New Media Investment Group Inc. (NEWM)

[Enterprising Investor]

NEWM has valuable tax assets and real estate

Depreciation and amortization will be $130 million in 2015. It is expected to rise to $485 million between 2016 to 2019.

NOLs total $203 million with $149 million subject to IRC 382 limitations ($17 million annually) and $54 million is unrestricted and available for immediate use.

New Media has nearly 160 individual properties located across the U.S. valued at $175 to $200 million. Most are centrally located in downtown areas of their respective communities. The company is studying our options to leverage these assets to create value for shareholders. It may release “captive” capital through a sale leaseback or an OpCo/PropCo structure.