$Y $Y.CA $Y.CN Canso notes
the stock is currently $11-$12. the whole thing is trading at 2x ebitda
at a 10 percent distribution yield all the retail world is owning them at 10x ebitda
if you take the digital part of the business out there's a similar business without the legacy print in the united states without the dominant market position and salesforce trading at 30x ebitda
our numbers even with very accelerated decline in print suggest that the debt will be repaid within 2-3 years.
http://lysanderfunds.com/2010/wp-content/uploads/2013/07/Conference-Call-2.mp3
http://lysanderfunds.com/2010/wp-content/uploads/2013/07/Lysander-conference-call-July-18-2013.pdf
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Glen's Musings — AI, investing, and building things. Occasional. Free.
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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