Prem Watsa owns about 40.1% of the common shares. Do you buy this for capital appreciation, the dividend, or perhaps for the breakup value later on? That is definitely a good signal. It could be a good contrarian pick now. They have no debt, and the dividend is over 6%. The high dividend is a danger signal. This is risky.
Had owned this at one time. Sold his holdings when he didn't like what was going on in the area. The media area has really, really changed, and this company has gotten killed. They had a lot of money in the bank and paid a nice dividend, and had no debt. Started selling off assets. Just reported a net loss of almost $7 million. They keep on losing money and ad revenues keep on going down. They are trying to transition to the new media, and it is not going well. Still has no debt. Paying a highly diminished dividend. He is very leery on this field.
He used to hold it and took a small loss, glad he got out. The company scared him because things were changing so quickly. They are having problem because management is leaving. It is a good paper, but readership is falling way off. Their move to the Internet has not been that successful. They have no debt on the balance sheet -- great balance sheet. He watches it but is staying away from it.
From a value perspective, he has had to be looking at all the print companies over the last few years, because they had plummeted. However, you have to ask how they are going to replace the revenues that are being lost on the print side. All of them have been attempting to go to the Internet, but it seems that they are getting about $.10 on every dollar that they used to have on the other side of the equation. A
much more speculative investment, and he has no idea of how it is going to turn out for them.
It seems that newspapers have to reimagine themselves. As a break up, you could see a bump up in value for this company, but feels the owners, (it is a closely held company from a voting control perspective) see this as a mission. To survive in the newspaper business, it needs to be reimagined, and he doesn’t see any one from the new generation signing up to have a newspaper delivered to their door.
TorstarCorp (B) is a Canadian stock, trading under the symbol TS.B-T on the Toronto Stock Exchange (TS.B-CT). It is usually referred to as TSX:TS.B or TS.B-T
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On 2020-08-07, TorstarCorp (B) (TS.B-T) stock closed at a price of $0.74.