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Saga Communications Inc. Message Board

  • Saga would do all investors a favor by selling
    the company instead of throwing money away on silly
    investments like Iceland or the Illinois and Michigan state
    networks. Do they have a board of directors....or cronies?

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    • I couldn't help but respond to this....first off,
      being SEC correct, analysts project that both the
      Michigan and Illinois Radio Networks (with 70 plus
      affiliates each) will have been acquired at 5x 1999 cash
      flow. There are strong barriers to entry in state radio
      networks and run properly they are nice money machines.
      Today you can't buy broadcast cash flow at that kind of
      multiple...this is why they make sense. Now, regarding Iceland;
      when we finish with out build out in sixty to ninty
      days we will have 7 of the 10 commercial licenses in
      Reykjavik. We operate them all from one building downtown
      with two sales teams. Our entry cost was extremely low
      and there is marvelous upside potential by owning a
      large block of licenses.

      Also, if you didn't
      notice within the last two weeks SAGA announced the
      acquisition of KAVU TV the ABC affiliate in Victoria Texas.
      Also included with KAVU is the low power Univision TV
      on channel 51. We also announced the acquisition of
      KGMI and KISM FM in Bellingham Washington. These are
      wonderful stations and we believe thata there are
      trememdous opportunities in the Pacific
      Northwest.

      Since its inception as a public company Saga has shown
      an average increase of 30% per year on its stock
      price. Not bad for a conservative company who believes
      that it has a financial responsibility to its
      shareholders never to comprimise the financial integrity of
      the company through rapid or reckless
      acquisitons.

      I'd be glad to answer any questions

      Ed
      Christian
      President/CEO
      Saga Communications
      Edradiotv@aol.com
      Saga will
      be around for a long time and will continue to grow,
      just as it has since the day we started 12 years ago.

      • 2 Replies to edradiotv
      • Mr. Christian,

        Thanks for joining in our
        discussion. I appreciate your insights. I have been pleased
        with my investment, however I was voicing frustration
        with the fact that since I bought my stock (7/19/96),
        SGA has underperformed most other radio broadcasting
        stocks. If one were to apply the 1998E BCF multiple of
        13.5x paid for Triathlon Broadcasting to SGA, you'd get
        a value in excess of $22 for SGA. That's a premium
        of over 35% from today's stock price. The annualized
        rate of return on my investment has been 15.6% during
        the period I've held the stock. Respectable, no no
        barn burner in the bull market we've had for radio
        stocks in the past two years. That was my
        point.

        Thanks again for sharing you thoughts with us.

      • While I don't know anyone at Saga personally,

        it's nice to see a radio company run by
        broadcasters.

        The notion that there will only be three
        mega-broadcasters
        covering all markets everywhere is actually kinda
        frightening.

        -Mike

 
SGA
43.97+2.2100(+5.29%)Dec 26 4:01 PMEST

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