Jul. 8 at 6:33 PM
$HTZ $HTZ Market's pricing a broken rental car company and missing the option.
Hertz's problem isn't depreciation — it beats
$CAR on DPU. It's utilization: the cars sit idle. One buyer can fix that →
$UBER. 40M trips/day, a
$10B AV program, and no fleet-ops backbone. Rent/ride/sell flex turns idle cars into revenue, and Hertz is the ready-made national robotaxi fleet layer Waymo/Amazon/Tesla all lack.
A strategic buyer could justify ~
$7 (vs ~
$3-4 tape) and still get paid back in ~2-3 yrs, accretive year one.
But: neg book equity, 2028 maturity wall, dilution, and a deal may never come. Speculative optionality — not a promise. 🎲