Hi VDL, I agree that Sunrise is not particularly interesting. I own some Liberty stocks and I sold Sunrise shortly after the spin-off.
Be careful with 2024 FCF guidance slide. It's a bit misleading - distributions from JVs (850mln and 300mln) should be divided in half. I don't know why, but they showed full amounts distributed by these companies, even though they get only 50% of them.
Hi VDL, I agree that Sunrise is not particularly interesting. I own some Liberty stocks and I sold Sunrise shortly after the spin-off.
Be careful with 2024 FCF guidance slide. It's a bit misleading - distributions from JVs (850mln and 300mln) should be divided in half. I don't know why, but they showed full amounts distributed by these companies, even though they get only 50% of them.
Thanks for the heads up. I was trying to avoid valuing RemainCo with JV dividends but it makes the carrying value look a bit more stretched. Hmm…
I would include these dividends, too substantial cash flows to ignore...