Investment Research report

U.S. Concrete Inc.

NASDAQ:
USCR
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U.S. Concrete Inc.
Concrete Evidence of Financial Scheming
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Research Overview

INDEX:
S&P 500
Sector:
Materials
Position:
Short
Date:
May 17, 2018

After conducting a forensic financial and accounting review, Spruce Point believes U.S Concrete Inc. (NASDAQ: USCR), a cement company, has overstated its organic growth, is experiencing overcapitalization suggested by vehicle and truck property accounts, and has an aggressive use of capital leases. Based on our investigation, we estimate 60% to 90% downside risk, or $6.00 - 25.00 per share.

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

  • Evidence that liquidity is at a lower level related to LTM revenue than during the Company’s past bankruptcy
  • Evidence suggests overstated organic growth
  • We find aggressive use of capital leases and vehicle overcapitalization
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