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  • Can YuMe Shareholders Benefit From Consolidation In The Ad Tech Industry? [View article]
    What I think a lot of investors are missing on YUME is that its core domestic business is generating well north of $20M in EBITDA. I agree that M&A is the highest value creator in this situation. All these companies sell to the same customer (AdAge 100) and the synergies in Sales & Marketing spend alone is massive.
    Apr 13, 2015. 11:26 AM | 1 Like Like |Link to Comment
  • Rosetta Stone Update: Poor Q4 Results, Even Worse Guidance [View article]
    Help me understand your assertions. You state that you believe the E&E business is worth 1x Revenues. That comes to about $90M. Add $64M in cash and you have $7.00/share. The Consumer business is essentially free. What am I missing here?
    Mar 19, 2015. 03:07 PM | 1 Like Like |Link to Comment
  • YuMe: Late, But Not Lost [View article]
    YUME generates somewhere around $18M EBITDA in the U.S. alone and that number should continue to grow high teens for the foreseeable future. The stock is stupid cheap and an activist is now among the top shareholders. Let's see what happens.
    Jan 28, 2015. 04:01 PM | Likes Like |Link to Comment
  • Update: Jive Software Q3 '14 Earnings [View article]
    Sometimes taking a bad jockey off a decent horse will let the horse finish the race... We'll see.
    Dec 24, 2014. 12:41 PM | Likes Like |Link to Comment
  • Update: Jive Software Q3 '14 Earnings [View article]
    I don't understand why you view Zingale stepping down as a negative. The stock is down over 60% since the IPO while the QQQ nearly doubled over the same period. That was under his watch.
    Dec 16, 2014. 11:19 AM | Likes Like |Link to Comment
  • Zooplus: Fast Growing But Undervalued Online Retail Opportunity [View article]
    Perplexed why you wouldn't include PETS in your comp set. They are also a likely exit for this name should the space consolidate.
    Oct 24, 2014. 08:01 AM | 1 Like Like |Link to Comment
  • Sizmek: The Profitable Ad Tech Company That Nobody Is Talking About [View article]
    I'd like to know why you sold YUME. No news, just cheaper. Why did you bail?
    Oct 9, 2014. 11:31 PM | Likes Like |Link to Comment
  • Vertex Energy: Outpacing Rivals And Becoming Dominant In Re-Refining [View article]
    Nice write-up. However, you need to do your homework on Safety-Kleen and parent Clean Harbors. They are not 100% internal nor are they 100% base oil.
    Sep 23, 2014. 08:35 PM | 1 Like Like |Link to Comment
  • Civeo: The Underlying Lodging Business Is Deteriorating [View article]
    I concur with Joe Cornell as well. We think its worth a minimum of $36.

    1. Balance sheet too conservative
    2. Stupidly undervalued versus peers
    3. Excellent visibility on new project starts (which you don't mention)
    4. We're at the low end of natural resource cycles
    5. If the market doesn't recognize value in the next two years, private equity will.
    Jul 3, 2014. 07:50 PM | 1 Like Like |Link to Comment
  • A Rebranded Hillenbrand Is Now A Growth Story [View article]
    Interesting. I would have hope their strategy would be

    Phase 1: Use the cash flow of Batesville to diversify into a higher growth business. (Check)

    Phase 2: Optimize the operations of the acquired assets. (Work in progress)

    Phase 3: Monetize the mature Batesville to unlock value for shareholders. (Not on management's radar)

    If the management team is not will to do this an activist will do it for them eventually. Otherwise hard to use a sum-of-the-part analysis to evaluate this company. The conglomerate discount will likely persist until this changes. Just my two cents
    Dec 21, 2013. 08:39 AM | Likes Like |Link to Comment
  • A Rebranded Hillenbrand Is Now A Growth Story [View article]
    Great article Marshall. Do you think management would ever spin-off one the units to unlock the value in the company? Or even sell the more mature Batesville business?
    Dec 17, 2013. 08:49 PM | Likes Like |Link to Comment
  • Hedge Fund Strategies In Your Sleep [View article]
    Great article Chris. I would also suggest DDDAX, a relatively new event-driven mutual fund that focuses on shareholder activist situations. Manager cherry picks from 13D filings. He has done a pretty good job of it thus far. Downside is that its rather pricey at 1.75%.
    Dec 10, 2013. 04:14 PM | 1 Like Like |Link to Comment
  • Banks Are Doing The Job Of An Activist At Dolan Media [View article]
    I agree Weighing Machine. This is as close to a layup as it gets.
    Nov 11, 2013. 10:09 AM | Likes Like |Link to Comment
  • Is Dolan Media (DM) A High Growth, High Margin Software Company In Disguise? [View article]
    The bank covenants require at least $29 million in Minimum TTM EBITDA at Sept 30, 2013. Otherwise, they default. The amendment was announced yesterday and the third quarter was in the bag. Since the previous three quarters came in at $20.1 million, they should do at least $8.9 million. Moreover, banks usually provide some wiggle room. I personally don't think that qualifies as a shit show.

    The wiggle room also applies to the $50 million in required cash at the end of May 2014....
    Nov 7, 2013. 06:39 PM | Likes Like |Link to Comment
  • Is Dolan Media (DM) A High Growth, High Margin Software Company In Disguise? [View article]
    I see it differently.....

    "In addition, the Amendment requires the Company to generate $50,000,000 in cash through one or more liquidity transactions separate from its operating activities, such as a sale of assets or issuance of equity or subordinated debt, by March 31, 2014 (or to have entered into a definitive agreement by March 31, 2014, for a transaction or transactions that will generate $50,000,000 in cash by May 31, 2014) and to use the proceeds from such transaction or transactions to pay down outstanding loans under the Credit Agreement."

    Lets just hope they get a good price for the Business Information segment because its going bye-bye. That will be the first catalyst the writer spoke about. Probably fetches $50M. Now you have:

    $70M Market Cap + $15M Preferred + $90M Debt = $175M EV

    From a double digit grower starting at $28M in EBITDA. I'll have some of that.
    Nov 6, 2013. 05:11 PM | Likes Like |Link to Comment