Zebra Technologies Corp (ZBRA)
Pitch Summary: Stagnant business growth (the main business grew 1.3% between 2019 and 23); leverage acquisitions ($2.1 bil for 8 deals, doubling Net Debt/EBITDA from 1.5x to 2.7x); disengaged CEO with little skin in the game; difficult to justify multiples, up to 80% downside; BSD Analysis: Zebra Technologies builds barcode scanners, RFID systems, and related […]
