on your question on volumes, BERY doesn't significantly underperform compared to Amcor. Over the past 4 years, BERY trailed by an average of 0.4%, mainly because Amcor has twice the EM exposure (27% of revenue vs. BERY’s 10-15%), which grows twice as fast, explaining a 0.6% difference. Additionally, BERY’s Flexible segment was the biggest underperformer but has been repositioned from an 80/20% industrial/consumer split to 55/45%, making it more resilient and faster-growing like Amcor's almost entirely consumer-facing business.</p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;"> </p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;"><img src="data:image/png;base64,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" width="602" height="242" /></p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;"> </p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;">I think there is a good case to be made for better future volume growth. The company mentioned they are focusing more on faster-growing markets (now 30% of revenue vs. 20% in 2013) and EM (now 15% of revenue vs. <2% in 2013). Perhaps. Unfortunately we have no way to check this and they have no results to show for. Part of it has to do with the though operating environment in recent years (inflation and de-stocking). We saw that the price/volume mix skewed heavily towards price in recent years (by some volume was negative) versus historically a balanced price/volume split. As de-stocking is now largely behind us and we already see prices going down in the supermarket, I think this bodes well for BERY’s volume growth on the back of soft comps. If volume growth doesn’t rebound soon, than that would be really bad.</p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;"> </p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;">The GLT spin-off makes sense, aligning the business more with Amcor, which trades at 14x P/E compared to BERY’s 7.7x, despite similar leverage levels (Amcor 3.4x vs. BERY 3.7x). I do expect GLT to face some selling pressure as investors buy BERY for its stable consumer-facing business. NewCo’s smaller size, higher cyclicality coupled with 4x leverage, doesn't make it an easy story.</p>
<p style="margin: 0cm 0cm 0.0001pt; font-size: 11pt; font-family: Calibri, sans-serif;"> </p>
|
|
An alternative DWAC trade and thesis, and a little more color Digital World Acquisition
02/05/2022
I shorted DWAC through options. I thought about posting this as an idea but decided against it because the options are illiquid with limited open interest, making the audience too small to legitimately count as
... Read more
<p>I shorted DWAC through options. I thought about posting this as an idea but decided against it because the options are illiquid with limited open interest, making the audience too small to legitimately count as an idea imo. (I apologize if I’m hi-jacking this thread BTW) </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">I wanted a trade to take advantage of three things:</span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">DWAC’s extremely high implied volatility (160-200) and option premiums.</span></p>
</li>
<li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">$10.20 cash in trust.</span></p>
</li>
<li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Modest probability the SEC blocks the deal. </span></p>
</li>
</ol><p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Before I get to the trade let me add a bit to the background. DWAC is under investigation by the SEC and FINRA. By law, SPACs are not allowed to have merger discussions prior to IPO. If they did, they would need to disclose it in their prospectus. </span>The New York Times has been providing good coverage of the situation. Bloomberg News has also been covering it. Most (not all) of the points below come from the NYT. </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">February, 2020, Patrick Orlando, DWAC’s CEO, launches a $60MM SPAC called Yonhong International, based in, of all places, Wuhan, China and incorporated in the Cayman Islands. Yonhong was backed by Shanghai-based ARC Global. In a highly unusual event, Yunhong suffered a loss in its trust account, blaming Morgan Stanley for investing in something other than government securities. Who made the call to invest in riskier securities? We don’t know. Yunhong would end up making investors whole though. The SPAC was still eventually liquidated. SPAC liquidations are rare and typically reserved for only the most pathetic sponsors.</span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="2"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">January 4th, 2021, Orlando launches another SPAC called Benessere Capital Acquisition Corp. (BENE), again with the backing from his Asian friends ARC Global. He raises $100MM. </span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="3"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">March, 2021, Orlando begins discussions with Trump regarding a merger between BENE and Trump Media, according to the NYT who spoke with people familiar with the talks and reviewed the investor presentation. </span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="4"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Subsequent to the meeting, Trump backs away from a deal with BENE, in part because $100MM was considered inadequate.