HCHC - HC2 Holdings: A Granular Assessment

• New management at HC2 Holdings, Inc. is in the process of narrowing the focus of its investments after removing prior CEO Philip Falcone in June 2020.
• The mini-conglomerate executed a refinancing in February 2021 that should save the holding company ~$26 million in annual interest expenses.
• Many questions remain as its core businesses generate very little Adj. EBITDA.
• With two medical device launches in 2Q20, an acquisition that should increase its Infrastructure unit by ~50%, and insider buying, HC2 merited a deeper dive.
• A granular and in-depth investment analysis follows in the paragraphs below.

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