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Strategies & Market Trends : Value Investing
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To: Spekulatius who wrote (21426)7/1/2005 2:01:43 AM
From: Spekulatius  Read Replies (1) of 78748
 
re VIA - this one refuses to follow my logic. LOL. Adding a few shares makes this (together with Via.v) my largest position. 1.63B shares outstanding, with roughly 3B$ in FCF this year. EV (including around 9.5B$ in net debt) is around 61B$, EBITDA is around 5.5B$. Growth in the near term future in the low single digits. I am estimating that the company should bring the sharecount down to 1.5B shares with buybacks - 2$ earnings/share (which are almost entirely converted into FCF). Low risk business model and the split into cable/film and CBS/outdoor/radio should enhance shareholder value. Lower quality media properties (like broadcasters) are going for 12-15x EBITDA. The relative valuation of Viacom makes little sense to me and i am betting that this will change.
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