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Liberty Interactive Corporation Message Board

  • julep1027 julep1027 Jun 17, 2006 5:58 PM Flag


    Isn't the current market cap of LINTA approximately equal to a conservative valuation for QVC? If so it seems to me that this is an interesting way to purchase a position in both IACI and Expedia.

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    • that you Malone....Liberty Media Corporation to Join the NASDAQ-100 Index Beginning October 24, 2006


      6:32 p.m. 10/17/2006

      NEW YORK, Oct 17, 2006 (PrimeZone Media Network via COMTEX) -- Liberty Media Corporation's Liberty Interactive Series A common stock (LINTA) of Englewood, Colorado, will become a component of the NASDAQ-100 Index(r) (NDX) and the NASDAQ-100 Equal Weighted Indexprior to market open on Tuesday, October 24, 2006. Liberty Interactive will replace ATI Technologies Inc. (ATYT) . Liberty Interactive will also be included in the NASDAQ-100 Index Tracking Stock(sm) (QQQQ) .

      Liberty Media Corporation is a holding company that owns interests in a broad range of electronic retailing, media, communications and entertainment businesses. Those interests are attributed to two tracking stock groups: the Liberty Interactive group, which includes Liberty's interests in QVC, Provide Commerce, IAC/InterActiveCorp and Expedia, and the Liberty Capital group, which includes all of Liberty's assets that are not attributed to the Liberty Interactive group, including Liberty's interests in Starz Entertainment Group and News Corporation. The company's Liberty Interactive Series A common stock has a market capitalization of approximately $13.6 billion.

      The NASDAQ-100 Index, launched in January 1985, is one of the most widely followed benchmarks in the world. The NASDAQ-100 Index Tracking Stock represents ownership in the NASDAQ-100 Trust. The Trust holds a portfolio of equity securities that compose the NASDAQ-100 Index and aims to provide investment results that generally correspond with the performance of the Index.

      NASDAQ is the largest U.S. electronic stock market. With approximately 3,200 companies, it lists more companies and, on average, trades more shares per day than any other U.S. market. It is home to companies that are leaders across all areas of business including technology, retail, communications, financial services, transportation, media and biotechnology. NASDAQ is the primary market for trading NASDAQ-listed stocks. For more information about NASDAQ, visit the NASDAQ Web site at or the NASDAQ Newsroom at .

      The Trustee for the NASDAQ-100 Trust is required to adjust the composition of the Trust within three business days of the effective date of a change to the composition of the NASDAQ-100 Index.

      The NASDAQ-100 Index Tracking Stock is subject to risks similar to those of stocks, including those regarding short selling and margin account maintenance. An investor cannot invest directly in the Index. Index performance does not reflect the fees and expenses associated with investing in the NASDAQ-100 Index Tracking Stock.

      An investor should carefully consider investment objectives, risks charges and expenses before investing. For this and more complete information about NASDAQ-100 Index Tracking Stock(sm), a unit investment trust, obtain a prospectus from your broker, or call (888) 627-3837 or visit our Web site at . Read it carefully before you invest.

      While there is no assurance that the performance of the NASDAQ-100 Index can be fully matched, the NASDAQ-100 Index Tracking Stock is designed to provide investment results that generally correspond to the performance of the NASDAQ-100 Index before fees, expenses, and taxes. Past performance is not indicative of future performance.

    • asterix,

      Yeah, this is the classic Buffett undervalued oversold stock...

      Here is line from Citigroup's Dec 05 analysis of L...they had the Comcast purchase at 11.4x EBITDA:

      "QVC: We value QVC at 11x 2007E EBITDA of $1.7 Billion. When QVC acquired
      Comcast�s 56.5% stake in QVC for $7.9 Billion, it valued QVC at 11.4x forward EBITDA
      multiple. We do not think QVC deserves a lower multiple since the 2003 sale, since its
      growth rate has remained intact in high double digits. As such, an 11x multiple is in line with the purchase price, albeit on higher levels of EBITDA."

      Happy Hunting!


