(The stock) is trading at very low multiples. It suggests that the market was anticipating that not all the bad news was out. |
Growth in specialty advertising was a little lower than expected but subscriber revenue growth outperformed expectations and overall specialty revenue growth for the first quarter was in line. |
Uninspiring results in the core operations, combined with unfavorable exposure to the U.S. dollar make the current fundamental outlook somewhat bleak. |
We're pleased with their message of returning excess capital to shareholders. It's a theme we've seen across the sector. |