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TEN - Tenneco Still Unsteadily Walking A Tightrope
Tenneco Inc. Class A Voting
Back in June I wrote that Tenneco (TEN) was one of the more complicated stories in the vehicle parts group that I follow, as the company’s very high leverage meant that even objectively small changes in modeling assumptions could have outsized impacts on the implied fair value. I also said that I didn’t really like the fundamental story, as the company’s opportunity to grow content in hybrid light vehicles and commercial vehicles was offset by mixed margin leverage, a questionable management team, and ample uncertainty on the DRiV spin-off.