저자: 미상 · 외국인
요약 보기
Garrett Motion(GTX) 분석 영상으로, 2023년 2분기 13F에서 Howard Marks와 Seth Klarman이 대량 매수한 것으로 나타나 이를 계기로 기업을 소개한다. 회사 개요: 전신은 Honeywell Transportation Systems/Honeywell Turbo Technologies이며, 터보차저 및 관련 흡기 시스템을 개발·생산하는 기업이다. 2018년 Honeywell에서 분사되었고 본사는 스위스에 있다. 분사 및 파산 이력: 분사 당시 과도한 부채와 Honeywell 사업과 무관한 석면 부채를 안고 있었다. 2020년 팬데믹 충격으로 9월 챕터11 파산을 신청했고, 사모펀드가 26억 달러에 스토킹호스 입찰을 제시했다. 경쟁 입찰 후 2021년 4월 파산에서 졸업했으며, 이 과정에서 부채 재구조화와 석면 부채 제한이 이뤄졌다. 사업 경쟁력: 터보차저는 고도로 엔지니어링된 부품으로 고객사별 사양 설계가 필요해 진입장벽이 높다. Garrett와 Cummins 계열(영상에선 'Four Corner'로 언급)의 과점 구조다. 2021년 11월 1억 달러 규모 자사주 매입 계획을 승인했다. 밸류에이션: 시가총액 약 20억 달러, 2022년 연간 매출 38억 달러, 잉여현금흐름 약 2.84억 달러. 2023년 2분기 잉여현금흐름은 1.4억 달러. 잉여현금흐름 대비 10배 미만에 거래된다고 평가한다. 리스크: 전기차 전환은 터보차저를 쓰지 않는 EV로 인해 구조적 위협이다. 반론으로 하이브리드차 성장(2030년까지 연 29% 성장, 1.7조 달러 전망)을 제시한다. 또한 자동차 소프트웨어(EV 파워트레인 성능 향상, 예지정비, 사이버보안) 사업으로 EV 대응을 시도 중이다. 결론: 영상은 투자 추천이라기보다 슈퍼투자자 포지션과 저평가 가능성을 소개하는 내용이며, 명시적 가격 방향 전망은 제시되지 않았다.
다듬은 글
hi everyone welcome to clone compounding where our mission is to learn from others in order to achieve Financial Independence in today's video let's take a look at one company that seems to have become a favorite of a few big super investors in Q2 2023 the company is Garrett motion ticker symbol GTX sq2 data from various super investors got released we can see that GTX stock has been purchased quite heavily by two really big super investors Howard marks and Seth clarman what do these two legendary value investors see in Garrett motion in this video let's take a look at this company and why super investors might be taking a large position on this company let's get started Garrett motion the company Garrett motion was formerly known as Honeywell transportation systems and Honeywell Turbo Technologies it is an American company primarily involved in engineering development and manufacturing of turbochargers and related induction systems it is a technology provider that enables vehicles to become safer more connected efficient and environmentally friendly it mainly produces parts for ground vehicles from small Passenger cars to large trucks and industrial equipment and construction machinery in 2004 the business became part of American industrial conglomerate Honeywell International as their transportation systems division in 2018 it was spun off to become an independent company under the Garrett motion name with corporate headquarters enroll Switzerland spin-off from Honeywell and bankruptcy Garrett has a checkered history it was spun out of Honeywell in 2018 with a mountain of debt and an asbestos liability that is entirely unrelated to Garrett's operations though the business was doing fine it slowed considerably in pandemic strick in 2020 management seized the opportunity in September 2020 to file for chapter 11 bankruptcy reorganization seeing the value of the company a private Equity Firm quickly entered a stocking horse bid for 2.6 billion dollars for the company following a competitive auction Garrett emerged from bankruptcy only a few months later in April 2021 in doing so the company restructured its debt and limited its asbestos liability with Honeywell turn around turbochargers aren't like any old highly competitive Auto Part they are highly engineered devices that require detailed specifications designed into each model that intimate knowledge of each customer's product has built up significant trust and barriers to entry for any company trying to break into the turbocharger business over the decades the turbocharger Market has evolved into a duopoly between Garrett motion and auto supply Behemoth four corner by the end of 2021 things had turned around for Garrett in a demonstration of its confidence in the company's future Garrett's board authorized a 100 million dollar share repurchase plan in November valuation the company has a market cap of around 2 billion dollars in Q2 2023 with a revenue of 3.8 billion dollars and free cash flow of around 284 million dollars during full year 2022.
in the latest Q2 2023 earnings free cash flow produced was 140 million dollars so the company is today trading at less than 10 times free cash flow this can explain why super investors might be interested in this company but the company has risks as expected the trend toward electric vehicles could harm the company because EVS don't use turbochargers Garrett would counter that by saying that hybrid cars use turbochargers and sales of new hybrid vehicles are estimated to grow 29 annually through 2030 to 1.7 trillion dollars the company has also been investing in the EV space with its Automotive software business Garrett software is used to bolster performance of EV powertrains its software also offers predictive maintenance cyber security and advanced control tools to Connected vehicles for now that's it from us hope you enjoyed and learned from this video smash that like button and subscribe to receive more videos on memos and write-ups from top investors thanks for watching
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