TVA Group (TVA.B-T)

A cash cow, owning many TV channels and make movies. But shares are down, because it's a small cap and there's pressure on TV ad revenues. Still cheap. Quebecor owns 70% and could easily privatize it around $5-6, which he thinks will happen one day. Generates a lot of cash. For patient investors only.

Probably the cheapest broadcaster in North America. Controlled indirectly by Quebecor (QBR.A-T). Largest broadcaster with the largest market share in Québec. Very neglected stock. Doesn’t pay a dividend. Trading at under 5X EBITDA versus the group trading at 9-10 times. Conventional TV assets are in slight decline as are most conventional TV assets with advertising declining little bit. Being compensated by the growth in Specialty channels that they’ve been launching. Have a publishing division, mainly magazines, that has really turned around and making some very good profit margins. The big news is that they have landed all the French broadcast rights for the next 12 years in all media. Very low valuation.