– Well-managed radio broadcaster with 79 FM and 35 AM stations.
– Owned land/buildings/towers with gross book value equivalent to current EV.
– 40% market cap in cash, with nearly all competitors having highly leveraged balance sheets.
– Unlevered FCF yield of 15%.
– Remained profitable through the pandemic.
– Additional cost-cutting measures taken are expected to lead to improved profitability going forward.
– With 8% revenue growth on ’21 expected to generate FCF of $15m.
– DCF results in $135m EV and $190m market cap.
Exp. gain: +40% to $32/share.
Full $SGA write-up (free guest account required):