ID 115717627 © Photoking | Dreamstime.com

Up +71.6% to $19.24 since 21 May’s hellish low of $11.21, in line with stock levels of 25 years ago, that’s where…

… the recent rally leaves the most distressed M&A story of 2024, Forward Air (FWRD).

What it means is not that difficult to understand, price-wise, drawing from certain balance sheet figures.

As we wrote on 10 May, if we go with a theoretical liquidation value of $721.7m for most of its current assets at a 100% recovery rate – giving accounts ...

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