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Strategies & Market Trends : Value Investing
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To: Rawnoc who wrote (35462)9/26/2009 7:26:39 PM
From: Spekulatius  Read Replies (3) of 78751
 
I agree the buybacks add an interesting twist to that story but by definition they cannot buy back the whole company because the remaining shares get more expensive. They also have increased their debt while their cash flows have been shrinking. they only have 8M$ left on their bank line until they have covenant issues, so i think these buybacks will have to slow unless they continue to generate strong FCF.

Radio has been shrinking for years before we went into the recession and while a better economic climate will reduce the revenues losses, I think that it is a business in terminal and slow decline, just like newspapers.

ROIAK does not really stand out relative to it's peers, not even in stock price performance. Many penny stocks have been jumping up a few % percent from their loans. Obviously the perception has changed and some give those equity sliver stocks a chance of survival. I am not sure they actually will and if the debt is included (that is what the EV will do) they are not even cheap.
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