Johannes Salim, CFA
CFA, long/short equity, hedge fund manager

New York Times Company: Growth Path Still Unclear

Past week, I have looked at out-of-favor sectors, starting with a newspaper sector. The hope is to find an undervalued/overlooked stock due to constant negative news-flow of a secular shift from print to digital media. The first company in the sector I take a close look at is New York Times Company (NYSE:NYT), which is one of the strongest newspaper brands we know. Without further ado, let's dive into my finding on New York Times Company, followed by its subsequent intrinsic value/DCF valuation.

New direction: A single brand

Given secular headwinds (a shift from print to digital media on advertising/audience share), New York Times Company has adopted a new growth strategy to ride out the storm. With CEO...

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