Total debt/obligations are $1.8B, and this has ticked up over the past few years, due to acquisitions. But the debt maturity is spread out fairly well. Of this, about $1.2B is revolving credit, which would be subject to higher rates, typically. EIF notes it has enterered into some interest rate swaps, but details are light on those. But, to show its exposure, we note interest expenses in 2Q rose to $21M this year from $8M last year. It also has convertible debentures, but interest charges did not change much on those (coupons are fixed). Also, these can be paid off in equity if needed. Many of its businesses are economic sensitive, but it has managed past cycles fairly well. It was profitable throught the 2008 financial crisis and the 2020 pandemic. It did lose money in 2014. In the past decade average P/E has ranged from 14X to 43X, making the current 12X look attractive, at least vs history.
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