Chris Paryse on Ferrellgas's big conversion $FGPR

Ferrellgas (FGPR), a major propane distributor, is analyzed with Chris Paryse, focusing on its post-bankruptcy emergence and potential for value creation. The conversation centers on a recent Class B to Class A unit conversion that doubles the free float and its implications for shareholders. Paryse highlights the company's $330-$340 million EBITDA, potential for dividend reinstatement, and possible NASDAQ relisting as near-term catalysts. Longer-term, the discussion emphasizes M&A opportunities within the fragmented propane industry, with Ferrellgas potentially using its equity to consolidate smaller players. Commodity risk management through hedging and the potential for deleveraging via creative financial instruments like converts are also addressed.