Introduction
The prior management team published highly bullish 5-year projections at its May 2015 Investor Day and then proceeded to miss quarter after quarter. While there have been industry challenges that contributed to HMHC's decline, much of it was self-induced by the prior management team. For the first time in years, I believe the prospects for HMHC look quite favorable, at a time when the stock is washed-out and hitting new lows. The new management team has returned HMHC's focus to the core business while accelerating growth in the Extensions business (+10% in 1H'18).