Investment Research report

XPO Logistics Inc.

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Research Overview

S&P 500
Dec 13, 2018

After conducting a forensic financial and accounting review, Spruce Point believes XPO Logistics, Inc. (NYSE: XPO), a transportation and logistics roll-up founded by Bradley Jacobs, co-founder of United Rentals (URI), which collapsed in an accounting scandal during his leadership, is executing an identical playbook to URI — resulting in financial irregularities that conveniently cover its growing financial strain and inability to complete additional acquisitions despite repeated promises. Based on our investigation, we estimate 40% to 60% downside risk or $24 - $36 per share.

The report highlights several key concerns with the company, including:

  • We view the Company as an ineffective rollup dependent on financing for survival
  • We have identified select management and board members who have associations with accounting frauds
  • We believe that the Company has implemented accounting gimmicks to distort its financial condition
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