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FURCY - Tenneco Still Under-Earning And Loaded With Debt
Faurecia SA ADR
When I last wrote about Tenneco (TEN), I thought this highly-leveraged auto, truck, and commercial vehicle parts supplier was just too much of a risk relative to the potential rewards. The shares have fallen almost 60% since then, and while I think the company may be able to squeeze through these new challenges and survive, I still see significant ongoing operating issues with a company that has long generated underwhelming margins and gone deeply into debt pursuing very questionable M&A strategies.
As I said before, given the very high leverage here, even rather