Added to YB: 2026-02-26
Pitch date: 2026-02-25
TH [bullish]
Target Hospitality Corp.
Author Info
Guasty Winds is a former L/S hedge fund analyst turned full-time private investor. Sign up for the newsletter.
Company Info
Target Hospitality Corp. operates as a specialty rental and hospitality services company in North America.
Market Cap
$652.6M
Pitch Price
N/A
Price Target
N/A
Dividend
N/A
EV/EBITDA
7.02
P/E
-65.76
EV/Sales
2.02
Sector
Hotels, Restaurants and Leisure
Category
growth
I bought a starter position in Target Hospitality $TH
TH: Builds/maintains remote housing communities, 50% Permian market share. Pivoting to data centers - signed first DC deal Aug '24 (1,050 beds), plus gas plant & mining projects. Run-rate ~$100M EBITDA, ~$65-70M FCF at 65% utilization. ~15K bed DC pipeline; full utilization implies ~$220M EBITDA, ~$160M FCF. $660M mkt cap, $30M net cash = ~9x FCF on contracts, potentially 3-4x if pipeline converts. TDR Capital (64.5% owner) chairman bought $2M stock 20% above current price. Limited downside, asymmetric upside.
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