Saga Communications (SGA), mcap=$149m, price $24.65 vs $23.00
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.