Aimia Inc T.AIM.PR.D

CC

[nedstar71]

Listened to the CC.  Nothing really positive jumped out at me other than the PLM earnout.  Bozzetto performing well, Cortland not, although less poorly than the previous quarter.  NCIB mentioned but sounds like just talk.  Some murky talk off future righting of the ship but to me it sounds like they have no idea and are completely winging it.  TD analyst asked aout Mithaq and it doesn't sound like they're in any real talks with them so I'd expect the same last minute AGM announcement so as give Mithaq minimal time to mount their offense.

[Growthnvalue]

Completely agree. The answers to the sell-side analyst questions lacked substance. Given the cash balances and the PLM earnout on the way, why not initiate the NCIB asap? Sounds like the same BS lip service Philip M use to spew...which was followed by his quick pivot to an unecessary pricate placement at the expense of shareholders. If there are no insider buys near-term, then its clear they also

[nkbourbaki]

100% Tom clearly isn't a strong communicator, at least in the CC format. (Given his success I presume he is much better one-on-one.)   I think it sounds like they're bumbling around in the dark a little more than they are.  That said, it's obvious that they don't know what to do about Tufropes.   What would a rational buyer pay today for that business

[DaneOddments]

cut and paste from TD's report out earlier today.  They raise value of Bozzetto, lower value of Tufropes, but their NAV estimate of $5.00 and their target price of $4.00 remain the same:           Figure 3 – SOTP Valuation         Q1

[nkbourbaki]

Thanks for sharing! Any idea why they assign $43m value to Clear Media, well above its current mark?

[Growthnvalue]

FYI from the jefferies report: Consolidated revenue and earnings were better than anticipated, with both core holdings outperforming. Importantly, there were no negative marks in the portfolio for the first time since 1Q23 and mgmt continued to divest its Capital A holdings. We still believe significant value can be unlocked but not until the portfolio is cleaned up, which will take time. Our new

[nkbourbaki]

What is Jeffries smoking with a $6.33 NAV?   Seems they're being exceedingly generous to their old friends at Aimia. I was somewhat surprised there was no update on the CEO search on the Q1 call. Less surprised there was no mention of the AGM.  I wonder if/when we'll next hear from Mithaq.    

[AIMIATURD69]

$6.33 would be a dream. I'll settle for $5.00 and rid myself of this stock once and for all.

[DaneOddments]

I don't know why TD used $43 mil. for Clear Media, but I think long-term Clear Media will be worth more than the $75 mil. or so that Aimia paid for its 11% stake, based on the simple assumption that at some point the business will reclaim its pre-Covid earnings.  In 2019 Clear Media did CAD $150 mil. in EBITDA, so if Aimia paid $75 mil. for 11% that's a valuation of roughly $700 mil.