Post Media ( PNC $2 ) and Glacier Media are direct media valuation comparables as they are \in the same print media/digital advertizing business...ie own newspapers and other media for adverytzing purposes
The key financial metrics are provided in the table below for comparison.
Ask yourself which one of these you would rather invrsdt in.
There really is no choice other than Glacier.
Glacier would be trading at $1.85 per share, based on Postmedia EV to Ebitda multiple.
There is no reason that it shouldnt .
Its relative cheapness makes obvious why such massive insider buying has been happening over the past few months...and kept the share price depressed exacty for that purpose.
Now, we can reap the share price recovery
| | | | | |
| | Post Media | | Glacier Media | |
| | | | | |
| Shares o/s | 95,000,000 | | 132,000,000 | |
| Market cap | $191 m | | $62 m | |
| Debt | $263 m | | $2.6m | |
| Cash | $52 m | | $15.9 m | |
| Enterprise Value | $401 m | | $49 m | |
| Book Value | - $120 m | | $183 m | |
| Revenue | $425 m | | $184 m | |
| Ebitda | $33.2 m | | $15.6m | |
| | | | | |
| EV / Ebitda | 12.1 | | 3.1 | |
| | | | | |
| Fair value | | | $1.85/ Share | |