– Hindenburg Unveils Short Position In Icahn Enterprises, Says Company “Inflated By 75%+”:
First it was Gautam Adani, then Jack Dorsey, now it’s Uncle Carl Icahn. Shares of Icahn Enterprises are falling in the pre-market session, as research firm Hindenburg Research is taking aim at the legendary corporate raider’s holding company in a report that accuses Icahn of “throwing stones” from his own glass house.
The firm says shares of IEP are inflated by more than 75% and, while referring to Icahn as a “legend”, says he “has made a classic mistake of taking on too much leverage in the face of sustained losses: a combination that rarely ends well.”
“Our research has found that IEP units are inflated by 75%+ due to 3 key reasons: (1) IEP trades at a 218% premium to its last reported net asset value (NAV), vastly higher than all comparables (2) we’ve uncovered clear evidence of inflated valuation marks for IEP’s less liquid and private assets (3) the company has suffered additional performance losses year to date following its last disclosure,” Hindenburg writes.
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