During the episode, we welcome back Colin King of CircleCity Capital. Instead of just diving deep into one spin-off situation, Colin and I share which ideas look particularly interesting today.
1:20 – Rich explains why IAC Inc (IAC) is particularlyinteresting today.
3:35 – IAC’s imminent spin-off of ANGI
6:10 – Colin shares his perspective on IAC and ANGI
9:25 – IAC is finally buying back stock
11:15 – Does IAC actually generate free cash flow?
15:45 – Current IAC SOTP valuation
17:15 – Colin shares his thoughts on the right multiple for DotdashMeredith
20:00 – Colin shares how he thinks about IAC’s valuation
21:55 – Rich explains why Sunrise Communication (SNRE/SUNN)is interesting today
22:45 – “Dividend as a Catalyst” playbook
26:30 – Colin discusses Sunrise’s balance sheet
30:15 – Colin shares why he thinks NCR Voyix (VYX) isinteresting.
31:45 – Discussion of NCR Voyix’s (VYX) valuation
32:35 – Why Colin thinks step change leverage reductions canbe profitable investment opportunities’
36:45 – Why Colin thinks Havas N.V. (HAVAS) is attractive
38:50 – Havas’ dividend policy
39:45 – Havas expects to grow consistently over the next coupleof years.
40:15 – Colin discusses the Havas competitive landscape
42:00 – Quick discussion of Canal+ (CAN)
43:55 – Quick discussion of Resolute Holdings (RHLD)