Overlooked Alpha

Overlooked Alpha

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Overlooked Alpha
Overlooked Alpha
This Legacy Media Giant Is An Intriguing Short

This Legacy Media Giant Is An Intriguing Short

With pressures mounting, cheap might not be cheap enough.

Joe | 3MB
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Overlooked Alpha
Nov 19, 2023
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Overlooked Alpha
Overlooked Alpha
This Legacy Media Giant Is An Intriguing Short
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Highlights:

  • Legacy media companies have proven attractive shorts so far. Secular pressures suggest that trend will continue.

  • At ~6x EBITDA, valuation seems reasonable, but operating deleverage can inflate that multiple in a hurry.

  • From a risk/reward perspective, this looks like the best short trade in the sector.

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