Quick Value #269 - Microcap Idea

Net cash at 63% of market cap, 3x EV/FCF, cost initiatives adding to FCF, 16% buyback in motion

Today’s post:

• Microcap internet media business, former 2016 spin-off

• Net cash balance sheet at 63% of market cap

• Shares trading at 3x EV/FCF, 8x P/FCF

• Cost saving initiatives = 50% FCF

For every $1 in this business, you get 63c net cash, 13c FCF, 13c from expected cost saving initiatives, and a 16% buyback authorization. Hmm…

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