B. Riley: Unsustainable Profitability And Eroding Net Asset Value [Seeking Alpha]
B. Riley Financial, Inc. (RILY)
NASDAQ:AMEX Investor Relations:
ir.brileyfin.com/investor-relations
Company Research
Source: Seeking Alpha
Two quarters later, B. Riley's core operating profitability has worsened, leading to an erosion of ROIC. It has a negative net interest coverage and its debt coverage ratios have spiked. All this is leading to a bleed of excess liquidity in the company, which has fallen 25% over the last 2 quarters. Despite a negative net asset value after, in my opinion, rightly excluding goodwill, the company's equities are trading at 2.7x P/B, indicating a mispricing. The common stock is a crowded short, so I'm hesitant to bet against it. My thesis focuses mostly on line items including and above EBIT, so it is valid for the other security classes too; where I prefer RILYM the most if forced to choose. Performance Assessment In my last coverage of B. Riley ( NASDAQ: RILY ) on Feb 18, 2024, I had issued a 'Strong Sell' rating. But shortly after, as I noticed a short squeeze was beginning, I updated my stance on Feb 27, 2024 to a 'Neutral/Hold', communicating Recommended For You Recomm
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RILY
News
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- Spirit Aero downgraded, Skyworks upgraded: Wall Street's top analyst calls [Yahoo! Finance]Yahoo! Finance
- LifeSci Capital Announces the Appointment of Michael Karmiol as Head of Capital Markets [Yahoo! Finance]Yahoo! Finance
RILY
Sec Filings
- 6/26/24 - Form 8-K
- 6/4/24 - Form 4
- 6/4/24 - Form 4
- RILY's page on the SEC website