RYDER (R) - NEW #1 BEST IDEA SHORT; >50% DOWNSIDE
Our Industrials team led by Jay Van Sciver is hosting a presentation on new #1 Best Idea Short Ryder (R) on Thursday, September 5th at 2:00pm ET to discuss what we expect to be near-term macro, equipment, and sentiment headwinds.
CLICK HERE to get access.
Ryder has never been more richly valued by capital markets. Consensus estimates for 2H24 and 2025 seem disconnected from downcycle realities, with mid-teens EPS (fueled by debt funded buybacks) less likely than low single digits profits per share as truck gains run dry and competitive intensity compresses margins. We thinks shares of R could underperform by >50% as macro and truck fundamentals soften, borrowing costs increase, higher book units are sold into a softer used truck market, and leverage tolerance runs dry, among other factors. |
We invite you to join us for this presentation.