Columbia Business School held this year's 6th Pershing Square Challenge. The winning team got $100k.
This year's panel of judges included: Bill Ackman (Pershing Square), AJ Agarwal (Group), Craig Effron (Scoggin Capital), Mchael Gerstner (MSD Capital), Paul Hilal (Pershing Square), Philip Hilal ( ), Alex Klabin (Senator Investment Group), Dahlia Loeb (Kensai Asset Management), Mick McGuire (Marcato Capital), Billy Rahm (Centerbridge), Jonathan Schwartz (Seneca Capital Investment Partners), and Whitney Tilson (Kase Capital).
The winning team pitched Hertz (HTZ). They made the pitch for HTZ being undervalued and worth $36 per share versus approximately $24 where it currently trades (52% upside). Their thesis revolved around the oligopoly-like nature of the car rental business (industry consolidation), the misunderstood impact of used car pricing, and the unlocking of value on divesting of non-core Equipment Rental business.