SDVKY - Covid-19 Just The Latest Of Many Challenges For Kennametal
It’s been a while since I’ve written on the perpetually-restructuring Kennametal (KMT), partly because it gets tedious writing about an underperforming company with serious long-term structural and competitive challenges. There have been some periods of outperformance since that last article, but for the last year or so, it’s been a rough go for the company and its shareholders.
It’s almost three and a half years later, but my investment conclusion hasn’t changed much. The shares do look undervalued even based on what I think are fairly conservative assumptions, but it’s hard to