Professional
Added to YB: 2025-07-25
Pitch date: 2025-07-22
LMB [bearish]
Limbach Holdings, Inc.
+23.69%
current return
Author Info
Spruce Point Capital Management is an activist investment manager specializing in forensic short-selling. Sign up for the newsletter.
Company Info
Limbach Holdings, Inc. operates as a building systems solution company in the United States. It operates through two segments, General Contractor Relationships and Owner Direct Relationships.
Market Cap
$1.0B
Pitch Price
$125.00
Price Target
62.00 (-35%)
Dividend
N/A
EV/EBITDA
15.91
P/E
29.10
EV/Sales
1.82
Sector
Construction and Engineering
Category
value
Spruce Point Capital Management Issues 'Strong Sell' Research Opinion On Limbach Holdings, Inc. (Nasdaq: LMB)
LMB short: Spruce Point identifies aggressive accounting by HVAC contractor Limbach, led by board members connected to past frauds (Enron, Qwest). ODR segment organic growth slowed to single digits; $65M in acquisitions yield -$35M revenue since 2020. Finance leases excluded from EBITDA, FCF overstated 200%. 20-50% downside to $62-99.
Read full article (49 min)