LSXMA discount
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Step 1- Calculate LSXMA/B/K market cap
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priceadj. priceshares
Oct 31, 2018 - https://www.sec.gov/Archives/edgar/data/1560385/000155837018009022/lmca-20180930x10q.htm
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LSXMA38.82$38.82102,803,892$3,990,847,087
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LSXMB39.7$40.379,821,531$396,522,707
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LSXMK39.02$39.02214,981,984$8,388,597,016
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$12,776combined market cap
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Step 2- Value of Sirius Xm shares
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Liberty Media owns... 3,162,173,996 shares of SIRI (+ preferred???)
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SIRI5.763,162,173,996$18,214
source: DEF 14A filed 2018-04-23 https://www.sec.gov/Archives/edgar/data/908937/000093041318001423/0000930413-18-001423-index.htm
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millions
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Step 3 - Calculate NAV of LSXMA/B/K tracker
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Value of LSXMA shares$18,214
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cash and cash equivalents80
"As of September 30, 2018, the Liberty SiriusXM Group has cash and cash equivalents of approximately $126 million, which includes $46 million of subsidiary cash." https://www.sec.gov/Archives/edgar/data/1560385/000155837018009022/lmca-20180930ex9913ef84b.htm
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Pandora debt554
see note 8 - https://www.sec.gov/Archives/edgar/data/1560385/000155837018009022/lmca-20180930x10q.htm
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iHeart debt496
see note 8 - https://www.sec.gov/Archives/edgar/data/1560385/000155837018009022/lmca-20180930x10q.htm
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Margin loan $1.35B capacity-550
"As of September 30, 2018, availability under the $1.35 billion margin loan due 2020 was $800 million." https://www.sec.gov/Archives/edgar/data/1560385/000155837018009022/lmca-20180930x10q.htm
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Sr. Exchangeable debentures-400
https://www.sec.gov/Archives/edgar/data/908937/000110465918017113/xslF345X03/a4.xml
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deferred tax liability-$95615%
assumed cost basis of $0 (*this is not the correct assumption!), future tax dollar has a PV of 15 cents (you can change cell H22)
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$17,438
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Discount-26.73%
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Investor presentation
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Nov 14, 2018
http://ir.libertymedia.com/static-files/157df3fe-41ed-4663-b945-a1f249103f2d
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see slide 7 for discussion of discount.
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