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Emmis Communications Corp. Message Board

  • longtimefollower longtimefollower Apr 27, 2010 1:40 AM Flag

    EMMS stock price vs. its peers.

    Interestingly/coincidentally, I started working on this Sunday, in order to point out EMMS's relative undervaluation, but never got it finished until now.

    First, based on today's close, the stock price increase from 52 week low, for EMMS, and its traditional peers (those not in Ch.11) is indicated as follows:

    ROIAK 2385%
    CMLS 1031%
    ETM 1012%
    SALM 916%
    CCMO.pk 900%
    EMMS 892%

    Question: If EMMS, at $2.38, is up the LEAST of any of its peers, from its 52 week low, why should selling out the company for this kind of price be considered fair or acceptable, in Jeff Smulyan's eyes, let alone the eyes of the INDEPENDENT directors?? It most certainly SHOULD NOT.

    SortNewest  |  Oldest  |  Most Replied Expand all replies
    • What a complete , diarrhea-of the mouth -full of crap bs'r

      your ventures into media and print cost you dearly--and you were warned---more than once
      do you understanding any accounting at all ? We know you don't know anything of legal .
      here's another one of your brilliant..

      when you buy garbage you get garbage honorable mention htch lee fbn ta

      one sick dudepal

    • Based on Monday's close, let's look at the stock price decline from its 5 year high, for EMMS and its peers (unadjusted for stock splits, special dividends, buybacks, etc.):

      ROIAK -66%
      CMLS -63%
      ETM -57%
      SALM -76%
      CCMO.pk N/A
      EMMS -90%

      As you can see, EMMS is the WORST performer of the whole group, down 90% from its 5 year high (even at Monday's $2.38 close). This might suggest MATERIAL UNDERVALUATION of EMMS, relative to its peers. Yet, why is our CEO attempting to take the company away from his long-suffering shareholders, at EXACTLY the point in time where the radio industry upturn is likely to provide significant RELIEF and significant REWARDS? Because he wants it "all" for himself?! Is the price offered in any way "fair" or "reasonable"? Or is this buyout offer an opportunistic effort to prevent the outside shareholder base from recouping its losses, so that Mr. Smulyan can capture the lion's share of those gains for himself?

      Will the company at least show good faith by using "majority of the minority" provisions in voting on this proposed deal?

      • 1 Reply to longtimefollower
      • I advise them to follow Regent's lead. Simply go to Judge Judy and PURCHASE the Rubber Stamp of poverty.

        No seriously your valuation analysis makes clear the fiduciary issues of not marketing the sale more aggressively. The players want to close this out quickly before the stock runs higher.

        I think if any of the law firms, about a half dozen last count, files any claim then this proposal gets shelved for at least a few months. That's their leverage, delay.

        I expect an improved offer to come quickly. Probably not as good as your other comparisons but closer than this.

 
EMMS
3.33+0.02(+0.60%)Apr 17 4:00 PMEDT

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