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Harlequin on Sale?


JEast
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Maybe this should be in the investment ideas, but Torstar has been taking it on the chin this year (price wise).  It is in, or approaching the value camp entry point.  The same could be said for Glacier Media.  Any of our Canadian value hounds want to comment?

 

Cheers

JEast

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Maybe this should be in the investment ideas, but Torstar has been taking it on the chin this year (price wise).  It is in, or approaching the value camp entry point.  The same could be said for Glacier Media.  Any of our Canadian value hounds want to comment?

 

Cheers

JEast

 

I have followed Glacier Media for a long time and I am close to buying again if it gets to my entry point. This company has pretty decent management and the community papers they own are of the type that Warren would buy. The company should merge with private Black owned community paper group who they are constantly bidding against when properties become available. They suffer from the same issues that every one in this space suffers from a slow decline in readership and advertising. The company has announced share buy backs and has a tight fisted approach to biz. I would like to see the company delever their balance sheet or alternatively issue a bunch of long term debt at these levels it has attracted the typical Cdn Value shareholder base who are by and large pretty patient.  You have to pick your entry points pretty carefully because the lack of liquidity means that you will own this for a while if you acquire any size.

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I like both, but the near term could be rocky because the ad market is rather weak in Canada at the moment.  On the plus side, most major newspapers have, or are, going to paywalls which should help to stop the cannibalization of the print market.  Mind you, it's not clear what the upside catalyst might be.

 

Disclosure:  Own both, may buy or sell at any time, do your own due diligence, etc.

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