Published: January 24, 2019
Our Winners/Finalists hail from Australia, Germany, Mexico, Switzerland, and across the United States. Their research covers businesses in the US (7), the UK (5), Canada (2), and South Korea (1). Results have been determined by an independent panel of 24 senior fund managers and asset allocators ...
Published: July 30, 2015
While many investors chase returns in well-covered blue chips or hot tech stocks, Torin Eastburn of Monte Sol Capital found incredible value in small and thinly traded Canadian phone retailer Glentel Inc. Eastburn noticed Glentel had a strong business depressed below its true value with an upcomi...
Published: May 22, 2015
Overvalued, levered cable operator on an acquisition spree with no strategic focus in an industry with multiple headwinds. Street is giving management too much credit due to consolidation.
Published: March 13, 2015
The wireless space, in short, is very competitive, with low overall growth rates, and significant CapEx needs – upgrades to the system / spectrum purchases. Furthermore, over the past couple of years the industry has gone from effectively a dominant two player (T & VZ) market to a viable four pla...
Published: June 19, 2014
LBTY is a great way to play the theme that broadband access and speeds are going to become more and more important in the future. The desire for faster speeds is increasing at a rapid rate, predominantly driven by online downloads, OTT offerings, and more devices in the households. LBTY is well p...
We continue to believe that, given Telekom Austria's comparative stability of the company's fixed-line offerings, the prospect for wireless pricing rationalization in Austria is not reflected in today's valuation and could provide significant upside as shares move to trade at a multiple comparabl...
Published: June 20, 2013
I looked at the upside and downside in a bunch of different ways. On a DCF basis, gets you to $3.49, excluding NOLs of ~$0.73. Upside feels like ~$4.76 using my 2014 EBITDA estimate, peers’ avg 2014E EV/EBITDA multiple of 6.1x, including NOLs of $0.73. Downside feels like ~$2 using the lowest EBI...
Published: June 06, 2013
Trading for 7 times their expected EPS, FTE is a very cheap asset with immense value. Today, we would be buying from pessimists. In the future, when there is a general consensus on the merits of this investment in the market, it will have risen very significantly already.
Published: August 29, 2012
The availability of affordable smartphones (less than $130) will trigger explosive smartphone adoption in China. China Mobile (CHL) is a leader in the voice segment, but was losing ground in the smartphone segment. However, its main competitive disadvantage (lack of handset variety) is now fixed....
Published: July 24, 2012
Level 3 Communications did a bond deal at the Communications Inc. entity (which is the Holdco) last week pricing $300mm @8.875%. The stock was up 6% that day as the market celebrated a 1% ROIC business locking in a near 9% liability. The market should have looked at this bond deal and run for the...
Published: September 11, 2012
<strong>Source:</strong> Hedge Fund
<strong>Location:</strong> New York, NY
<strong>Company:</strong> Telefonica (NYSE: TEF)
<strong>Recommendation:</strong> Short
<strong>Recent Price:</strong> €12.90
<strong>Target Price:</strong> €10.00
<strong>Comps:</strong> Vodafone (NYSE: VOD), Ame...