merkhet Posted August 27, 2014 Share Posted August 27, 2014 I took some time to get a little more granular in the ownership of some of the larger holdings. These are the numbers that I have for the top three LMCA holdings (comprising almost 90% of Liberty's assets): Sirius XM 3,255,062,556 Source: http://www.sec.gov/Archives/edgar/data/908937/000110465914020294/a14-8224_1sc13da.htm Charter 28,838,718 Source: http://www.sec.gov/Archives/edgar/data/1091667/000110465914036913/a14-12278_1sc13da.htm Live Nation 52,051,943 Source: http://www.sec.gov/Archives/edgar/data/1335258/000117494714000198/b374699_def14a.htm Does anyone have numbers that are more updated/different? Link to comment Share on other sites More sharing options...
dcollon Posted August 27, 2014 Share Posted August 27, 2014 merkhet, I have the same numbers as you do. However, I rounded them in my spreadsheet. ;) Link to comment Share on other sites More sharing options...
Liberty Posted August 27, 2014 Share Posted August 27, 2014 I rounded them in my spreadsheet. ;) http://www.howmanyarethere.net/wp-content/uploads/2012/05/munch_scream.jpg ;) Link to comment Share on other sites More sharing options...
merkhet Posted August 27, 2014 Share Posted August 27, 2014 ^ lol, Liberty. Link to comment Share on other sites More sharing options...
merkhet Posted August 27, 2014 Share Posted August 27, 2014 Thanks to Grenville for an updated Live Nation number. Live Nation 53,745,033 Source: http://www.sec.gov/Archives/edgar/data/1335258/000110465914040696/xslF345X03/a4.xml Link to comment Share on other sites More sharing options...
Wilson-TPC Posted August 28, 2014 Share Posted August 28, 2014 Thanks to Grenville for an updated Live Nation number. Live Nation 53,745,033 Source: http://www.sec.gov/Archives/edgar/data/1335258/000110465914040696/xslF345X03/a4.xml Lol dude. I put up the spreadsheet already. You didn't have to go and look for all the 13D filings. I did a sum of the parts analysis lol. I guess it doesn't hurt to have more than one set of eyes. Link to comment Share on other sites More sharing options...
merkhet Posted August 28, 2014 Share Posted August 28, 2014 Wilson, I actually liked your spreadsheet so much that I decided to put together my own. Like you said, it doesn't hurt to have more than one set of eyes. As a side note, the latest snapshot you posted was from 7/30/2014 and it had Charter @ 28,828 and Live Nation @ 50,352 -- might want to update that to 28,838 and 53,745. :) Link to comment Share on other sites More sharing options...
Wilson-TPC Posted August 28, 2014 Share Posted August 28, 2014 Wilson, I actually liked your spreadsheet so much that I decided to put together my own. Like you said, it doesn't hurt to have more than one set of eyes. As a side note, the latest snapshot you posted was from 7/30/2014 and it had Charter @ 28,828 and Live Nation @ 50,352 -- might want to update that to 28,838 and 53,745. :) Ty ty bro! I will update it! Please do share your spreadsheet... always good to have two sets ;) Link to comment Share on other sites More sharing options...
merkhet Posted August 28, 2014 Share Posted August 28, 2014 No problem. My spreadsheet is generally no different than yours except that I've cobbled together the valuation for some of the smaller holdings.LMCA_Holdings.pdf Link to comment Share on other sites More sharing options...
jay21 Posted August 28, 2014 Share Posted August 28, 2014 Are you guys subtracting out debt or just adding up the market value of their traded positions (plus Braves)? Link to comment Share on other sites More sharing options...
dowfin1 Posted August 28, 2014 Share Posted August 28, 2014 remember to cap the value 125K sh of TWC at around $91/sh for the calls written. Link to comment Share on other sites More sharing options...
merkhet Posted August 29, 2014 Share Posted August 29, 2014 jay21, you're right that my snapshot doesn't include the debt, so subtract out about $1.25 billion from the NAV. If you get a chance, I would read the 10-Q -- that $1 billion convertible note that they have out until 2023 is crazy! dowfin1, you're also correct in that I hadn't capped the 1.25 million shares of TWC at the option prices. Totally forgot about that, which is weird given how many times I've brought it up on this thread. Once corrected for those two boneheaded oversights, you'll see that LMCA is trading at about an 8% discount to the SOTP. Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted August 29, 2014 Author Share Posted August 29, 2014 the Vivendi judgement might be worth something. Link to comment Share on other sites More sharing options...
