my notes $SPMD $DEXO $YLO non crisis pricing
yellow pages non-crisis pricing. tldr; EV/EBITDA should at least be 3.5x
december 2009 spmd 856 EBITDA 2600 net debt $40/share 15.67M shares EV/EBITDA = 3.76 debt/ebitda = 3.0
Dexo 2009 ebitda 1151 net debt $2888 $30/share 50.81M shares EV/EBITDA = 3.83 debt/ebitda = 2.5
yellow media december 2010 price $6 shares outstanding 516M net debt $2152 EBITDA 898.8M EV/EBITDA = 5.83 debt/ebitda = 2.39
debt/ebitda for spmd/dexo merger is 3.0x. implies non-crisis market value should be 0.5x ebitda, but also that the debt shouldn't be trading at a discount anymore.
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Glen Bradford
Investor · Builder · Writer
MBA from Purdue. Former hedge fund manager. Holds 26 series of Fannie Mae and Freddie Mac junior preferred stock. Built Cloud Nimbus for Salesforce consulting. Author of Act As If. Writes about investing, building things, and the longest financial fraud in American history.
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