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Campaigns / Spruce Point Capital → Aerojet Rocketdyne Holdings, Inc.
Spruce Point Capital vs. Aerojet Rocketdyne Holdings, Inc.

Aerojet Rocketdyne Holdings, Inc. · AJRD

1 deck published between 2019-04-09 and 2019-04-09 — 57 pages, 57 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. 2019-04-09 initial thesis

    2019 04 64e7a63467897e605707cc23_ajrd_research_thesis_4 9 2019

    57pp · full_deck

    AJRD's rocket franchise is eroding as Blue Origin and SpaceX displace it; aggressive accounting and ~$900M ignored liabilities mask 5x leverage and 40-60% downside to $13-$20.