This year’s bear market has not quashed animal spirits just yet. Meme stock investors have returned, snapping up shares of Revlon.
The US cosmetic company, whose nail polishes and lipsticks once filled bathroom cabinets, filed for Chapter 11 protection on June 15. Then the stock traded at just $2.25 — less than a tenth of its pre-pandemic value. That price touched almost $8 on Monday, giving it a market value of over $430mn.
That performance covers up some blemishes. Revlon’s net debt of $3.4bn sits against total assets of $2.4bn, as of the end of March. Revlon should have little equity value given that creditors and suppliers are first in line with their claims.
您已閱讀34%（670字），剩余66%（1289字）包含更多重要信息，訂閱以繼續探索完整內容，并享受更多專屬服務。