I just started looking at Quebecor and it looks pretty cheap. EBITDA multiple of 4.3x versus 8 - 9x for other integrated media/cable firms. If I do a sum of the parts EBITDA multiple I come up with 7.8x. It is cheaper than Rogers, Telus and Shaw. I am surprised given its size that it is priced the way it is. Given the large Canadian group of investors, am I missing something?
Packer