LVNTA

Liberty Interactive Corporation

TMT, Consumer, SPAC


Presented:10/24/2014
Price:$33.09
Cap:$2.44B
Current Price:$53.42
Cap:$21.20B

Presented

Date10/24/2014
Price$33.09
Market Cap$2.44B
Ent Value$7.55B
P/E Ratio45.31x
Book ValueN/A
Div YieldN/A
Shares O/S73.68M
Ave Daily Vol1,090,000
Short Int3.88%

Current

Price$53.42
Market Cap$21.20B
Liberty Ventures tracks the economic performance of Expedia, Inc., TripAdvisor, Inc., Tree.com, Inc., Interval Leisure Group, Inc., Time Warner Inc., Time Warner Cable Inc., and AOL, Inc. The company is based in the United States. Liberty Ventures operates as a subsidiary of Liberty Interactive Corporation.

Publicly traded companies mentioned herein: Liberty Ventures (LVNTA), Liberty Interactive Corp (QVCA), Expedia Inc (EXPE), Tree.com Inc (TREE), FTD Companies Inc (FTD), Tripadvisor Inc (TRIP), GNC Hldings Inc (GNC), Vitamin Shoppe Inc (VSI), Amazon.com (AMZN)

Highlights

The presenter is long shares of Liberty Ventures (LVNTA), which is one of two tracking stocks of Liberty Interactive Corporation. The other is online/TV home shopping pure play QVC (QVCA). Liberty recently created this structure so that investors could choose between investing in a FCF-generative home shopping story (QVCA) and a more opportunistic vehicle with a “broader, more flexible mandate for capital deployment at a higher target IRR (LVNTA).” LVNTA is “one of the cheapest assets [the presenter has] ever seen.” It is essentially a tax-advantaged John Malone SPAC - with $2.5-2.7 billion of cash to deploy - trading at a 20% discount to NAV.

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