merkhet Posted August 29, 2014 Share Posted August 29, 2014 the Vivendi judgement might be worth something. I think that's still on appeal, right? Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted August 29, 2014 Author Share Posted August 29, 2014 Yep. Link to comment Share on other sites More sharing options...
merkhet Posted August 29, 2014 Share Posted August 29, 2014 My guess is that they'll get their billion which will go a long way in offsetting the debt side of the equation. More interestingly, they'll get their judgment and/or settlement post-Liberty Broadband spin-off, which will make Liberty Media a $10 billion entity with $1+ billion in cash and a history of massive share buybacks. Link to comment Share on other sites More sharing options...
raaandy Posted September 6, 2014 Share Posted September 6, 2014 I am late to the game here, but I went through Merkhet and Wilson's calcs and saw that both are ignoring the 566m of cash. Could someone explain to me why? Sorry if it is something obvious, I am relatively new and just trying to learn more. Thanks in advance. Link to comment Share on other sites More sharing options...
merkhet Posted September 6, 2014 Share Posted September 6, 2014 If you look at the 2Q2014 10-Q, you'll see that on page I-30, they break out the $566 million of cash into two categories: Corporate and other - $396 million SIRIUS XM - $170 million If you look on page I-26, you'll see the definition for "Corporate and other" defined as: Our "Corporate and Other" category includes our other consolidated subsidiaries, including the Atlanta National League Baseball Club, Inc. ("ANLBC"), TruePosition, Inc. ("TruePosition") and corporate expenses. ANLBC owns the Atlanta Braves, a major league baseball club, as well as certain of the Atlanta Braves' minor league clubs. So $170 million of that cash is definitely not Liberty's -- and it's unclear how much of the remaining $396 million actually belongs to Liberty because of the fact that they consolidate so many subsidiaries onto their balance sheet and don't break them out. Link to comment Share on other sites More sharing options...
Wilson-TPC Posted September 6, 2014 Share Posted September 6, 2014 Hard to tell where the cash belongs to (e.g. its investment holdings.) To be on the safe side, i just ignore it completely. Link to comment Share on other sites More sharing options...
netnet Posted September 8, 2014 Share Posted September 8, 2014 While I have been traveling over the last 4 weeks, I have been calling my broker and just called the firm handling investor relations for Liberty, who say that the rights offering has not started. I am wondering if both CompuShare and my broker missed it and the rights offering has come and gone. Link to comment Share on other sites More sharing options...
merkhet Posted September 8, 2014 Share Posted September 8, 2014 You didn't miss anything -- Liberty Broadband has not yet been spun out of Liberty Media. Link to comment Share on other sites More sharing options...
Wilson-TPC Posted September 8, 2014 Share Posted September 8, 2014 if I missed this spinoff, i would be VERY VERY angry. haha. Link to comment Share on other sites More sharing options...
ItsAValueTrap Posted September 9, 2014 Author Share Posted September 9, 2014 1- You guys could sign up for LMCA's RSS feed. use a RSS subscription service like Blogtrottr then use this link: http://www.sec.gov/cgi-bin/browse-edgar?action=getcompany&CIK=0001560385&type=&dateb=&owner=exclude&start=0&count=40&output=atom 2- Or use secfilings.com if you don't mind getting pump and dump spam. Link to comment Share on other sites More sharing options...
benchmark Posted September 12, 2014 Share Posted September 12, 2014 if I missed this spinoff, i would be VERY VERY angry. haha. Is there a timeline that the spinoff will happen? is it too late to get in? Link to comment Share on other sites More sharing options...
merkhet Posted September 12, 2014 Share Posted September 12, 2014 In theory, it's still on track for 2014... Link to comment Share on other sites More sharing options...
Recommended Posts
Create an account or sign in to comment
You need to be a member in order to leave a comment
Create an account
Sign up for a new account in our community. It's easy!
Register a new accountSign in
Already have an account? Sign in here.
Sign In Now