Matt Turk on why corporate history matters with Target Hospitality $TH

Apr 23, 2024

Matt Turk discusses his thesis on Target Hospitality Corp., focusing on corporate history, Arrow Group comparison, government contracts, bull cases, potential risks, buyout prices. The podcast explores the undervaluation of Target Hospitality, private equity firm acquisitions, corporate bidding processes, talent development, equity analyst training, strategic bidding in private equity, analyzing company worth, CEO departure, investment risks, take privates, minority shareholder activism, and fairness in buyouts.

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Introduction

00:00 • 2min

Exploring Investment Opportunities in Target Hospitality

01:57 • 8min

Navigating Corporate Bidding Processes

09:33 • 21min

Exploring Talent Development, Equity Analyst Training, and Strategic Bidding in Private Equity

30:54 • 1min

Analyzing Company Worth and Strategies for Private Equity Takeover

32:21 • 18min

CEO Departure and Investment Risks

50:49 • 13min

Exploring Take Privates, Learning in Investing, and Minority Shareholder Activism

01:03:52 • 2min

Ensuring Fairness in Buyouts Through Shareholder Communication

01:05:54 • 4min

Matt Turk joins the podcast to discuss his thesis on Target Hospitality Corp. (NASDAQ: TH), one of North America's largest providers of vertically integrated modular accommodations and value-added hospitality services.

Links:

https://www.bamsec.com/filing/114036124014503/4?cik=1859285

https://www.youtube.com/watch?v=31s6todiuM8

Matt's YouTube Channel: https://www.youtube.com/@given2trade4

Chapters:

[0:00] Introduction + Episode sponsor: Fundamental Edge

[1:53] What's going on with Target Hospitality $TH and why its interesting to Matt

[8:18] $TH Corporate history and why it's important / 2020 letter compared to 2024 letter from Arrow Group

[31:22] History cont'd of $TH with Arrow Group / why this situations reminds Andrew of $HRT situation

[39:11] Government contract / tail risks

[41:54] Bull case / comparables / rollups

[49:13] Additional risks

[58:50] Likelihood of closing and talking through potential buyout prices[1:04:50] Final thoughts

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