New Media Might Be Just Too Cheap After Puzzling Post-Acquisition Sell-Off [Seeking Alpha]
NEW MEDIA INVESTMENT GROUP (NEWM)
Last new media investment group earnings: 10/26 06:50 am
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US:NYSE Investor Relations:
newmediainv.com
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Source: Seeking Alpha
New Media Might Be Just Too Cheap After Puzzling Post-Acquisition Sell-Off Summary New Media shares have seen an odd, and sharp, sell-off after its agreement to acquire Gannett was made official. The company's financial targets suggest substantial upside from current levels. But the risks in a leveraged buyout of a declining business are obvious - and those targets already look too aggressive. As a long-time NEWM bear, it's tough to turn too bullish too quickly - but fresher eyes might see an opportunity here. I've been a bear on New Media Investment Group ( There perhaps is a way that strategy can work - if management focuses on free cash flow and on returning that cash flow to shareholders as soon as possible. New Media instead has continued to make acquisitions, with its hefty dividend funded not by that cash flow, but rather a steady stream of equity offerings. Those offerings have meant that NEWM's dividend yield - which was 14% just a few sessions ago - actually came from forced
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