Sam Sheldon of Punch & Associates Investment Management presented his investment thesis on Arcosa (US: ACA) at Best Ideas 2022.

Thesis summary:

Arcosa, a recent spinoff, is an infrastructure products business undergoing a business transformation that should result in a simpler, less cyclical operation.

Management is using cash flows and their underlevered balance sheet to acquire aggregates businesses in growing markets across the Southern United States while positioning its more cyclical business segments for eventual sales.

The shares trade at multiples below peer averages, and Sam believes the business is well-positioned to benefit from increased infrastructure spending and a recovery in several segments that are near the bottom of their cycles.

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About the instructor:

Sam Sheldon joined Punch & Associates as an intern in June of 2016, while attending the University of St. Thomas where he also lead the University’s Investment Club. After graduating in May of 2018 with a BA in Financial Management, he joined the team full-time as an investment research analyst. In his free time, Sam enjoys boating on White Bear Lake, cheering for the Green Bay Packers and playing an occasional round of golf.

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