Tecnoglass Inc.

* Tecnoglass Inc's ($TGLS) backlog of nearly $800 million, paired with a production capacity increase, might contribute to significant growth.
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* The company's single-family offerings are gathering pace amid sound regional targeting by the firm.
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* A potential opportunity exists for expansion in Colombia.
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* Key valuation metrics imply that Tecnoglass is a GARP opportunity.

I started doing some DD on $TGLS as the company interested me and then I came across the Hindenburg short report from late 2021. The Aconomics substack highlighted the below bullet points:

- Tecnoglass is a Colombia-based producer of glass for residential and commercial buildings founded in 1984 by two brothers, Jose Daes and Christian Daes, who currently both serve as directors and CEO & COO, respectively.
- In 1996, U.S. criminal prosecutors filed charges against Jose and Christian Daes, the current CEO & COO of Tecnoglass, alleging the two served as “managers and operators” of the Cali cartel, helping smuggle weapons and more than 200 tons of cocaine, and laundered money. Warrants were issued for CEO Jose Daes’ arrest and he was declared a fugitive.
- In 2004, Tecnoglass’ current CEO Jose Daes was shot in the head and neck during a botched assassination attempt, later attributed to a right-wing paramilitary warlord who believed Daes was taking too many corrupt contracts from the local mayor.
- In December 2013, Tecnoglass went public via a SPAC, cycling through 3 auditors within roughly a 1-year span. Auditors specifically flagged material weaknesses relating to identification and reconciliation of related party transactions.

I at that point stopped my DD. Maybe it's all just bad reporting but I don't want to have to worry about external forces like that from the companies I own.