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Manitowoc (Long) 
  • Manitowoc (MTW) is a crane company going through a lean transformation led by new management. New products, improved quality,  re-gained market share and a replacement cycle will lead to improved operating and financial performance in coming years
  • Heading into 2021 Manitowoc will benefit from a cyclical rebound in construction spending globally as well as an (eventual) infrastructure package in the US.  There are also opportunities to grow inorganically in the aftermarket to improve the overall ROIC of the business that are under appreciated by the market. 
       Stock Price at Initiation: $24.5 (September 2018)
       Stock Price at 2021 Update: $14.7 (January 2021)
Orion Engineered Carbons (Long)
  • Orion Engineered Carbons (OEC) is under earning its potential and two years of mandatory environmental cap-ex will consume nearly all of Orion’s free cash flow (equivalent to a 10-15% FCF yield) depressing investor sentiment during a recovery. Orion has the potential to improve its earnings capacity this cycle as a result of a favorable pricing cycle in rubber black, led by its US division, a recovery in extremely high margin coating applications and growth from two new specialty black facilities opening in 2021
       Stock Price at Initiation: $10/share
       Initiation Date: 8/3/2020