Events: Hertz Re-Initiation August 2015

Hertz Global Holdings Events: Re-Initiation August 4, 2015 SUMMARY INFO NYSE: HTZ Recent PPS: $16.55 (8/3/15 close) Shares Out: 454 million Market Cap: $7,514 Corporate Net Debt: $5,807 Enterprise: $13,321 INVESTMENT SUMMARY Uber a limited threat over the next 3 to 5 years Large-scale operational turnaround underway, driven by the operations-first, value-oriented John Tague Hertz … Continue reading Events: Hertz Re-Initiation August 2015

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Events: Hertz Global Holdings Fleet Cost Deep Dive October 2014

Hertz Global Holdings October 20, 2014 Events: Fleet Cost Deep Dive ANALYSIS BACKGROUND Goal of the analysis is to determine whether or not HTZ persistently understates D&A. The analysis looks at: Rental Car (Car) segment Revenue-Earning Equipment (REE) Turnover, defined as Car Revenue divided by average Car REE Total REE D&A Margin, defined as reported … Continue reading Events: Hertz Global Holdings Fleet Cost Deep Dive October 2014

Events: Hertz Global Holdings Idea Write-Up October 2014

Hertz Global Holdings October 8, 2014 Events: Idea Write-Up SUMMARY INFO NYSE: HTZ Recent PPS: $23.40 Shares Out: 465 million Market Cap: $10.88B Corporate Debt: $6.42B 2013 Corporate EBITDA: $1.8B 2013 Adj. EPS: $1.50 2015E EPS: $2.00 THESIS This "hedge fund hotel" has flopped around all year on a myriad of headlines, including activist involvement, … Continue reading Events: Hertz Global Holdings Idea Write-Up October 2014