Ben Homan
Long/short equity, value, special situations, contrarian

CTC Media - Textbook Contrarian Play

Intro and Background

CTC Media (NASDAQ:CTCM) is a Russian media company, that has understandably been beaten down due to the ongoing crisis in Ukraine. CTC is headquartered in Moscow and is the largest 'independent' broadcasting company in Russia. They own and operate 3 television stations in Russia (CTC, Domashny, Peretz) as well as one in Kazakhstan (Channel 31). For additional background, visit their "About Us".

Because of the company's growth and cost cutting measures making a significant difference, CTCM enjoyed a run-up of over 71% in 2013. However, due to the events in Ukraine as well as slowing growth causing a rash of downgrades, the stock has slid roughly 36% year to date. I believe...

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