Investing 501
Long only, value, special situations, deep value

A. H. Belo: Valuation Has Increased, But So Have The Opportunities And Risk

Almost a year ago, we initially analyzed A. H. Belo (NYSE:AHC) in this article and asked the question, "Hidden value or value trap?" Our conclusion was that "With a current enterprise value of about $80 million and hidden assets with values approaching $100 million, it appears as though investors are getting the newspaper business for free." Since our report, the company's enterprise value has increased to about $115 million. The company sold buildings and other assets and The Press-Enterprise for a total of $56 million. The cash balance has increased from $34 million to $82 million. The company currently has approximately $30-$40 million worth of property for sale (mostly in Dallas) and is marketing The Providence...

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