Stock: SIR / Sirva Incorporated
Sirva is a recovering blow up with accounting restatements behind it. Majority owner is CD&R and they drove a rollup in the moving / relocation industry. Primary product historically was traditional relocation. Sirva owns North American, Allied, Pickfords in the UK and others. Sirva is driving a back to basics model with sales ongoing of non core product areas such as insurance, records storage and others.
The primary product going forward is the fixed fee relocation product with an outsourced angle for corporate HR departments. The product is a soup to nuts risk free product for corporations moving mid and senior level employees on an annual basis. Sirva will take over all the events affecting an employee relocation including buying the employees home and taking all risks from the client in disposing of the home. This allows the corporate client to outsource the complete relocation process to Sirva for a fee fixed cost to the client.
Revenues in the fixed fee segment are growing rapidly while the traditonal relocation product is growing moderately. Margins are strong and growing in the fixed fee product. FCF is strong with the elimination of the non core product areas.
Stock price was mid 20's before the blow up and is now at the tipping point of recovery in the mid 7's.
Sirva is a recovering blow up with accounting restatements behind it. Majority owner is CD&R and they drove a rollup in the moving / relocation industry. Primary product historically was traditional relocation. Sirva owns North American, Allied, Pickfords in the UK and others. Sirva is driving a back to basics model with sales ongoing of non core product areas such as insurance, records storage and others.
The primary product going forward is the fixed fee relocation product with an outsourced angle for corporate HR departments. The product is a soup to nuts risk free product for corporations moving mid and senior level employees on an annual basis. Sirva will take over all the events affecting an employee relocation including buying the employees home and taking all risks from the client in disposing of the home. This allows the corporate client to outsource the complete relocation process to Sirva for a fee fixed cost to the client.
Revenues in the fixed fee segment are growing rapidly while the traditonal relocation product is growing moderately. Margins are strong and growing in the fixed fee product. FCF is strong with the elimination of the non core product areas.
Stock price was mid 20's before the blow up and is now at the tipping point of recovery in the mid 7's.
