Carvana Co.

Carvana is a CCC+-rated subprime used-car dealer masquerading as a tech disruptor; Spruce Point sees 56-83% downside to $7.50-$19.60, with a credible path to zero.

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.

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%.