Published: November 25, 2019
With Disney and Apple entering the arena, we reviewed some of the ideas posited by SumZero contributors to examine how these two giants are shaping the competition for subscription-based video and how companies like Apple and Netflix – the 6th and 7th most-searched for companies on SumZero – are ...
Published: January 24, 2018
The SumZero Top Stocks for 2018 PDF has arrived. This PDF contains 15 actionable research ideas from the SumZero community of over 15,000 buyside fund professionals. Selections were determined by a panel of over 40 senior fund professionals and asset allocators.
The Top Stocks report is design...
Published: October 23, 2016
After the 2013 documentary Blackfish revealed many troubling animal rights issues with SeaWorld’s iconic Orca Show, SeaWorld stock (SEAS:US) has tanked. Residual consumer distaste for the brand has remained strong...overly strong according to Marina Sitsiuhina, a former analyst at GE Capital and ...
Published: May 08, 2015
Investor in FOX can expect at least annual returns in the high teens through the end of the decade. The $80 price target present an estimated fair value of the shares 5 years from now. The returns is driven by at least a mid-teen net income growth combined with the return of excess cash to shareh...
We don’t remember many newspaper executives in the mid‐‘90s insisting their businesses were about to crater. We suspect that several hundred years ago, scribes thought the demand for handwritten books would continue to last indefinitely and that the whole printing press thing wasn’t really a thre...
Fantex essentially offers investors tracking stocks in the income earned by athletes and entertainers. The company plans to add to their asset roster in the near future (Bills quarterback EJ Manuel and Texans running back Arian Foster are scheduled to be next). Considering the true scale of incom...
Published: April 07, 2014
These rapidly increasing costs are primarily due to the licensing fees required to maintain Netflix's expansive streaming content library. Netflix is in constant content-bidding wars with a number of other big name companies such as Amazon (AMZN), Apple (AAPL), Google (GOOG), and Outerwall (OUTR)...
Published: March 19, 2014
AOL is a deceptively cheap asset which is at an inflection point in all three businesses. The street believes EBITDA growth will be half of last year and misses key value catalysts. I believe the company will emerge in the next six months as a growth asset with a stable legacy business with signi...
Published: July 18, 2013
If CBS continues to take $1billion of its estimated 2billion in fcf generated each year to continue its accelerated share repurchase. To be conservative if I assume CBS uses half of the proceeds from the sale of the Outdoor business to repurchase shares. Assuming that shares are repurchased at $5...
Published: February 15, 2013
The shares have done well, but lagged some other major media and entertainment stocks over the past six months as the company endured a period of slow earnings growth. I believe the current quarter will flip the earnings trajectory and the stock will move higher with earnings and modest multiple ...
Published: January 24, 2013
Given the major headline risk that everyone is focused on, I really believe that the chances are high for some good unexpected surprises: a couple of new hit shows, a new streaming deal or partnership that will significantly accrue down to bottom line, or perhaps an acquisition offer.
Published: December 18, 2012
The dramatic and accelerating evolution of technology is, however, quickly turning the prospects of investing in a historically great business into something more akin to sleeping on top of a ticking time bomb. You don’t know when it’s going to go off, but sooner or later, it will. Owners of thes...
Published: December 13, 2012
We estimated that this current year (FYE June 2013) net additions will be approximately 50k and will turn negative from next year. There are 2 main reasons for this. First of all, we think the UK DTH market is very mature and near saturation. The second, and more important, reason is that competi...
Published: October 11, 2012
CCL is setting up to outperform. After the tragic Costa incident and as fuel cost pressures abate, CCL will deliver both growth in EPS and FCF into 2013. The company took FCF guidance from flat to $450mm in 2012 and we expect to see almost $2B in 2013. CCL has left significant room to do $2.00 in...
Published: September 28, 2012
No industrial logic supports the continuation of CRWN as an independent company (or, technically, an affiliate of Hallmark Cards, Inc.). A sale of the Company to a larger cable programmer would result in immediate and significant cost savings as well as future revenue enhancements, value that sho...
Published: August 16, 2012
What makes DreamWorks unique is its ability to increase its earnings power by leveraging its growing library. Every year that passes will mean that DreamWorks’ library of content will grow by 2-3 movies. And every year that passes will mean the margins generated from that revenue will increase as...
Published: June 19, 2012
CBS has yet to license content for current running shows on CBS or Showtime (i.e., its most valuable content!). Translation: they are signing $100mm+ deals for content that is 20, 30, 40 years old in some cases. The stuff that is really valuable is the current show lineup, which could produce a t...