HTZ
Hertz Global Holdings Inc
Consumer, Event Driven/Special Sit
10/09/2013
Presented
| Date | 10/03/2013 |
| Price | $22.11 |
| Market Cap | $8.88B |
| Ent Value | $26.10B |
| P/E Ratio | 29.48x |
| Book Value | $6.22 |
| Div Yield | N/A |
| Shares O/S | 401.51M |
| Ave Daily Vol | 7,290,000 |
| Short Int | 3.10% |
Current
| Price | $2.92 |
| Market Cap | $0.41B |
| Hertz Global Holdings, Inc., through its subsidiaries, engages in the car and equipment rental businesses worldwide. The company operates in two segments, Car Rental and Equipment Rental. The Car Rental segment rents and leases various car models on an hourly, daily, weekend, weekly, monthly, or multi-month basis; crossovers; and light trucks. This segment operates car rental locations at or near airports, as well as in central business districts and suburban areas of cities in the United States, Canada, France, Germany, Italy, the United Kingdom, Spain, the Netherlands, Switzerland, Belgium, Luxembourg, the Czech Republic, Slovakia, Australia, New Zealand, China, and Brazil. The Car Rental segment also operates retail used car sales locations in the United States, France, and Australia, as well as provides car-sharing services, and fleet leasing and management services. The Equipment Rental segment rents earthmoving equipment, material handling equipment, aerial and electrical equipment, air compressors, generators, pumps, small tools, compaction equipment, and construction-related trucks. This segment also sells new equipment, and consumables, such as gloves and hardhats. The company also offers claim administration services, such as investigating, evaluating, negotiating, and disposing of various claims, including third-party, first-party, bodily injury, property damage, general liability, and product liability. Hertz Global Holdings, Inc. serves various industries, such as construction, petrochemical, automobile manufacturing, railroad, power generation, shipbuilding, and entertainment and special events. The company was formerly known as CCMG Holdings, Inc. and changed its name to Hertz Global Holdings, Inc. in March 2006. Hertz Global Holdings, Inc. was incorporated in 2005 and is headquartered in Park Ridge, New Jersey. |
Highlights
The presenter is bullish on shares of equipment rental and rental car giant Hertz (HTZ) following the recent sell-off of nearly 20% due to the “collapse” in management’s credibility. In an odd sequence of events, the CEO presented at a conference in mid-September and made some tepid, but not overly concerning comments regarding their airport business. Then, out of left-field, he followed up with a profit warning the week of September 30th that sent shares tumbling. The presenter noted that HTZ’s communication with the Street has been inconsistent over the past few quarters after being very reliable since 2009; and, this latest inconsistency appears to have caused substantial frustration among many shareholders who feel as though they were misled.
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