tag:blogger.com,1999:blog-2080506270244832638.post5573261792602109210..comments2024-03-28T07:17:13.573-05:00Comments on Clark Street Value: Entercom: CBS Radio Reverse Morris TrustMDChttp://www.blogger.com/profile/10679835609782815537noreply@blogger.comBlogger23125tag:blogger.com,1999:blog-2080506270244832638.post-90080510063791301392019-03-24T11:21:50.599-05:002019-03-24T11:21:50.599-05:00It isn't a "forever" stock but it ha...It isn't a "forever" stock but it has more value than priced in by the market. They had an impairment charge which masked otherwise very good results IMHOAnonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-89984242636164606772019-03-23T15:44:30.272-05:002019-03-23T15:44:30.272-05:00Thanks - I'll take another look, didn't re...Thanks - I'll take another look, didn't realize the stock had gotten that low and the family certainly has been a buyer.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-75871622496510966242019-03-23T12:13:35.384-05:002019-03-23T12:13:35.384-05:00At $5.50 a share you may want to take a look. It i...At $5.50 a share you may want to take a look. It isnt a 10 year hold, but I think it's a $14 stock based upon cashflow.Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-20898532182802191902019-03-22T19:46:07.076-05:002019-03-22T19:46:07.076-05:00I don't follow it anymore, but just seems to b...I don't follow it anymore, but just seems to be that streaming music services and podcasts are so much more personalized, advertisers can really target a specific demographic or interest group. Similarly to the broadcast TV stations, if they didn't have sports, their viewers are slowly dying off, demographics are not in their favor.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-88853726902088323042019-03-22T17:55:34.248-05:002019-03-22T17:55:34.248-05:00Interesting. Their most recent report guided for h...Interesting. Their most recent report guided for high double digit EBITDA growth Field has acquired a large number of shares. Their revenues have actually increased. Perhaps long term this is a cigar butt. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-14211929860530735812019-03-22T17:39:11.849-05:002019-03-22T17:39:11.849-05:00No, I don't hold it anymore and don't real...No, I don't hold it anymore and don't really follow it. I can't get over the radio is a dying medium thesis, when I listen in the car, all the advertisements are very low quality/value, consignment shops, payday loans, etc. And then the content itself is mostly terrible, still giving out the traffic/time/weather when people have it available on their phone, it's a bad product. I'm speaking generally, but also about the local ETM stations in Chicago.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-3583159714698098032019-03-22T16:06:04.237-05:002019-03-22T16:06:04.237-05:00Any new thoughts on ETM? It looks like their most ...Any new thoughts on ETM? It looks like their most recent financials support a bull thesis?Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-64625031541903991802018-05-14T09:42:59.994-05:002018-05-14T09:42:59.994-05:00Here's a well written short thesis, been right...Here's a well written short thesis, been right so far:<br />https://twitter.com/LuisVSanchez777/status/993930230179000325<br /><br />It's hard to tell if the company is right, they're just taking short term pain while repositioning the company going forward, or if this is really is the declining business it appears to be? The Field family sure has purchased a lot of stock in recent months, 30% higher as you point out now, rare to see someone reach into their pocket that significantly to buy stock. I had a smallish position, smaller now, but still holding as of today.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-76171670157564352382018-05-09T23:43:05.822-05:002018-05-09T23:43:05.822-05:00Any thoughts after the recent 30% decrease? Any thoughts after the recent 30% decrease? Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-53261042796258905552018-04-16T15:45:09.236-05:002018-04-16T15:45:09.236-05:00Without spending too much time on it, I'd gues...Without spending too much time on it, I'd guess Yahoo is using TTM EBITDA numbers that don't incorporate the CBS merger.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-51128372284993449552018-04-16T15:28:05.803-05:002018-04-16T15:28:05.803-05:00According to mgmt a 8x multiple gives the stock a ...According to mgmt a 8x multiple gives the stock a $14 share price. However, Yahoo Finance lists ETM's EV/EBITDA at 30. Am I missing something, or is mgmt using a very misleading Mkt.Cap/EBITDA number to value their stock? <br /><br />Thanks. Anonymousnoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-29004715897438900632018-03-20T13:19:23.190-05:002018-03-20T13:19:23.190-05:00I saw the insider purchases last week, very encour...I saw the insider purchases last week, very encouraging. What's also interesting is Liberty Media's bid for IHRT, I believe they're valuing the company at 8x EBITDA and must see some potential in the traditional radio industry. With IHRT and CMLS both getting restructured, maybe we see some more rationale competitors in the market? The last few weeks there's been stories about advertisers pulling back from some of the big tech firms, could they "re-discover" radio? I did read the transcript of the latest earnings call, not sure I love management pegging their stock to $14 at the same valuation Liberty is trying to acquire IHRT, but I think that's a pretty good near term bogey. Also encouraged that they've bought back quite a bit of stock already and increased their buyback guidance as well. I feel comfortable continuing to own it.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-8029797722897577662018-03-20T13:07:01.509-05:002018-03-20T13:07:01.509-05:00Any thoughts on ETM now that they've reported ...Any thoughts on ETM now that they've reported Q4 and provided a little color about 2018 and beyond? Stock is back down to 10 and Field Sr. is buying again.Knuckleheadhttps://www.blogger.com/profile/17282240702815915442noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-70361287159100174212017-12-27T20:51:45.285-06:002017-12-27T20:51:45.285-06:00Thanks for you answer.