    • --------------------------------------------------------------------------------
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      Market Scan
      Wall Street Underestimating News Corp.
      R.M. Schneiderman, 06.22.06, 11:57 AM ET

      News Corp.

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      Wall Street is currently overlooking News Corporation�s earnings potential, according to a recent report by Banc of America Securities.

      �We believe there are a number of important earnings growth drivers, which are being underestimated or overlooked by the Street,� wrote analyst Douglas Shapiro, the author of the report.

      �Not only does that give it the most attractive price-to-earnings growth in the sector, but we think the growing visibility of earnings growth and the growing ease of valuing the company will continue to push it higher.�

      The analyst rated News Corp. (nyse: NWS - news - people ) as a top pick among media conglomerates.

      While investors may worry that the company�s film division will not produce at past levels, Shapiro wrote that the releases of Ice Age 2 and X-Men 3 could �generate close to $700 million in operating income.�

      With over $500 million of the analyst�s estimate to be realized in 2007, the two movies could comprise nearly half of Banc of America�s 2007 operating income estimate, factoring in home video and other revenue streams, the analyst wrote.

      And while Shapiro lowered his earnings per share estimate for News Corporation for 2007 to $1.11 from $1.16, this reflects a change in accounting that has no effect on cash flow, nor is it a change in operating income estimates.

      The Wall Street consensus estimates 2007 earnings per share at $1.02.

      In the report, Banc of America estimated that the News Corporation could post a 2008 earning�s per share 30 to 50 percent above the consensus estimate of $1.17.

      They also increased the stock�s target price to $24 from $22.

      This is in part is due to his belief that Fox Broadcast Corporation could beat the consensus in top-line growth next year, Shapiro wrote.

      �With costs at the network expected to be about flat, that could enable it to post better-than-expected operating income, swinging to positive for the first time,� he wrote. �The swing could exceed $100 million.�

    • Why the discount? It was valued 17.1 X's EBITDA in 2003 when Liberty bought balance from Comcast. It has 'declined' in value since...makes no sense as top line and EBITDA have both met or exceeded expectations since. Is there any etailer out there generating $1.1B FCF?

    • rior,

      I believe they are both (LCAPA and LINTA) excellent value plays.

      The street is valuing LINTA at 7x EBITDA, a crime considering Amazon's is almost triple this, with much less chance of growth, international or otherwise.
      If QVC were AMZN, LINTA's SP would be $50-60...and that's w/o their 20% of EXPE and IAC!
      No Rior, I consider LINTA a slightly better value play than LCAPA, but they both will do well. If Malone chose not to merge QVC with IAC in several years, QVC would be an excellent candidate to go as a private spinoff.


    • LCAPA is the real value play. Braves deal and
      News deal will propel this stock past 95 bucks.
      Linta will take many quarters too show
      any appreciation.
      I am holding both...but tripled my lcapa

    • Paulm,

      Athens, Ga, home of the UGA bulldogs...go dawgs! And home to REM and the B-52's among others...


    • going to guess you are an alpharetta settler-how can anyone from manasquan, nj. know anything, anyway-what the hey, thanks for initiating discussion.....

    • The L discount is alive and well in their offspring. Once QVC results start to take effect, and hopefully they do not start to slip, I think it's true value should be realized.
      With a 7 year old daughter who is a Met fan (I'm a Yankee fan), the Braves in last place is a beautiful thing. From a LCAPA standpoint, I agree they can do better. Unless it is the Yankees, RedSox or Cubs who can make money even if they're in last place, I can't see any benefit owning a baseball team.

    • 10-4 paulm. Agree with bopa, think that LINTA is vastly undervalued. LINTA is a $21 bill company selling for $12 bill...worth $30/share. Malone, Maffei and Diller know this and will do whatever is necessary to see it happen. I do not know the Morris Trust rules, so a merger may have to wait a year or two. What is your opinion about QVC and HSN? Merger, or spinoff?

      Also agree with bopa about the Braves. Living only 1 hour from Turner Field, I was initially excited. Now, with Malone's new found voting ability, I think that he can get a better operating asset than the Braves, who, by the way, are having a miserable year.


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