Never underestimate the power of fear. Likewise, never underestimate the power of greed. The market when confronted with a catalyst almost always overreacts. The inefficiencies of the market are what can give you out-sized gains and likewise out-sized losses if one is not careful. If the stock is sick, it doesn't mean the company is sick. So when does the stock price trade at a multiple that makes sense? When the money managers decide it's time for multiple expansion. End of story. So given that your thesis regarding a company is correct, then one has to be patient enough for the stock to eventually come into favor and express a justifiable multiple. Some company's are so wildly profitable that they occasionally can force the hand of the MMs, and can change the opinion of their whole sector. With the margins and growth they are maintaining I think CCME is one of those rare investment opportunities that you're lucky if you can catch even one of them.
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