Clear Channel Outdoor: European Business Sale Might Lead To A Substantial Upside [Seeking Alpha]
Ares Management Corporation Class A (ARES)
Last ares management corporation class a earnings: 2/13 06:00 am
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Source: Seeking Alpha
peetervThis is another fresh activist campaign that has popped onto my radar recently. I think the pressure from an activist investor here has the potential to catalyze the sale of a lower-margin segment and help the remainCo re-rate to asignificantly higher multiple. There is also the possibility of an outright company sale. The situation potentially offers significant upside if things pan out at least partially in line with the activist's expectations.Clear Channel Outdoor (NYSE:CCOhas recently come outthe company should accelerate the ongoing sale process of the lower-margin European segment. The move is expected to have a two-fold positive impact on the company:Legion Partners has also suggested other potential strategic moves, including the sale of certain US assets, disposal of the Latin American business and an outright company sale. The activist's 2024E SOTP valuation suggests a price target of $3.57, implying a 170%+ upside (see chart below). My cross-checking of the activist
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News
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ARES
Earnings
- 2/8/24 - Miss
ARES
Sec Filings
- 4/19/24 - Form 4
- 4/19/24 - Form ARS
- 4/19/24 - Form DEFA14A
- ARES's page on the SEC website