The larger question we need to be asking ourselves is not the origins of an AH trade, or even whether Bright Elite is trying to liquidate under the radar (why would they do so above or below the radar?). It is simply this.
After executing on the business plan, starting a number of shareholder friendly initiatives, and generating gobs of cash (things that would propell an American company to a multiple in excess of 40x), what if anything will cause the market to reward CCME with a valuation closer to its intrinsic value?
From my perspective management has done all it can aside from actually following thru on the buyback. Something many have correctly pointed out has the potential unintended consequence of shrinking a float already too small to attract fund money.
So if we assume management's ability to do anything else to move the price is limited beyond continued growth of the business, what is it going to take? Is the stock destined to languish with a p/e below 10 or can it break out to something closer to a peer valuation with a forward p/e in the mid to upper teens?
