In short: The SEP-07 value special situation, now with a published model (the Excel is in this folder; the transcript garbles the ticker as "EVBC" and the report compounds it into "Everyday Health" — it is Entravision). "One of our analysts has modeled them for you… we calculated our own cost of equity using the company's betas, the risk-free rate… we used the CAPM… using the new 10-year Treasury as a risk-free rate. We use a risk premium of 4% and we put in the company's cost of debt. We then modeled out the free cash flows from revenue to EBITDA to EBIT. We adjusted for capex to get to free cash flow to the firm… net present value and then the terminal value, and then we subtracted out the net debt to get a fair price. Now, these are not perfect calculations, but this implies roughly 59% upside on EVC." The thesis is unchanged from the prior calls — "its fast-growing pivot into advertising away from its core business. It's been growing like a weed, and it trades relatively cheap to its cash flow growth" — with the caveat printed on the deck page: both EVC and PRTH "are small caps and market sensitive, so they will fall with a higher beta to large cap equities in a true risk off market."
Entravision is a Spanish-language TV and radio broadcaster in the US that has turned most of its business into digital advertising technology — the software that places online ads automatically. Singh introduced it two weeks ago as a company the market still prices like a shrinking broadcaster even though its ad-tech arm is growing very fast.
This week his team published a valuation model. The method is a standard one: estimate how much cash the business will throw off in future years, then work out what that future cash is worth today. To do that you need a "discount rate" — the return an investor should demand for the risk. They built it from the 10-year Treasury yield (the safe return), plus a 4% premium for owning stocks, adjusted for how much more the company's shares swing than the market. Then they subtracted the company's debt to get a value per share. The answer: roughly 59% above today's price.
He is careful to say the model is not precise, and the deck adds a warning that matters right now: this is a small company whose shares tend to fall harder than the big indexes in a genuine sell-off. The value case is long-term; the ride in the meantime can be rough.
Full passage: premium transcript (PDF).
In short: The week's featured value special situation — a broadcaster the market still prices as a broadcaster. "One of the names we are interested in is a company called Entravision, which is sensitive to advertising, but it is quite an interesting name going into midterm elections because its advertising spend should explode given its key Hispanic demographic in specific states that are the most important in the US when it comes to ad spending during the midterms." The transformation is in the numbers: the Advertising Technology and Services (ATS) segment did revenue +230% to $182M and operating profit +673% to $40M in Q2 2026, against a legacy TV/radio media segment running a $3.3M operating loss. "There's unrivaled access to the US Hispanic demographic… a dominant media footprint targeting the fastest growing demographic and voting bloc in the US, giving it significant pricing power during political election cycles," plus "over 83 million of cash and marketable securities" and a model blending recurring digital spend, sticky retransmission-consent fees and "cyclical political ad windfalls." Why it is cheap: management "guided for ATS revenue to decrease sequentially from Q2 to Q3 due to normal customer spending timing. This pause in EBITDA growth resulted in a big sell off in the stock," taking consensus for Q3/Q4 down to $18-25M a quarter. His mark: "2026 adjusted EBITDA should be around 100 to 115 million… based on consensus forward EBITDA estimates, EVC trades at a forward multiple of about seven and a half times to eight and a half times, moderately below media industry averages of 10 to 12 times" — versus a trailing EV/EBITDA of 12-12.4×. The verdict: "at eight times, EVC is priced at a discount compared to pure play ad tech platforms which often trade above 12 to 15 times forward EBITDA, but at a premium to legacy radio and broadcasters which trade at only four to six times. If ATS maintains double digit growth while political ad dollars flow in, the forward EBITDA could surprise to the upside, lowering its effective valuation floor." Risks named: the TelevisaUnivision affiliate contract expires at the end of this year, sales commissions and cloud costs grew 85%, and large digital clients "can create quarterly lumpiness" — but on AI disruption, "ad tech volatility when it comes to TV is not as sensitive to AI trends as internet. So this is more safe than internet advertising."
Entravision started life as a Spanish-language television and radio broadcaster in the United States — the largest independent group of stations affiliated with TelevisaUnivision, the company behind Univision and UniMás. That old business is shrinking, and last quarter it lost $3.3 million.
Almost nobody has noticed that the company is now mostly something else. Its "advertising technology and services" arm sells the plumbing that places digital ads automatically — software that decides, in the fraction of a second before a web page loads, which advert you see and what the advertiser pays for it. That division grew revenue 230% last quarter to $182 million, and its operating profit rose 673% to $40 million. The company holds $83 million of cash and securities and carries no meaningful debt problem.
The reason you can buy it cheaply is a scheduling quirk. Management told investors that the ad-tech division's revenue would be lower in the third quarter than the second — not because business is worse, but because big clients happen to spend in lumps. Analysts cut their quarterly forecasts to $18-25 million and the shares fell hard. Singh's estimate for the full year is $100-115 million of adjusted earnings before interest, tax, depreciation and amortisation, which puts the stock at roughly seven and a half to eight and a half times that figure. Pure digital advertising companies trade above twelve to fifteen times; dying radio stations trade at four to six. Entravision is being priced much closer to the radio stations than to the software company it is becoming.
And then there is the free option. Every two years, American political campaigns spend enormous sums on television advertising, and the money is concentrated in the handful of states that decide elections. Entravision owns the Spanish-language stations in exactly those states, aimed at the fastest-growing group of voters in the country. That advertising is booked at very high margins and arrives in the second half of an election year — which is now. The main thing that could spoil it: the contract that makes Entravision a TelevisaUnivision affiliate expires at the end of this year.
Full passage: premium transcript (PDF).
Nothing matches this filter.
Verbatim excerpts from the public transcripts (auto-pulled at each mention's timestamp, lightly cleaned). Timestamps link into the video; "source page" opens that commentator's full analysis at this row. Click a mention's header line to expand it (one open at a time). For personal study — not investment advice.