| Valuation method | Value, $ | Upside, % |
|---|---|---|
| Artificial intelligence (AI) | n/a | n/a |
| Intrinsic value (DCF) | 0.07 | -99 |
| Graham-Dodd Method | 9.86 | -13 |
| Graham Formula | n/a |
Haymaker Acquisition Corp. III (NASDAQ: HYAC) is a special purpose acquisition company (SPAC) focused on identifying and merging with a high-potential business in the consumer and consumer-related products sectors. Incorporated in 2020 and headquartered in New York, NY, HYAC operates as a blank-check company with no current commercial operations, leveraging its financial structure to facilitate a future business combination. As part of the Financial Services sector under Shell Companies, HYAC aims to capitalize on emerging consumer trends, offering investors exposure to potential growth opportunities post-merger. With a market capitalization of approximately $326 million and a disciplined acquisition strategy, HYAC targets scalable businesses with strong brand equity and market positioning. The company’s experienced management team and strategic focus on consumer markets position it as a noteworthy player in the SPAC landscape.
Haymaker Acquisition Corp. III presents a speculative investment opportunity tied to its ability to identify and execute a value-accretive merger in the consumer sector. While the company currently lacks operational revenue, its strong net income ($11.3 million in the latest period) and disciplined capital structure (minimal debt, $101K in cash) provide a stable foundation for future acquisitions. The SPAC structure carries inherent risks, including uncertainty around target selection, merger terms, and post-merger performance. Investors should weigh HYAC’s experienced leadership against broader SPAC market volatility and regulatory scrutiny. The stock’s low beta (-0.017) suggests limited correlation with broader market movements, which may appeal to niche investors seeking consumer-sector exposure via a blank-check vehicle.
As a SPAC, HYAC’s competitive positioning hinges on its ability to source and close a high-quality merger compared to peers in the crowded blank-check space. Its focus on consumer and consumer-related products differentiates it from SPACs targeting tech or industrials, but it faces intense competition for attractive targets. HYAC’s advantages include its management’s prior experience in acquisitions and a balance sheet with negligible debt, providing flexibility in deal structuring. However, the lack of a defined target creates uncertainty, and the company must compete with both other SPACs and traditional PE firms for viable acquisitions. The broader SPAC market’s cooling sentiment post-2021 adds pressure to deliver a compelling merger to sustain investor interest. HYAC’s success will depend on its ability to identify a target with strong growth potential at a reasonable valuation—a challenge given elevated consumer sector multiples in recent years.