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 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: 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: June 06, 2012
Everybody knows, or thinks they know the company, but the more time I spend talking to professional investors about Apple, the more clear it becomes that 90% of those who consider themselves 'informed,' and possibly directly involved in the name, know little about the applicable metrics, growth r...