We continue to watch the implosion of Teva with some interest; the company was once a Best Ideas Newsletter portfolio idea thanks to its strong ability to generate a copious amount of free cash flow. However, Teva made the classic mistake of purchasing a company that operates in a highly-commoditized industry at a market top while loading up the balance sheet with an enormous amount of debt at the precise time the favorable industry dynamics began transitioning to a headwind. Let’s review the company’s progress for signs of a turnaround.
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