</span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="5"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">May, 2021, Orlando announces the launch of yet another SPAC, DWAC.</span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="6"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Over the summer, Trump Media signaled they were nearing a deal with a SPAC.</span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="7"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">September 8th, DWAC IPO’s, raising almost $300MM. </span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="8"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">September 27th, less than three weeks from DWAC’s IPO, Orlando went to Mar-a-Lago to sign a letter of intent. 19 days is probably record time for a SPAC to find a deal. It typically takes 12 months to find a deal. (It took Orlando’s other SPAC, BENE, ~11 months). </span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="9"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">October 4th, DWAC warrant activity explodes higher with 2.5MM warrants traded. This is quite unusual for a little known SPAC. Warrant volume spikes again on Oct. 7th and again on the 20th, the day the deal was announced after the market close.</span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="10"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> October, 20th, they seal the deal at Mar-a-Lago and the deal is announced. </span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="11"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> Early November the SEC opens an investigation into the deal, looking at “documents and communications” between DWAC and Trump Media, as well as the trading activity. FINRA also announces they are looking into trading activity prior to the announcement. </span></p>
</li>
</ol><ol style="margin-top:0;margin-bottom:0;padding-inline-start:48px;" start="12"><li dir="ltr" style="list-style-type:decimal;font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;">
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> December 4th, DWAC announces a $1B PIPE. Advisor: E.F. Hutton.</span></p>
</li>
</ol><p dir="ltr" style="line-height:1.38;margin-left: 36pt;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> </span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">In separate prospectus filings in May, July, August, and September, DWAC stated: “We have not selected any specific business combination target and we have not, nor has anyone on our behalf, initiated any substantive discussion, directly or indirectly, with any business combination target”. Securities lawyers have said any conversations between Trump Media and Orlando anytime prior to the IPO might be an SEC violation. The lack of disclosure about the above conversations could be considered an omission of “material information”. </span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">The most likely defense, which has already been floated by Trump’s team, is that when Orlando held talks with Trump he was representing Benessere, not DWAC. As a result, DWAC wasn’t obligated to disclose Orlando’s prior talks.</span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Form your own conclusions. Mine is that there is some probability of a deal collapse. </span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:700;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Trade idea</span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">This is technically a calendar put spread with different strikes. You may prefer just one part of the trade though which I totally get.</span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Part one: Sell (to open) long-dated $10 puts to take advantage of the high implied vol and option premiums. If the deal is blocked, the stock should collapse to $10, but should hold $10 with $10.20 in trust. Volatility should also collapse, and with that the options prices. If the deal goes through, we have some downside protection with the stock currently trading well above the $10 strike stock price, and $1.25B in proforma cash. (Assuming a full earnout at the current stock price and a successful PIPE closing, proforma shares outstanding equal 193.4MM. Proforma cash upon deal and PIPE close should be $1.25B, or $6.46/share). If you sell the Jan ‘23 puts for $1.15 your breakeven is $8.85, 90% below the current price. This would be a $1.7B market cap and an EV of only $575MM. Call me crazy but I’d happily own it for $575MM. I have a hard time seeing it get there.</span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Here is an illustration. Sell 1,000 1/23 $10 puts generating $115,000 in income, or 1,000 1/24 puts for $258,000 in income.