Covid-19 Complicates An Already-Challenging Manitex Turnaround Story

There have been some positive developments at Manitex (MNTX) that you don’t really see in the share price, including new management, expanded distribution, and signs of momentum in the knuckle-boom crane business. On the other hand, the results are what they are, and the Covid-19 outbreak is going to have a sharp near-term impact on the business.

Manitex remains a story about internal transformation driving better long-term results, and particularly whether drivers like the knuckle-boom cranes and Tadano partnerships can drive meaningful improvement over what has been a pretty dismal track record of margins and free cash flow generation. While the shares do look undervalued on what I think are achievable long-term estimates, there are a lot of cheap stocks out there today and I won’t argue forcefully that Manitex has earned the benefit of any doubts.

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Covid-19 Complicates An Already-Challenging Manitex Turnaround Story