Mike Arnold
Long only, small-cap, tech, growth at reasonable price

Prisa: Significant Catalysts Ahead

Authors Note: This is a complex, event-driven, special situation investment. Investors are advised to do their own due diligence.

Executive Summary:

    Significant asset sales and a looming debt restructuring could cause shares of embattled Spanish media conglomerate Promotora de Informaciones [(NYSE:PRIS) (NYSE:PRIS.B)]("Prisa" or "the company") to appreciate. A cleaner balance sheet and a set of higher-margin, less capital-intensive businesses levered to Latin America should allow Prisa to grow profitably. Reducing complexity in Prisa's capital structure could allow for more investor clarity. The focus of this article are Prisa's B shares, which have certain dividend, conversion and liquidation preferences to the A shares. The B shares trade at a 22% premium ($2.12) to the A shares ($1.73) ...
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