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Liberty Interactive Corporation Message Board

  • ezalldee ezalldee Sep 5, 2012 10:35 AM Flag

    Increasing Target Price on Expectations of a Strong Share Buyback

    Increasing Target Price on Expectations of a Strong Share Buyback
    We are updating our target price and valuation on Liberty Interactive. Our new target price of $21.00 (from $19.00) reflects
    stronger expectations of share repurchases in 2H12 and 2013. Our new 2012 and 2013 EPS estimates reflect half of FCF
    being used for share buybacks, in-line if not conservative given Liberty's historical penchant for buybacks. We believe that
    while EBITDA growth over the next year will be sluggish given the recent domestic and international trends posted in the
    most recent quarter, EPS growth will likely be far stronger reflecting a buyback of some 38mn shares by the end of 2013.
    What's New: We are updating our estimates and valuation on Liberty Interactive.
    Our new estimates incorporate a strong share buyback starting in 2H12 with all of
    the split-off related blackout periods now behind us.
    New Estimates: While our EBITDA estimates are largely unchanged, our EPS and
    FCF/share estimates are increased as we believe that the company will convert
    likely half of their FCF towards share repurchases. With capex in 2013 coming
    down from elevated levels in 2012, even with flattish EBITDA, share repurchases
    provide strong valuation support and hence our target price change.
    New Target: We are raising our target price from $19.00 to $21.00 on a strong
    share repurchase expectation. We remain Buy rated.

28.87-0.06(-0.21%)Sep 18 4:00 PMEDT

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