SIRI

Sirius XM Holdings Inc.

TMT


Presented:12/17/2013
Price:$3.52
Cap:$21.60B
Current Price:$27.08
Cap:$9.18B

Presented

Date12/17/2013
Price$3.52
Market Cap$21.60B
Ent Value$24.56B
P/E Ratio49.25x
Book Value$0.23
Div YieldN/A
Shares O/S6,135.51M
Ave Daily Vol47,270,000
Short Int4.94%

Current

Price$27.08
Market Cap$9.18B
Sirius XM Holdings Inc. provides satellite radio services in the United States and Canada. The company creates and broadcasts commercial-free music; sports talk and live events; comedy; news; exclusive talk and entertainment; and the comprehensive Latin music, sports, and talk programming in radio. It also provides traffic, weather, data, and information services for subscribers in cars, trucks, RVs, boats, and aircraft through SiriusXM Traffic, SiriusXM Travel Link, NavTraffic, NavWeather, SiriusXM Aviation, SiriusXM Marine, Sirius Marine Weather, XMWX Aviation, and XMWX Marine. In addition, the company offers SiriusXM programming through the SiriusXM Internet Radio App for smartphones and other connected devices, as well as online at siriusxm.com. It provides telematics and connected vehicles services, such as safety, security, and convenience services to various automotive manufacturers. The company’s satellite radios are primarily distributed through automakers and retailers, as well as through its Website. As of November 19, 2013, it had approximately 25.6 million subscribers. The company was formerly known as Sirius XM Radio Inc. and changed its name to Sirius XM Holdings Inc. in November 2013. Sirius XM Holdings Inc. was founded in 1990 and is headquartered in New York, New York.

Highlights

The presenter began by stating that he does not believe Sirius XM (SIRI) is a bad business, but he does see the potential for the stock to decline to the $3 level in the foreseeable future (perhaps within the first three-to-six months of 2014). The longer-term bear case that John Malone sells out of SIRI is credible, but the primary reason he is bearish near-term relates to his expectations for subscriber ads vs. Street numbers. In his opinion, the Street is simply too bullish on subscriber for a business in flux.

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