Feb. 9 at 11:41 PM
$HAIN if you listen to earnings call, they sound much more optimistic and constructive to expect that an extension or refinancing is likely but the "going concern" had to be issued because of the December maturity. That said, this is trading at roughly 4.5x EBITDA which is too cheap for their portfolio of brands. OFRM just listed and is breakeven on EBITDA basis and approaching
$1B of EV versus HAIN pro forma EBITDA at almost
$130M. This is a levered option and I think the probability is high it's a longer duration option than one year. Up 50% would be near where it traded on sale of negative EBITDA snack business. I'm not saying buy and hold for two years but think you'll have great opportunities to sell to the machines from this level higher for an attractive return.
