EVENTS:   Semiconductors: Bubble Burst or Bear Market Trap? - David Scott/CHA-AM Advisors - 17 Sep 26     ROADSHOWS: US, European and Asian Equity Short Ideas - Robert Prather /Vision Research   •     15 Sep - 08 Oct 26      
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The Cut

Fortnightly publication highlighting latest insights from IRF providers

Company Research

Bear’s Den Idea Forum

Report by MYST Advisors

Several ideas presented at MYST’s latest buy-side event focused on “misguided acquisitions”...

Carvana (CVNA) - Overpaying for “mediocre ADESA asset” increases balance sheet risk as competition intensifies (35% downside).
Celanese (CE) - “Massively overearning” in Acetic Acid segment; DuPont M&M deal increases leverage / cyclicality (30% downside).
Synaptics (SYNA) - Expensive roll-up of low-quality semiconductor assets at cyclical peak (45% downside).

Edition 132 - 01 Apr 22