New York, October 11 (FinanceEnquiry.com) – Analyst Doug Mitchelson at Deutsche Bank Securities reiterates BUY rating on the shares of Liberty Media Corporation (NASDAQ: LMCA). The 12-month target price has been raised from $118 to $124
In a research note published on October 10, the analyst mentions that with the announced offshoot of Starz, LLC by YE 2012 and taking control of SIRI post-FCC approval, Liberty Media Corporation is prepared to become even simpler and is a simple entity at this moment having no trackers, no sister companies, no hedges or collars, no big dfd tax liability and FCF positive.
In addition to this, letting for aggressive stock repurchases if the discount to asset value broadens, Liberty Media Corporation has $3.9 billion of cash and public for-sale securities after spin from Starz. Consolidated revenue of $552 million, +2 percent Y/Y and $147 million of EBITDA (+14 percent Y/Y) are guesstimated.
Besides, together with 100k consecutive sub adds at both Starz and Encore for finishing counts of subscriber of 20.8 million and 34.3 million, respectively, fixed rate sub adds are supposed to be strong in the quarter.
Additionally, given airing the subsequent season of the US licensed series Boss as compared to the completely owned Magic City past quarter, augmentation of programming cost should moderate from +9 percent in second quarter to +6 percent in third quarter. At the same time as SG&A is anticipated flat Y/Y, additional costs are estimated to be low 5 percent. Starz LLC EBITDA is projected to be high 4 percent to $112 million.
Noticeably given the stock price of SIRI rising to some extent from $2.51 to $2.67, the target price of Liberty Media Corporation has been lifted by $6 to $124. Moreover, any considerable slump in the value of its public securities, especially Sirius XM, and management of the company undertaking acquisitions considered overly presumed by investors have been comprised in the risks. Furthermore, estimated historical P/E analysis for 2012 is 30.9 x, while for 2011, actual P/E analysis was 13.1 x, the analyst adds further.
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