</span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> </span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"><span style="border:none;display:inline-block;overflow:hidden;width:624px;height:57px;"><img style="margin-left:0px;margin-top:0px;" src="data:image/png;base64,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" alt="" width="624" height="57"></span></span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">The notional capital at risk in the above illustration assumes the floor price is $0. So it somewhat overstates the risk if you think $10.20 in cash is the floor. But it is reflective of the IRR on a cash secured put if held to expiration. </span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Part two: Use part of the proceeds from this trade to buy short-dated $20 puts. If the deal goes through the puts go to zero. 100% loss. If the deal is blocked and the stock traded to $10, congratulations. The Feb. puts with two weeks to expiration currently costing a dime would be a 100x bagger, so a $10,000 investment would equal a cool millie. Although I'd note it may not trade to $10 upon the SEC blocking the deal. But it would def trade down...a lot. Feb and March puts with $20-$30 strikes are below. </span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"><span style="border:none;display:inline-block;overflow:hidden;width:624px;height:165px;"><img style="margin-left:0px;margin-top:0px;" src="data:image/png;base64,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" alt="" width="624" height="165"></span></span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">I left off the returns from my spreadsheet because it’s pretty simple. You lose 100% in every scenario except if the deal is blocked, in which case the returns are generally 10-100x. You may have to roll these out one or two times, or more. So costs may be a bit understated on the above while returns may be a bit overstated. You may also want to consider other variations of the put spread to suit your risk tolerance. Personally, I don’t want to pay for time value I may not need so I’m buying the shortest date puts possible and then rolling them out at expiration. Plus they're super expensive. </span></p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"> </p>
<p dir="ltr" style="line-height:1.38;text-align: justify;margin-top:0pt;margin-bottom:0pt;"><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;">Importantly, with DWAC being a meme stock there is no guarantee it will trade where it “should” if the deal broke. Further, lawsuits could drag out the timeline and prevent the stock from trading below a $20 strike. For this reason I like the first part of the trade better. But for true home gamers out there the short-dated far OTM puts are quite juicy.</span></p>
<p><span style="font-size:12pt;font-family:Arial;color:#000000;background-color:transparent;font-weight:400;font-style:normal;font-variant:normal;text-decoration:none;vertical-align:baseline;white-space:pre;white-space:pre-wrap;"> </span></p>
<!--START IMAGES ["https:\/\/lh5.googleusercontent.com\/QrNWfh9ek_li5IvwhYXN1pzfJ7zzt1kC2wHkiP8DkjnYoSiylrtIX7pZXdKKxomMjRkT2iI_lggCSPWwEFHTjoJm_nxp8BHuAMX5doWRKz1znccK7RmruNenJvOd62X-8l6rcDA","https:\/\/lh6.googleusercontent.com\/YTVqgd6LwpFQPOa57eil3hrVO35XIlrLJ1WATp_9Y60CnZTujLR_ICgjNQaI94x0nSuQDlzXxcwqbLMkfSApDpI3CJAMXMFvZlJlyG5WcotEGnVcku78uoowG56TO3NKJgsRSNw"] END IMAGES-->
|
|
Re: Re: The One Critical Thing That No One Has Yet Discussed... AERCAP HOLDINGS NV
03/07/2020
2008 was a V bottom. During the 6 months that vacancy went from 95% to 80%, rents dropped from $20 to $5. I was the guy in front dropping rents. Whole process took about 6 months from the
... Read more
<p>2008 was a V bottom. During the 6 months that vacancy went from 95% to 80%, rents dropped from $20 to $5. I was the guy in front dropping rents. Whole process took about 6 months from the day I broke the buck at $20 and we were all at $5 (or the guys pricing leases). I was the supposed "bad actor" with no pricing discipline. 2 years later, my avg rent/ft was higher than anyone else b/c I broke ranks first. </p>
<p>Play it forward in airlines. Some guys have the balance sheet to take on more jets at half of depreciation (planes have to go somewhere) and some guys have the capital to start new airlines and have fleets that are much cheaper cost than legacy guys. What happens to legacy guys when you have a commodity sector and some guys have dramatically lower costs? I know low rents bankrupted guys in Mongolia and the buildings ended up owned by banks that took rents even below me b/c banks aren't supposed to tie up capital on negative yield REO. It kept bankrupting marginal players and rippling around. </p>
<p>Will air travel return to normal in 6 months? Probably. But you'll still have 6 mos of airline bankruptcies that need to go somewhere. It could ripple around longer than you think. Remember, you then roll-forward all lease renewals at the new crappy rates for a while. Rates don't just bounce back. I'm not saying airline lessors go BK. I'm saying they may lock in negative returns for years on part of their fleet. This isn't an access to credit thing, it's a future ROE and book value thing. </p>
<p>BTW-I'm not making a prediction here, just saying no one is talking about the obvious elephant here. I saw a similar thing happen with Aussie mining equipment after 2009 (see write-ups on EHL AU that got restructured twice). It traded at 10% of NAV and had FCF the whole time, while reporting revenue at half of depreciation. Then the equipment was all depreciated and it turned out book was less than debt and banks wouldn't let them order new equipment to replace old stuff and their book ran down under debt service as older equipment got retired...</p>
<p> </p>
|