Stone Fox Capital
Long/short equity, growth at reasonable price, research analyst, deep value

TiVo: Heading Into A Cloud Of Profits

Once in a while an interesting stock comes across our desk that is making a turnaround, yet the market doesn't appear to appreciate the new dynamics. In this case, TiVo (NASDAQ:TIVO) once led the digital video recorder (DVR) revolution to only be replaced by other copy cat products. Ironically, those products originally crushed the company, but now several patent wins have lined the coffers with around $1 billion of cash for a stock only worth $1.65 billion.

The company offers the TiVo service and DVRs directly to consumers and third-party retailers or distributes its technology and services through solutions tailored for cable, satellite, and broadcasting companies.

The recent acquisition of a cloud-based content discovery service sets the company...

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