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Monte Sol Capital

 
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  • Glentel Part 6: Normalized Earnings, Valuation, M&A And Risks
    Aug. 19, 2014 GLNIF 20 Comments

    Summary

    • GLNIF's normalized earnings are approximately $2.00 per share.
    • Based on 2016 estimates, GLNIF trades for 6x cash earnings and 3x EV/EBITDA.
    • Cheap M&A provides opportunities for further value creation over time.
  • Glentel Part 5: Australia
    Aug. 19, 2014 GLNIF Comment!

    Summary

    • Allphones working towards regaining break-even after losing Optus as a customer.
    • Outside chance Optus returns as customer if subscriber growth remains lackluster.
    • Joint venture in the Phillipines could contribute profits in the coming years and is a beachhead for growth in Asia.
  • Glentel Part 4: The Canadian Wireless Code Of Conduct
    Aug. 19, 2014 GLNIF Comment!

    Summary

    • Shortened Canadian wireless contract directions negatively impacted GLNIF's sales by -15% starting in mid-2013.
    • This effect has been amplified by poor performance at new Target stores.
    • When Canadian phone upgrade patterns return to normal, GLNIF should see $0.25-0.40 of EPS growth, though this may occur over a period as long as three years.
  • Glentel Part 3: How The Businesses Work
    Aug. 19, 2014 GLNIF Comment!

    Summary

    • Discussion of the Canadian businesses.
    • Discussion of the U.S. businesses.
    • Discussion of the other businesses.
  • Glentel Part 2: The Problems Facing The Company Today
    Aug. 19, 2014 GLNIF Comment!

    Summary

    • The Canadian Wireless 'Code of Conduct'.
    • Target Stores.
    • Lost Business in Australia.
  • Glentel Part 1: Introduction
    Aug. 18, 2014 GLNIF Comment!

    Summary

    • Well-run company, operating an above-average business, currently trading for 8x depressed cash earnings, and paying a 5% dividend.
    • Glentel's cash earnings are likely to grow ~50% over the next three years.
    • Peer M&A multiple would value Glentel at $15-20 per share today, and $25-30 based on 2016 earnings.
  • Autoinfo: A Growing Truck Freight Broker Not Priced Like One
    Editors' Pick • Dec. 6, 2012 AUTO 19 Comments
  • GTLT: See What Insiders See - A Growing Company For 5x Cash Earnings
    Editors' Pick • Nov. 27, 2012 GTT 21 Comments
  • IEC Electronics: A Misunderstood Company At A Fraction Of Private Market Value
    Sep. 19, 2012 IEC 11 Comments