Legg Mason Inc.
LM
pitch
long
Rod de Crayencour, MBA 2013
Thesis
The common stock of Legg Mason offers a compelling long opportunity as the market is discounting the past more than the future. With significant tax credits valued at $6.50 per share, LM trades at less than 5x EV/EBITDA and less than 8x cash earnings. The company is poised for a rerating as improved performance translates into reported financials, supported by catalysts such as better fund performance and an accretive stock buyback program.
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