– Long-term compounder with a great track record and strong capital allocator at the helm.
– Portfolio of public and private investments with $ANGI and $MTCH accounting for 60% of the assessed NAV.
– Stock trades at a 25% discount to its depressed NAV.
– This NAV is calculated on realistic liquidation values as opposed to long-term fair values.
– IAC’s private holdings offer a decent NAV growth from the current levels,
– A confluence of transient overhangs has temporarily depressed IAC NAV.
– The largest private Dotdash Meredith business is expected to benefit from a recovery in digital ad demand.
– Another catalyst looks to be the upcoming IPO of Turo, a private peer-to-peer car-sharing marketplace, which is partially owned by IAC.
– $70/share NAV using depressed valuations of portfolio holdings.
– IAC sits at a 25% discount to this depressed NAV
Exp. gain: Not specified.
Full write-up (free guest account required):
IAC Inc. (IAC), mcap=$4480m