Research Notes: Enormous Red Flags
Ashford Hospitality Trust can't be a buy... can it?
On paper, AHT seems one of the most undervalued names in the market.
Excessive leverage is not nearly as dangerous as a first glance suggests, and the business is recovering.
Yet management has shown little interest in shareholder value — one reason why the stock is down a stunning 99.6% over the past five years.
Huge optionality exists — but incentives get in the way.