Cooper-Standard: Sub-Optimal Debt Refinancing, But Thesis Still Intact

Cooper-Standard Holdings margin expansion continues, and issues positive guidance for 2026 despite a Q4 2025 earnings miss driven by temporary Ford production disruption. CPS completed a debt refinancing at 9.25% without reducing principal, yielding only modest interest savings but extending maturities to 2031. I continue to see $10+ EPS achievable by 2030, with fair value at $49 and current price around $29 offering a compelling risk/reward.