...in 6-7 years, based on my expected level of free cash flows, and anticipated growth in revenues (and EBITDA), over that time frame.
Historically, Wall Street has LOVED the cash flow of media companies like this. Are the business models for radio stocks really that much more "compromised" than they were 5 years ago, when a CMLS was selling at $15? A WHOLE lot of costs have been taken out...PERMANENTLY. Earnings will be back to record levels, within a couple years, imho.
Street continues to miss the boat here. HUGE rewards coming in CMLS and ROIAK, in particular. ETM, as well. And probably most others, as well (which I don't follow that closely, except SALM).
I CAN'T BELIEVE THE DICKEYS DON'T STEP IN AND TRY TO TAKE THIS PRIVATE AT $4.50-5.00! If the EMMS deal goes through, at $2.40, it will become QUITE CLEAR at that point what the guys that have been running the show for many years, in these closely held radio companies, think about the future. MOST STOCKS HAVE LOST 50% OF THEIR VALUE, BUT IT LOOKS LIKE SMULYAN STILL INTENDS TO GO THROUGH WITH BUYING OUT EMMS at the "pre-industry crash" price. That will say wonders about how "smart" Wall Street has been in selling off these stocks (I am convinced, not very smart).
Dude, Cumulus just closed two more stations in Louisville. The Dickey's don't want to take it private because the losses then become theirs instead of yours. They paid hundreds of millions of dollars for these stations and they can't give them away now.