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Campaigns / Spruce Point Capital → Limbach Holdings, Inc.
Spruce Point Capital vs. Limbach Holdings, Inc.

Limbach Holdings, Inc. · LMB

1 deck published between 2025-07-22 and 2025-07-22 — 86 pages, 86 analysed slides total.

initial thesis

Timeline

Each deck in chronological order — click to open. This is the story of the campaign as it unfolded.

  1. 2025-07-22 initial thesis

    2025 07 688129790e554d020f0f562f_lmb_research_thesis_7 22 2025

    86pp · research_note

    Limbach's ODR recurring-revenue story masks decelerating organic growth, aggressive accounting, and fraud-linked directors; at 18x FY26E EBITDA we see 20-50% downside to $62-99/share.