Here is my chicken scratch after going through the 10q.
I have 12.5M lila class A, 0.5M class B and 30M class C shares. I have no idea what the share price of C shares is, the A is $42 and the B is $43 so roughly $1.8B mcap right there which is much higher than yahoo finance. Still it's a new stock with a complicated structure so can anyone confirm the market cap?
Adjusted OIBDA % is around 41% while closer to 50% in Europe. Not sure if that same ratio is possible here but given that it was at 39% last year likely they are not done yet. OIBDA was $125m and $238m for last quarter and last 6 months.
I have $145M in debt payments, $220M in capex & $35m for derivatives in 2016. So if OIBDA comes in at $500m, that is about $100m in FCF? Maybe I am missing something else..
The 7.5% growth rate is organic (which is good) but net growth was only around 2%. Not an issue by any means as margins are improving but just for clarity.
They attribute only $1.3M of share compensation expense to LILAC, $55M to global. I think the rest of management expense would show under SG&A.
Regarding the debt they hold the Chilean debt local I think but have an currency thing (collar?) to compensate them if currency moves against them. Chile is a pretty stable country too, I don't see hyper inflation as a risk. Puerto Rico uses USD from my understanding, the debt is in USD there.
There is more but I don't feel like typing. Honestly it looks attractive to me right now but then I am fairly easily sold when Malone is involved. I will need to think about it for a week or so. Interested to see other's opinions. In particular I wonder what other's think of the valuation.
Does anyone know Malone's stake in the company?