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Trinity (TRN) Cash Flow Story Under Appreciated: Longbow Research
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Posted on 01/15/10 at 1:53pm by Ed Liston
In a railcar market with a largely neutral outlook, Longbow Research has maintained its Buy rating on Trinity Industries (NYSE: TRN), setting the price target at $26.
The primary reason is that Trinity’s cash flows are not being viewed optimistically enough, and the company is significantly undervalued in the light of its assets. The value of Trinity’s businesses is in the region of $33 to $35 per share. The leasing business is possibly worth less than the book value today, but it can support a valuation of approximately $15 per share.
In the current industrial environment, Trinity’s shares offer enough upside without having to push assumptions or bet on a quick recovery.
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