Healthy construction markets, complemented with
recovering oil/gas and some strength in utilities, are putting some wind
back into Manitex’s (MNTX)
sails, and the company is complementing this end-market recovery with
improved cost efficiency performance. While orders slowed in the second
quarter, that’s normal on a seasonal basis and I don’t think much is
changing in terms of end-market opportunities for the company (in other
words, I don’t believe the second quarter order flow indicates that the
window is closing).
Manitex shares don’t look
particularly undervalued to me right now, even with a double-digit
decline from its 52-week high. I believe there are still legitimate
opportunities to grow the PM knuckle-boom crane business in the U.S.
over the coming years and I think the Tadano
relationship offers some upside in terms of product development, joint
sourcing, and expanded market access in Asia, but that’s a multiyear
opportunity that won’t even really start until next year. Even so, the
share price seems to reflect a fair bit of that now.
Follow this link for more:
Manitex Continues To Benefit From Market Recovery And Self-Improvement
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