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Sinclair Broadcast Group, Inc. Message Board

  • peter.invest peter.invest Apr 12, 2012 10:21 AM Flag

    What am I missing??

    Sold off 10% with the market on no company news. Now the market is rebounding. This one stays flat. Not only is it not participating in broad rebound, it is also lagging its peers and even tries to slide further down.

    Yet, mgmt recently reconfirmed guidance and the investment thesis is nicely intact: political year, auto ads strong, CF accretive acquisitions. Sell-side TP is $15.

    What is going on? Is it just that the current sentiment against leverage (although very manageable)??

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    • Agree looks cheap and selling a bit overdone. Thinking maybe a large, motivated seller. Blackrock filing yesterday stated that they reduced holdings below 5% of the total outstanding shares. Perhaps they are continuing to sell down their position?? Regardless, looks cheap by any measure... especially with Russell rallying 1.6% today and sector peers up that much, or more. Makes no sense for this to be down nearly 1% today after the recent selloff - especially when the FCF yield on the stock is approximately 20% and that's not taking into consideration that the company has $2/share in non-core assets....adjusting these assets out and the FCF yield jumps to nearly 25%! Add in the 4.83% dividend yield and this looks attractive. Be patient, will be rewarded on this one.

 
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