Eagle Point Capital and I have been working closely on SiriusXM. This is the first piece of analysis we will be sharing together, with more to come in the months ahead. $SIRI seems very cheap at 6.5x FCF, a 15% free cash flow yield. The low valuation reflects the market consensus that the business is a melting ice cube. The data tells a different story. The stock’s valuation does not take into account the company’s top-line stability, bottom-line growth potential as a capex cycle winds down, a partnership with YouTube, or its unused and unneeded spectrum, which is a hidden asset. The combination of a low valuation, high short interest, and several looming catalysts make SIRI a likely short squeeze candidate. Cont.. 👇
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