Global Value Investing

[bradford86]

DXM retired like $450M of debt in Q2 per my understanding of the latest filing. http://t.co/KFNMO5M2im


gbrad86 •

i dont understand your reliance on the gaap numbers. you have net debt position at two points in time....

that should be enough to figure out the adjusted leverage free cash flow (adjusted upwards because it is intelligently being put to use to retire subpar debt)...

back out the average price of the net debt repurchases, which i think throughout the period traded at $0.80 on the $1.00

why wait, buy today, is all i am saying. i did. Less

cmb42188 •
If they were able to purchase some of this at below par and not also deplete their cash position (which they have not) this would SEEM to indicate that the cash flow for the period was fairly strong, even more so then they had projected. Trying to connect the dots....but not jumping to any hard conclusions. Need to see the GAAP numbers.

gbrad86 •
forecast:

http://www.otcmarkets.com/edgar/GetFilingHtml?FilingID=8953194

gbrad86 •
net debt at the end of 2013 per their forecast is 2881M

and i see 2.68 right now... with half a year left.

cmb42188 •
Right you are; the $1.7B only represents the Dex portion, less the current amount due.


gbrad86 •
my napkin math

spmd cash is 112 and dexo cash is 131 as of june 30 i believe

SPMD debt only $1.027B? It was $1.442B at March 31

1.9+1.027 = 2.927 vs .112+.131 cash

2.68B net debt

cmb42188 •
Agreed. I believe we started with about $2.2B in the combined entity. They did indicate that sub par purchases were on their radar if possible, did they not?

gbrad86 •
by my calcs the net debt across the new dex media is down $475M in Q2. that's actually a big deal, looks like there was subpar repurchasing.