$ETL $SSNLF 005380:Korea 066570:KS

me:  you make it back to the other side of the world?

 Sent at 4:49 PM on Saturday

 Will:  i'm in la right now

flying out at midnight

 Sent at 4:52 PM on Saturday

 Will:  damn, just saw mni

 me:  yeah

i am not pleased.

 Will:  me neither

 me:  the plan was to take more of that after yellow media ramps up

i really like mni

from a long term perspective

anyway

now that i'm unemployed i'm spending like half my time looking at stocks and half my time looking for some sort of job thing

there's actually a lot of value out there on my radar now

like 10 companies trading with 50% upside

 Will:  yeah it's not bad

i just did this portfolios with purpose thing

pick 5 companies over $1B market cap for the year

 me:  what was your average ev/ebitda?

entering stock contests like that is a great way to get noticed

honestly, you and i would be a lot better off with a little more fanfare.

 Sent at 5:00 PM on Saturday

 Will:  yeah even at that level it wasn't too hard to find 50-100% upside

but i picked one a-share, and one korean stock, which are impossible to buy

 me:  lol

good job

 Will:  so the valuation...

 me:  yes

haha

winn

 Will:  chinese liquor stocks are crazy cheap, 6x P/E with cash on the balance sheet

one has maintained a 70% payout since 2006

 me:  wow

 Will:  never issued another share

grew the business by 10x

impossible to buy unless you have $300m under management

 me:  why?

 Will:  limited amount of shares available to qualified foreign institutions, and they only offer it to big clients

the ibanks

 me:  oh damn

 Will:  in korea, preferred shares are basically the same as common shares, except they don't have voting rights

but they trade at 30-70% discounts to the commons

samsung, hyundai, lg all have preferreds

trading at 4-5x P/E

Eutelsat is pretty cheap for a satellite operator $ETL

 me:  wow

 Will:  they are issuing new debt at 3%

7.5x EV/EBITDA, peers trade above 10x, 3x leverage

50% upside

5% yield, growing, utilization rate has a lot of room to increase

i gotta roll

baron davis is in the office?

 Sent at 5:10 PM on Saturday