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Strategies & Market Trends : Value Investing
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To: E_K_S who wrote (73687)9/21/2023 5:13:51 PM
From: Harshu Vyas   of 78719
 
I wish I never came across this company. I like the management but their balance sheet's a joke. I missed it when I wrote about it.

Some massive risks -

1. Low asset turnover - most assets are hot air as far as I'm concerned. Consistently around 0.3 - much lower than the radio broadcasters.
2. Leverage - self-explanatory. Worse when the corresponding assets are bs because it makes them harder to get rid of if you need to shore up liquidity. Radio broadcasters, otoh, - ah, you probably get the idea.
3. Cyclical - coupled with the above if the economy falters, GTN hurt most. Bear in mind, they aredependenton advertisers (funnily enough, most advertisers are cyclicals to begin with). All broadcasters suffer from this risk.

Haven't looked at GTN in a while so may have forgotten some of the other risks.

Best,
Harshu Vyas
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