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47	member 7/06/17 10:04AM Just when you give up on consolidation....
Malone is a tricky one. One thing that came up on the call was that HSNI pays close to 10% of revenue in the US for carriage on a fixed basis and it is closer to... login to read the rest 1 view available tags
40	member 8/17/15 2:14PM Re: zulily 38
Yeah - I agree completely with bailey's points on strategic fit and rationale. Financially, the deal screens expensive, particularly on EBITDA (which I calculate at 23x next year's estimate) - and compares negatively against repurchasing QVC... login to read the rest 1 view available tags
38	member 8/17/15 11:00AM zulily 37
I know the question was for Clark but OP here...I haven't thought through all of this yet but my initial reaction is positive. While the valuation seems full, I am probably in the minority here... login to read the rest 3 view available tags
33	member 10/16/14 12:14AM RE: RE: RE: TTM closer to 11x, forward 9.5x 32
Liberty Ventures appear to be the CHEAPEST of them all at this moment. view available tags
32	member 10/15/14 5:14PM RE: RE: TTM closer to 11x, forward 9.5x 31
True - they used the revovler to make the payment to Ventures ($970m), but my understanding is that will be reduced in large part by the $703m in cash on hand at 2Q'14, which given... login to read the rest view available tags
31	member 10/15/14 4:45PM RE: TTM closer to 11x, forward 9.5x 30
Quick question, shouldn't cash interest go up due the $970MM revolver draw? If so, that would add somewhere around ~$25MM - $30MM in cash interest expense view available tags
29	member 10/15/14 2:35PM RE: TTM 14x FCF? 28
Typo: Levered FCF:38%. FCF # is still correct at $700 view available tags
27	member 10/15/14 1:31PM RE: RE: Why is this down? 26
Right - ex the LVNTA distribution it is down 84c or 375bps (not 15%) - i'm going to take a shot in the dark on why it is down today and say... ebola. view available tags
15	member 10/08/14 12:00AM RE: baileyb 14
Clearly this was a better deal for LINTA shareholders than LVNTA ones. It's nice to be on the right side of Liberty self-dealing, I have bern on the wrong side of if before. It's always... login to read the rest view available tags
14	member 10/06/14 4:33PM baileyb 13
baileyb - there is some chatter on the LVNTA thread, and I would be curious to hear your latest thoughts on LINTA/QVC ty view available tags
13	member 5/22/14 12:34PM QVC Investor Day
QVC held an investor day last Thursday, and it was one of the most impressive operations I have ever visited. I have a new appreciation for the complexity of what they pull off 364 days/year... login to read the rest view available tags
11	member 2/20/14 3:07PM RE: FCF 10
2014 QVC FCF 1950 adjusted OIBDA -34 corporate expense -58 Mitsui payments +14 HSNI dividend -200 capex -284 internest -393 taxes (38% rate) = 995 free cash flow 482 mm shares outstanding (versus 522 3Q13) - reflects approx. $1.25 bn in buybacks over 5 quarters view available tags
7	member 1/06/14 2:52PM RE: Great Write Up - Best Idea for 2014 4
Thanks Clark! view available tags
6	member 1/06/14 2:50PM RE: RE: I like, but... 2
Agree with everything nychrg said about how this could play out. I was an investor once upon a time in the old PRVD and I also have owned UNTD before. There are no anti-trust issues (as... login to read the rest view available tags
5	member 1/06/14 2:40PM RE: I like, but... 1
I am not actually looking for QVC to completely close the gap to HSNI in my base valuation case...I still have it at a cash flow yield discount of a full point to HSNI. I... login to read the rest view available tags
4	member 1/01/14 10:32PM Great Write Up - Best Idea for 2014
I was on the verge of writing LINTA up for VIC when I saw this. Great write up - thanks for posting it. With the LDCA split coming in 1H and the pending name change... login to read the rest view available tags
3	member 12/25/13 8:39PM FTD/Proflowers
I don't believe there would be any anti-trust issues, but from my conversation with FTD's management team, it appears they are not interested in ProFlower's target market. I personally think it could make sense depending view available tags
2	member 12/25/13 5:22PM RE: I like, but... 1
cnmd3d, We like LINTA for the same reasons. What's good about LINTA is that either way you win. If the market looks through the complex corporate structure in the short run the IRR / total return... login to read the rest view available tags

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			2018	2019
Price:	38.04	EPS	3.06	3.59
Shares Out. (in M):	53	P/E	12.4	10.6
Market Cap (in $M):	2,016	P/FCF	10	10
Net Debt (in $M):	1,891	EBIT	325	336
TEV (in $M):	3,908	TEV/EBIT	12.0	11.6
Borrow Cost:	General Collateral

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