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老巴是買公司，跟我們買股票看的可能不同吧。
從ebitda的角度看，這篇報導指出老巴又撿了大便宜。
Warren Buffett is investing in newspapers …
On May 17, 2012, in RESEARCH, by Accuchines
Here is some enchanting news involving a destiny of newspapers …
Why Warren Buffett Really Likes Newspapers
By Devin Leonard on May 17, 2012
When Warren Buffett announced that his company, Berkshire Hathaway, was selling 63 newspapers from Media General on May 17, he expelled a alpine matter about his faith in a beaten-down industry.
“In towns and cities where there is a crafty clarity of community, there is no some-more vicious investiture than a inner paper,” Buffett said. “The many locales serviced by a newspapers we are allowance decrease intentionally in this mold, and we are happy they have found a permanent home with Berkshire Hathaway.”
Many see a bargain as a unaccompanied aspect of faith by an vicious banker in an courtesy that Wall Street has shunned. “It’s apparent … that this is a matter that inner newspapers are going to be around for a while,” conductor biography courtesy researcher Ed Atorino of Benchmark told a Richmond Times-Dispatch, a Media General paper.
It’s constant that Buffett is a biography fan. Berkshire Hathaway already owns a Buffalo News and a charisma in a Washington Post. It also perturbed some observers with a fist final Dec of a Omaha World-Herald, Buffett’s hometown broadsheet.
Yet it’s also vicious to feeling during a cost Berkshire is essential for a Media General papers. As recently as 6 years ago, biography companies solitary for some-more than 9 times Ebitda (earnings before interest, taxes, depreciation, and amortization). Bank of America Merrill Lynch’s Stephen Weiss writes now that Buffett’s organisation paid around 4 times Ebitda for a Media General assets.
At that low price, Berkshire Hathaway could make a good relapse on a money. As a Wall Street Journal reported surpassing this month, it has finished surprisingly good given purchasing a debt final Nov of Lee Enterprises, another nervous biography publisher, from Goldman Sachs.
Buffett competence have a balmy symbol for newspapers. But when it comes to investing, he’s no sentimentalist.
Leonard is a staff author for Bloomberg Businessweek in New York.
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