This stock is too cheap. Severely beaten down by weak end markets - potential forced liquidation during the April selloff.
Bull case
Set to benefit from anti-dumping/countervailing wins, tariffs, and re-industrialization in both USA and Europe
Net cash balance sheet - cash equal to ~23% of current market cap by year-end 2025 (using low-end of 2025 guidance range)
Priced at less than 2X mid-cycle EV/ EBITDA
Longer-term catalysts, industry trends create “moonshot” long-term potential - but we don’t need to bet on this now