Investment Research report

Kratos Defense & Security Solutions, Inc.

NASDAQ:
KTOS
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Kratos Defense & Security Solutions, Inc.
Target Locked: Ready To Fire Management
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Kratos Defense & Security Solutions, Inc.
Update: Target Locked: Ready To Fire Management
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Kratos Defense & Security Solutions, Inc.
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Kratos Defense & Security Solutions, Inc.
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Research Overview

INDEX:
S&P 500
Sector:
Industrials
Position:
Short
Date:
May 15, 2018

After conducting a forensic financial and accounting review, Spruce Point believes Kratos Defense & Security Solutions, Inc (NASDAQ: KTOS), an IT security company, has a checkered management team and culture of wrongdoing, a history of acquiring tainted assets and value destruction, and is experiencing potential signs of stress. Originally, we forecasted 40% to 70% downside risk. We have since updated our forecast to 45% to 75% downside risk, or $3.15 - $6.30 per share.

The reports highlight several key concerns with the company, including:

  • We believe that the Company has a checkered management team and culture of wrongdoing
  • Evidence of the Company’s history of acquiring tainted assets and value destruction
  • We find signs of aggressive accounting and financial stress
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