Added to YB: 2025-11-24
Pitch date: 2025-09-22
LMB [bearish]
Limbach Holdings, Inc.
+31.85%
current return
Author Info
No bio for this author
Company Info
Limbach Holdings, Inc. operates as a building systems solution company in the United States. The company operates through two segments, Owner Direct Relationships and General Contractor Relationships.
Market Cap
$917.6M
Pitch Price
$104.89
Price Target
26.00 (-64%)
Dividend
N/A
EV/EBITDA
N/A
P/E
N/A
EV/Sales
1.49
Sector
Construction and Engineering
Category
N/A
Limbach Holdings, Inc. - $LMB (short)
LMB (short): HVAC contractor at 14x EBITDA vs historical 4.5x. Owner direct segment (70% revenue) marketed as defensive maintenance but actually 75% cyclical fixed-price projects. Non-res construction -1% YOY, ODR orders fell -8% Q2 vs +33% historically. Through-cycle growth should be MSD vs 20% recent pace as wallet share gains at 105 core customers exhausted after hiring 120 account execs. 30% gross margins likely peaked per competitor checks. Fair value 10x EBITDA = $58 target (-48% downside).
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