Hertz stocks look attractive. The warrants could be even better.

Hertz Global Holdings (ticker: HTZZ) came out of bankruptcy on June 30. Shares in the reorganized company, now trading around $16, look attractive. But the better bet is the company’s warrants (HTZZW), which trade for $7. The 30-year warrants, a call option with a strike price of $13.80, are statistically super cheap.

The $7.5 billion car rental company has had a successful second quarter, and the current quarter could be even better thanks to strong pricing reflecting strong demand and scarce vehicles.