Selected Reads

Smartkarma

Equity Bottom-Up

M&amp;A arb idea: Apollo take-private of Tenneco offering a 14.1% spread to cash offer of $20/share. The deal continues to move forward for shareholder and regulatory approvals and is expected to...<a target="_blank" href="https://www.valueinvestorsclub.com/idea/TENNECO_INC/9117590037">Read the article on Value Investor Club »</a>

Morningstar

Morningstar, Inc.

Tenneco recently closed the acquisition of Federal-Mogul from Icahn Enterprises for an enterprise value of $5.4 billion. In the second half of 2019, management intends to separate the new entity into two publicly traded companies. Including synergies, management states that the price tag represented a 5.4 times EV/adjusted EBITDA multiple. We view the multiple paid for the Federal-Mogul assets as reasonable.The total annual pro forma 2017 revenue of the new company is roughly $17 billion, with…

Narrow-moat-rated Tenneco, which supplies emissions control, suspension, and powertrain components and modules to the global automotive industry as well as aftermarket parts, reported disappointing first-quarter diluted earnings per share before special items of $0.52, missing by a country mile the $0.95 consensus estimate and down $1.56 versus last year. While revenue jumped 74% to $4.5 billion, including recently acquired Federal-Mogul, adjusting for currency, acquisitions, and divestitures…

Kaustubh Sanjay​ ​Jagtap

NUS Investment Society

We are initiating coverage of Tenneco with a Buy rating and a $31.71 12M price target.
4Q18 Earnings Review
<ul>
<li>Total revenue up 79% yoy and cost of sales up 83%, driven mainly by completion of Federal-Mogul acquisition</li>
<li>EBIT decreased by 123% yoy and EBITDA decreased by 31% yoy due to primarily due to restructuring expenses and costs associated with the acquisition and expected spin</li>
<li>Adjusted EBIT was up by 44% yoy after removing non-recurring costs such as acquisition, synergies cost and purchase…</li>
</ul>

United States

Tenneco Inc. designs, manufactures, and markets emission control and ride control products and systems for the automotive original equipment market and the aftermarket. The Company's products include shocks and struts, shock absorbers, mufflers, and performance exhaust products, as well as noise, vibration, and harshness control components.

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