Walt Disney: “Disney Media SpinCo”

Walt Disney (NYSE: DIS) Events: "Disney Media SpinCo" August 11, 2017 SUMMARY INFO Recent PPS: $103 FD Shares Out: 1,572 million Market Cap: $161,619 Net Debt: $17,851 Enterprise: $179,767 DISCUSSION This is a super short, choppy post; and I will have more expansive thoughts on DIS specifically and Media generally in the coming weeks. But … Continue reading Walt Disney: “Disney Media SpinCo”

Advertisements

Discovery Communications: Exiting the “Terminal Value Tunnel”

Discovery Communications Events: Exiting the "Terminal Value Tunnel" August 9, 2017 DISCUSSION In the 2Q17/SNI deal call, DISCK CEO David Zaslav hit on precisely what I believe is taking place right now for high quality content companies: They are in a "terminal value tunnel" as they transition from a traditional cable bundle-dominated world, to one … Continue reading Discovery Communications: Exiting the “Terminal Value Tunnel”

Discovery Communications: Entry Catalyst on Path to $40+

Discovery Communications Events: Entry Catalyst on Path to $40+ July 31, 2017 SUMMARY INFO NASDAQ: DISCK Recent PPS: $23.33 (7/31 intra-day PPS) FD Shares Out: 578 million (2Q17) Market Cap: $13,485 Debt: $8,263 Enterprise: $21,748 2018 Estimates: Sales: $7,251 EBITDA: $2,612 Net Income: $1,377 ($1,836 x .75) EPS: $2.38 Gross Leverage: 3.16x DISCUSSION Discovery Communications … Continue reading Discovery Communications: Entry Catalyst on Path to $40+

Events: Sinclair Broadcast Group TRCO Deal Quick & Dirty

Sinclair Broadcaster Group Events May 8, 2017 SUMMARY INFO NASDAQ: SBGI Recent PPS: $36 Shares Out: 124 million Market Cap: $4,447 Net Debt: $7,095 Enterprise: $11,542 Net Leverage: 5.94 (excluding Food Network distributions) Adj. Net Leverage: 4.64 (adjusted for non-core assets) DISCUSSION Today SBGI announced the approximately $6.6 billion acquisition of Tribune Media (NYSE: TRCO) … Continue reading Events: Sinclair Broadcast Group TRCO Deal Quick & Dirty

Events: NRG Energy Idea Initiation 

NRG Energy  Events February 18, 2017 SUMMARY INFO NYSE: NRG Recent PPS: $17.10 Shares Out: 324.6 million Market Cap: $5,551 Recourse Net Debt: $7,236 Enterprise: $12,787 DISCUSSION The day Elliot filed on NRG I happened to be in attendance at a lunch presentation by my good friend, a well-respected Power & Utilities MD. He highlighted … Continue reading Events: NRG Energy Idea Initiation