The Depth Report – Houghton Mifflin Harcourt (HMHC) – Outstanding 3Q Results

Overview: Last January, we recommended Houghton Mifflin Harcourt (ticker: HMHC) to our subscribers in the high $4/low $5 range.  In February, we published the initiation report which is available here.  Our thesis focused on the fact that sales were weak in 2020 due to school boards not meeting during Covid lockdowns, and that was a…...

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The Depth Report – Houghton Mifflin Harcourt (HMHC) – Big Price for the Publishing Division

Overview: In early February, we wrote about Houghton Mifflin Harcourt (HMHC) recommending purchasing the stock due to an improving business model. In that piece, we noted that the company was considering the sale of its Books & Media business, and that proceeds would likely be used to pay down debt. Yesterday, Houghton Mifflin announced the … Read more

The Depth Report – Houghton Mifflin Harcourt (HMHC) – Improving Business Model

Overview: We expect that somewhere around 100% of the people reading this are familiar with Houghton Mifflin Harcourt (ticker: HMHC). The company began publishing educational materials in the 1800’s. Almost everyone who has gone to school in the United States has had a Houghton Mifflin textbook in their hands. The business is simple to understand…....

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