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Campaigns / Kerrisdale Capital → Carvana Co.
Kerrisdale Capital vs. Carvana Co.

Carvana Co. · CVNA

2 decks published between 2023-06-15 and 2024-02-26 — 38 pages, 38 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. 2023-06-15 initial thesis

    2023 06 Carvana Co CVNA

    24pp · research_note

    Carvana is a poorly-run subprime used-car retailer buried under $6.5bn of debt; the recent 165% rally is a loan-sale mirage and the equity is worth zero.

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  2. 2024-02-26 initial thesis

    2024 02 Carvana Kerrisdale Feb 2024

    14pp · research_note

    Carvana at $70 is priced as a tech disruptor, but it's 'just a dealership' with CarMax-like unit economics and a levered balance sheet — fair value is $16, -77%.