We like our chances on Gannett at a price-to-earnings ratio of 12x with a 4% dividend. With copious free cash flow and an industry which should consolidate, we like owning the company dictating the tempo. Lastly, if the premier newspaper businesses find their bottom on circulation and in advertising the next few years, we could have a winner on our hands. And that would be good news!

Warm Regards,
William Smead

1Source: Bloomberg
2Source: Bloomberg
3Source: Business Insider

William Smead is CEO and chief investment officer at Smead Capital Management.

First « 1 2 » Next