Baldwin Insurance Group: A Brew of Financial Alchemy

Soren Aandahl of Blue Orca Capital stops by Zer0es TV to present Blue Orca’s latest short opinion on Baldwin Insurance Group, Inc. (NASDAQ: BWIN).  Blue Orca argues that Baldwin is a chronically unprofitable rollup of insurance distributors which engages in questionable financial engineering to hide costs from its income statement and inflate adjusted EBITDA and operating cash flows.  What’s more, undisclosed to investors, Baldwin’s most significant EBITDA driver is about to lose its key underwriter.  Blue Orca believes Baldwin is set up for an ugly correction as investors come to understand the truth of its troubling leverage and chronic unprofitability, hidden beneath a façade of financial alchemy.