Troy Marchand
Value, special situations, growth at reasonable price, event-driven

A Former SPAC Ready To Soar: Global Eagle Still Has Upside Potential

Global Eagle Entertainment

Buy- ENT

Price Target: $22

Investment Snapshot

(in millions, except per share amounts)

Market Data:

Ticker

ENT

Consensus Multiples:

Price (Feb-10-2014)

$15.68

2014 EV/EBITDA

20x

Diluted S/O

60

2015 EV/EBITDA

12.4x

Avg Volume ($MM)

$3.01

Short Interest %

29.00%

2014 EV/Sales

3.09x

2015 EV/Sales

2.65x

Capitalization:

Market Cap

1030

Major Shareholders:

Enterprise Value

943

PAR Capital

54.95%

Putnam Investments

11.85%

Total Cash

97.917

Quadrangle Group

10.78%

Less: Debt

10.254

Insiders

8.66%

Net Cash

87.663

Abrams Capital

5.69%

Price Target: $22

Business Description:

Global Eagle Entertainment Inc. provides in-flight video content, e-commerce, and information services for airlines worldwide. The company offers satellite-based broadband services, including Internet access, live television, shopping, and flight and destination information for airline passengers....

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