Added to YB: 2026-04-02
Pitch date: 2026-02-09
HTZ [bearish]
Hertz Global Holdings, Inc.
+1.89%
current return
Author Info
No bio for this author
Company Info
Hertz Global Holdings, Inc. operates as a vehicle rental company. It operates through two segments: Americas RAC and International RAC.
Market Cap
$1.4B
Pitch Price
$5.28
Price Target
N/A
Dividend
N/A
EV/EBITDA
84.72
P/E
-1.85
EV/Sales
2.37
Sector
Ground Transportation
Category
turnaround
Hertz Global Holdings, Inc. - $HTZ
HTZ (short): Highly levered rental car co post-bankruptcy w/ negative LTM EBITDA vs $500M cash interest. $425M converts due 2030 model ~11pts cheap vs 1250 CS / 45 vol, trading high-70s despite pari 2029 unsecured at 1300 OAS. Failed EV fleet drove $245M impairment. Needs fleet growth to profitability but constrained by $500M 2026 mat + $375M RCF rolloff. Unit economics fragile: sub-$300 DPU + stable residuals required. Minimal unsecured recovery in downside; long 2030 converts vs short 2029 unsecured for carry + optionality.
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