Vitran Corporation (VTNC) is a Less-than-Load Trucking company which has struggled mightily since the Lehman Crisis. Once trading at $22 pre-crisis, the stock has steadily declined to a recent low of $4.25 and now trades at well below book value. The combination of a new management team, favorable industry dynamics, and a cheap price offers the opportunity for high (25%-50%) returns during the next 12 months while minimizing downside risk for investors.
Vitran is comprised of two businesses: a Canadian LTL and United States LTL business. The Canadian business is consistently profitable, perhaps one of the best-run LTLs in North America over the past decade, while the United States business has nearly single-handedly brought the company to its knees. The...
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