Thomas Finser
Hedge fund manager, deep value, small-cap, family office

Make Up Or Break Up: Unlocking Value At Hudson Global

Human resource management expert Hudson Global (NASDAQ:HSON) is poised to pop. After suffering through a double-dip recession and multiple restructuring initiatives, it is ready to profit from: (1) continued SG&A cost reduction, (2) recovery in depressed European markets and, (3) improved execution from new management. With tepid end-market recovery and continued progress on new growth initiatives, Hudson can deliver triple-digit total shareholder returns (TSR) in the coming 12 months. Its sum of the parts valuation, balance sheet flexibility and a key activist investor who recently joined The Board of Directors, mitigate investment risk.

Financial Snapshot

  • $80m market cap ($2.50 per share on 32m outstanding 8/22/13)
  • 2012 Revenue $777m (-16% YOY)
  • Net cash $27m as of Q2 '13 plus
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