me: you make it back to the other side of the world?
Sent at 4:49 PM on Saturday
Will: i’m in la right now
flying out at midnight
Sent at 4:52 PM on Saturday
Will: damn, just saw mni
me: yeah
i am not pleased.
Will: me neither
me: the plan was to take more of that after yellow media ramps up
i really like mni
from a long term perspective
anyway
now that i’m unemployed i’m spending like half my time looking at stocks and half my time looking for some sort of job thing
there’s actually a lot of value out there on my radar now
like 10 companies trading with 50% upside
Will: yeah it’s not bad
i just did this portfolios with purpose thing
pick 5 companies over $1B market cap for the year
me: what was your average ev/ebitda?
entering stock contests like that is a great way to get noticed
honestly, you and i would be a lot better off with a little more fanfare.
Sent at 5:00 PM on Saturday
Will: yeah even at that level it wasn’t too hard to find 50-100% upside
but i picked one a-share, and one korean stock, which are impossible to buy
me: lol
good job
Will: so the valuation…
me: yes
haha
winn
Will: chinese liquor stocks are crazy cheap, 6x P/E with cash on the balance sheet
one has maintained a 70% payout since 2006
me: wow
Will: never issued another share
grew the business by 10x
impossible to buy unless you have $300m under management
me: why?
Will: limited amount of shares available to qualified foreign institutions, and they only offer it to big clients
the ibanks
me: oh damn
Will: in korea, preferred shares are basically the same as common shares, except they don’t have voting rights
but they trade at 30-70% discounts to the commons
samsung, hyundai, lg all have preferreds
trading at 4-5x P/E
Eutelsat is pretty cheap for a satellite operator $ETL
me: wow
Will: they are issuing new debt at 3%
7.5x EV/EBITDA, peers trade above 10x, 3x leverage
50% upside
5% yield, growing, utilization rate has a lot of room to increase
i gotta roll
baron davis is in the office?
Sent at 5:10 PM on Saturday