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Buffett Eyes More Newspapers


Parsad
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Perhaps the best kept secret in this realm is Glacier Media (GVC.TO).  Glacier has been predicting this from the start several years ago and have been concentrating their newspaper portfolio in these types of communities through several acquisitions.  The stock is cheap -- I am projecting a conservative FCF yield of 25% for 2012. 

 

Disclosure: I own a lot of GVC (18-19% of the portfolio).

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How do you get a FCF yield of 25% for Glacier?  My TTM FCF is closer to $32 million which is closer to a 17% FCF yield.  This in line with other mature media firms like SALM - 18% and SGA - 16% but below others like LTV - 42%.  I have about a 6.5x EBITDA valuation in line with other mature media properties (TV/radio) but above declining properties like newspapers.  I think this is a good return with a good jockey. 

 

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