Saj Karsan
Long only, deep value, contrarian

Torstar Even Cheaper After Sale Of Harlequin

(Editor's Note: Investors should be mindful of the risks in transacting in illiquid securities such as TORSF. Torstar's Toronto Stock Exchange listing TS-B.TO offers better liquidity.)

Eight months ago, I wrote about Torstar (OTC:OTC:OTC:TORSF) as a potential value investment. While the stock is up 30% since then, I believe the company is even cheaper now than it was then. The reason: the recently announced sale of the company's Harlequin business for $455 million.

This sale is great news for shareholders, much more so than what is reflected in the stock price, in my opinion. First, the multiple at which the company was able to make this sale is far in excess of the multiple at which the...

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