ACA - Arcosa: The Opportunity Behind Working Capital Efficiency

• At first glance, Arcosa appears as a boring company, operating in a cyclical industry with no significant growth opportunities.
• However, since the spin-off, Arcosa has significantly improved its free cash flow generation ability and will continue to do so.
• The company has a significant opportunity to build a strong construction materials business and reduce earnings volatility through diversification.
• Finally, Arcosa's debt levels have made the company significantly less riskier than many of its peers.

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