Our largest LEAPS position

We’re pretty excited about this one.

• It’s a large, very liquid and rather unique situation

• The markets are not pricing in any changes compared to the past – and this company is changing fast

• There’s a pretty clear line of sight for a ton of improvements, which the company is already delivering on

• A relatively pressured valuation with plenty of rerating potential

But even more, this is one that we can fully play with LEAPS (long term options), providing 300-600% upside potential over the next three years on fairly conservative assumptions, and more so should multiples rerate to reflect industry quality standards.

Not often do we find such a large and strong global player, trading at trough multiples with a clear line of sight to earnings growth and many upcoming catalysts.

Let’s dive in.