Matthew Dow
Small-cap, value, long only, growth at reasonable price

EarthLink: Could Be Some Value, But For Now The Company Deserves To Be Cheap

EarthLink (NASDAQ:ELNK) is a company that most people will recognize from its days as a dial-up internet king. You may be surprised to learn that yes, in fact dial-up does STILL exist, albeit in a small way. It is true that this legacy business is declining steadily over-time, but it still generates noteworthy cash flow for the company. Due to the overall declines in revenue and profits, the market has sold down the stock in recent years and it now trades at only 5x EV/EBITDA. The stock has been more or less dead money in 2013, and has not participated in the big stock market run-up, which makes it interesting to examine and see if 2014 could be...

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