We're posting up notes from the 2013 Value Investing Congress in New York. Next up are Joe Altman & Chris Kyriopoulos of COMPOUND Capital. They gave a presentation entitled "To Infinity and Beyond" and pitched Ascent Capital Group (ASCMA) and Covanta (CVA)
Joe Altman & Chris Kyriopoulos' Value Investing Congress Presentation
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Based in Nashville, $42M in assets.
Ascent Capital Group (ASCMA)
Horizontal acquisition machine of alarm contracts. John
Malone owns a bunch. This was a spinoff of Liberty Media.
$2.5B EV. Sounds like
an ADT (ADT) comp. Could be a consolidator. 1/5 the size of ADT,
cheaper, less followed.
PT $125: 60% upside in two
years. Maybe a cable company will
buy them.
Covanta Holdings (CVA)
Garbage incinerators mainly in the northeast. Long
term contracts. Has NOLs. Maybe Waste Management buys them? Cities want to outsource
this always in demand business.
Be sure to check out the other presentations from the New York VIC here.
