IAC

IAC InterActiveCorp. - Ordinary Shares - New

TMT, Event Driven/Special Sit


Presented:09/21/2022
Price:$58.02
Cap:$5.17B
Current Price:$53.62
Cap:$4.62B

Presented

Date09/21/2022
Price$58.02
Market Cap$5.17B
Ent Value$7.47B
P/E RatioN/A
Book Value$67.17
Div Yield0%
Shares O/S89.19M
Ave Daily Vol639,456
Short Int2.45%

Current

Price$53.62
Market Cap$4.62B
IAC, Inc. engages in media and Internet business. It operates through the following segments: Dotdash Meredith, Angi Inc, Search, and Emerging and Other. The Dotdash Meredith segment provides digital and print publishing services from mobile to magazines. The ANGI Homeservices segment offers repairing, remodeling, cleaning, and landscaping through category-transforming products under HomeAdvisor, Angie's List, Handy, and Fixd Repair brands. The Search segment consists of Ask Media Group, which provides general search services and information. The Emerging and Other segment includes platforms Care.com, Bluecrew, NurseFly Mosaic Group, Vivian Health, The Daily Beast, IAC Films, and Newco. The company was founded on August 24, 1995, and is headquartered in New York, NY.

Publicly traded companies mentioned herein: Airbnb Inc (ABNB), Angi Inc (ANGI), Expedia Group Inc (EXPE), IAC Inc (IAC), Live Nation Entertainment Inc (LYV), Match Group Inc (MTCH), MGM Resorts International (MGM), Vimeo Inc (VMEO)

Highlights

The presenter is long shares of IAC Inc (IAC), a media and internet holding company with a diverse set of assets including Angi (ANGI), Dotdash Meredith, HomeAdvisor, Investopedia, People, and similar brands and websites. Operated by a strong management team that includes Chairman Barry Diller, IAC has an established history of delivering value to shareholders and has brilliantly executed its operational excellence strategy. The company generates shareholder value by acquiring mismanaged companies, reorganizing operations to unlock value, and divesting in a tax-efficient way. Previously owned assets include Ticketmaster, Tinder, Expedia, and many more, demonstrating a history of success in this sector. IAC’s reputation took a hit after its May 2021 Vimeo spin-off failed to live up to expectations, and investors have since penalized the company over concerns with its asset management. The presenter believes that the current price of $60 per share is an attractive entry point for a long position given the underlying valuations which he views as being misunderstood by investors. 

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