Investment Research report

Echo Global Logistics

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Echo Global Logistics
Logistical Nightmare
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Echo Global Logistics
Update: Road Block Ahead
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Echo Global Logistics
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Research Overview

S&P 500
Dec 21, 2017

After conducting a forensic financial and accounting review, Spruce Point believes Echo Global Logistics (NASDAQ: ECHO), a transportation management company, is experiencing a large shareholder loss to post-IPO investors and will continue to face financial headwinds. Based on our original investigation, we estimate 50% to 60% downside risk, or $11.00 - $13.00 per share. We have since updated our estimate to 50% - 65% downside risk.

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

  • Evidence of dubious technology claims and fundamental struggles
  • We find strain in Echo’s financials evident from its large acquisition of command transportation
  • Evidence of rampant accounting and financial control concerns
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