Month: October 2020

PATI – Cheap fuel trucking business with hidden real estate value

Thesis Patriot Transportation is an attractive asymmetric oil trucking play with a call option on oil demand. 2.6x EV/EBITDA is extremely cheap and is trading at 1x EBITDA adjusted for a potential real estate sale in the future. At current prices we believe there is upside with fuel volume normalization to $20 a share, in […]