Greenbrier and Trinity (TRN) act as a duopoly in the North American railcar industry, together accounting for nearly 80% of total backlog, with both players taking market share over the last decade (GBX: 13% in September 2006 -> 33% today; TRN: 36% -> 44%; ARII: 21% -> 6%). Needless to say, the railcar manufacturing and […]
CBG is a fine company but to claim that it is reasonably cycle-resilient post-GWS acquisition is an exaggeration. Deriving 70% of fee revenue from contractual and purportedly recurring sources will not meaningfully cushion profits in the event of a commercial real estate swoon. From its roots as a regional commercial real estate broker founded in the aftermath of the 1906 […]
I finally got around to looking at GNRC this past week. Given the stock’s ostensibly low earnings multiple and a share price that has gotten hammered over the last several years on what appears to be mostly cyclical reasons, I wanted to like the company but couldn’t get there. Disclosure is spotty, management seems slippery, […]
