Added to YB: 2020-01-30
Pitch date: 2020-01-30
EMMS [bullish]
Emmis Corporation
-44.25%
current return
Author Info
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Company Info
Emmis Corporation, a diversified media company, engages in radio broadcasting activities in the United States.
Market Cap
$33.5M
Pitch Price
$3.51
Price Target
N/A
Dividend
N/A
EV/EBITDA
N/A
P/E
-1.22
EV/Sales
N/A
Sector
Media
Category
special_situation
Emmis Communications: Selling Below Net Cash, Mediaco Holdings
Emmis Communications (EMMS): Trades at 60% of net cash value after selling NY radio stations. Now holds $88M cash, 5 radio stations, ESPN NY deal, HQ building. Adjusted EV of -$64M ($6.34/share cash vs $3.75 price). CEO controls via super-voting shares, may attempt tender offer or take private to pursue growth outside radio as middle market PE buyer. Downside protected by cash, but execution risk in new strategy.
Read full article (3 min)