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Strategies & Market Trends : Short Selling, Dark Side, Bubble Busting Laboratory -- Ignore unavailable to you. Want to Upgrade?

To: Surfratiam who wrote (344)	9/5/2006 11:36:42 AM
From: forceOfHabit	Read Replies (1) \| Respond to of 361

surf, I admit your numbers, especially the comparison with CCO, have me interested, and I'll try to find time to take a more in depth look in the next couple of days. Meanwhile, some high level (superficial) thoughts: I'm not sure I buy the satellite radio advertising argument anyway. The success of that business is far from assured, and I just don't think the impact will be that big anytime soon. LAMR has excellent operating cash flow. Does that provide them with a cushion if a recession hits? Can't they cut back the cap ex, use the cash flow to service the debt? It certainly wouldn't make them recession proof, but they might not go down as hard and fast as some other industries. A quick glance at their balance sheet shows over $2 billion in goodwill and intangibles (much higher than CCO by the way). If I back that out of their assets, their book value looks pretty bad. Any idea where all that came from (looks like it has been on the books for at least 5 years)? be2