SKY - Goodbye Skyline

• Skyline Champion Corporation is a $2 billion real estate development company, operating 33 manufacturing facilities throughout the U.S. and 5 manufacturing facilities in Canada.
• 2Q 2020 turned out to be one of the worst for SKY: EBIT decreased by -16.5%, EBT - by -8.37%. Net income was saved only by a decrease in tax expenses (-25.01%).
• The credit risk is quite low, but I am alarmed by the dynamics of the company's profitability and margins.
• The company's market multiples are on average 88.1% higher than the industry's average. The analyzed growth and margin indicators (revenue growth, EBITDA, EPS, Levered FCF margin) were on average -110.54% below the industry average.
• I recommend selling SKY at the current price.

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