I looked it up here
http://...Thanks for you answer.<br />I looked it up here<br />http://www.highshortinterest.com/<br />and Yahoo says 123.62% of float short, but I guess you are totally right.<br /><br />Don't get me wrong, I didn't mean to criticize you and I am certainly not that short term oriented. But I am glad to hear your opinion since your blog is one of my weekly must reads.German readernoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-10762066441584249352017-12-27T18:32:13.932-06:002017-12-27T18:32:13.932-06:00I believe the short interest you're quoting is...I believe the short interest you're quoting is off the old share count number before the deal closed?<br /><br />A short squeeze is unlikely because many of the shorts were probably long CBS going into the deal, exchanged, closed out their shorts with new ETM shares and thus won't need to buy shares in the open market.<br /><br />While this isn't my highest conviction idea, mostly involved for the exchange and reverse morris trust aspects than the business itself, I don't think its fair to say it "didn't do just that", some patience is required as these trading dynamics work themselves out. Probably shouldn't have put a specific timeframe on it.<br /><br />Thanks for reading.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-924874046503183962017-12-27T16:34:15.486-06:002017-12-27T16:34:15.486-06:00Hi MDC,
obviously the "pressure on the stock...Hi MDC,<br /><br />obviously the "pressure on the stock price that should start to unwind in the next few weeks"<br />didn't do just that. But there is a huge short interest of over 48%.<br />Do you expect some kind of short squeeze at some point?<br /><br />Thanks for you articles!German readernoreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-18869191810254231712017-11-14T20:54:14.001-06:002017-11-14T20:54:14.001-06:00Yes and no. I haven't done any real analysis,...Yes and no. I haven't done any real analysis, but seems like a lot of the old odd lot tender situations are still there but now are structured as dutch auctions? From the company's perspective, I still don't think it matters, but there's no upside for me, I blog to share ideas both ways.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-70878076154626078532017-11-14T16:49:11.886-06:002017-11-14T16:49:11.886-06:00Oh yikes I should have mentioned I knew of that, p...Oh yikes I should have mentioned I knew of that, pardon me! Yeah, I was curious if there were other reasons, but all makes sense now. Thank you. Ben's Jaminhttps://www.blogger.com/profile/01036316291484037538noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-73628644315805308572017-11-14T15:57:27.120-06:002017-11-14T15:57:27.120-06:00Rightly so :P odd lot deal flow completely collaps...Rightly so :P odd lot deal flow completely collapsed over the past few years :)writserhttps://www.blogger.com/profile/04755781938953507727noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-36717729324701749072017-11-14T13:57:54.085-06:002017-11-14T13:57:54.085-06:00The exchange offer will be oversubscribed, there&#...The exchange offer will be oversubscribed, there's an odd-lot provision to avoid proration, but otherwise you'll likely get prorated and its hard to tell how much. So to avoid proration, I bought 99 shares and some ETM to make a full sized position for me. But I get yelled at if I overly emphasize the odd lot loophole.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-11300714476074764742017-11-14T10:09:33.815-06:002017-11-14T10:09:33.815-06:00Hey MDC -- thank you for the awesome idea. Could y...Hey MDC -- thank you for the awesome idea. Could you kindly provide some color on the relative attractiveness of exchanging CBS for ETM vs buying ETM straight up? Is it just the additional discount to an ETM share price already depressed by factors you discussed? If so, why not solely go long CBS? Thanks again. Ben's Jaminhttps://www.blogger.com/profile/01036316291484037538noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-67780109830310277172017-11-11T14:28:58.361-06:002017-11-11T14:28:58.361-06:00They have a $100MM buyback plan for after the exch...They have a $100MM buyback plan for after the exchange is completed, but I think it's a several year buyback, not something that they'd exhaust quickly. I'm primarily interested in the exchange offer, but do own some ETM outright, sometimes I end up buying for a short term catalyst and hold long term as the situation unfolds, we'll see with this one.MDChttps://www.blogger.com/profile/10679835609782815537noreply@blogger.comtag:blogger.com,1999:blog-2080506270244832638.post-20686116701059881102017-11-10T22:42:14.756-06:002017-11-10T22:42:14.756-06:00thank you for your thoughts. i agree the stock lo...thank you for your thoughts. i agree the stock looks cheap and its extreme valuation has been accentuated since the exchange offer was announced. <br /><br />is there any word from management about a buyback after the exchange is completed?<br />are you thinking of holding onto ETM after the exhange?The Touristhttps://www.blogger.com/profile/15127858348468481296noreply@blogger.com