Focused Compounding | Trey Henninger | Activity https://focusedcompounding.com/members/treyhenninger/activity/ Activity feed for Trey Henninger. Tue, 31 Mar 2026 01:08:04 -0500 https://buddypress.org/?v= en-US 30 hourly 2 a9cc99b0b491a8c7518c65e435b56cef Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-249 Wed, 06 Jun 2018 12:41:59 -0500 Vetle,

Did you ever buy a position? The stock price has continued to crater. We’re now below $6.50 and it wouldn’t surprise me to see a sub $6 price soon. At $6.00 per share, the $0.36 annual dividend […]

]]> 74c430d962a26811313902e3cb4f9d55 Trey Henninger commented on the post, Value Trading – Does It Ever Make Sense? https://focusedcompounding.com/value-trading-does-it-ever-make-sense/#comment-244 Mon, 28 May 2018 22:09:55 -0500 Besides NACCO, I’m not sure you’re value trading at all.

Simply because you evaluate an idea with a long-time horizon doesn’t mean you actually have to hold for a long time. You hold as long as your thesis […]

]]> 4e49361514fa9cd31ce655913fad6735 Trey Henninger commented on the post, Gamestop (GME): A Risky Stock that Just Might be the Cheapest Billion Dollar Stock in Today's Market https://focusedcompounding.com/gamestop-gme-a-risky-stock-that-just-might-be-the-cheapest-billion-dollar-stock-in-todays-market/#comment-243 Mon, 28 May 2018 19:28:17 -0500 Philip,

I’m a current shareholder of GameStop and have just finished accumulated my full position in the company.

GameStop leases all of their stores. They are typically leases of 1-5 years. They have been […]

]]> 2ee5f5013f5ec9aee38e28fcf675977b Trey Henninger commented on the post, NACCO (NC) https://focusedcompounding.com/nacco-nc/#comment-239 Wed, 23 May 2018 12:48:39 -0500 Phil,

I expect that NACCO will actually buyback shares. I’ve been studying the last 25 years of their annual reports and they do have a history of steadily buying back shares. Especially over the last ten […]

]]> e3a52de1d6e5edbd731e91fdddba5572 Trey Henninger commented on the post, Box (BOX): Negative Earnings and Free Cash Flow Disguise Beautiful Customer Economics https://focusedcompounding.com/box-box-negative-earnings-and-free-cash-flow-disguise-beautiful-customer-economics/#comment-225 Wed, 16 May 2018 18:22:06 -0500 Jayden,

That makes perfect sense. Thank you for the updated view point.

I agree that growth is likely to outstrip share dilution and that when bought at a good price will likely lead to adequate returns. […]

]]> 78a616d8dbe659d32e81c008b80ba1f5 Trey Henninger commented on the post, Box (BOX): Negative Earnings and Free Cash Flow Disguise Beautiful Customer Economics https://focusedcompounding.com/box-box-negative-earnings-and-free-cash-flow-disguise-beautiful-customer-economics/#comment-220 Tue, 15 May 2018 12:37:19 -0500 Have you made any adjustment in either of your valuation methods to take into account ongoing share dilution practices?

Projecting out 5 years is reasonable, but you would likely want to estimate total […]

]]> 9d1d433f5bfee09ed95fbaa05d11e0eb Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-215 Fri, 11 May 2018 02:22:27 -0500 Andrew,

Would you and Geoff mind sharing your thoughts from your discussions on this stock today?

]]> 3396050b5d5fb85548230e1be6d9757b Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-214 Wed, 09 May 2018 16:53:33 -0500 Thank you Andrew. That was a good read.

My biggest takeaway: An imminent recession could be a disaster for the company.

]]> bb556e526bd5f56eee696371e42eca38 Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-213 Wed, 09 May 2018 16:28:34 -0500 Jayden,

I can’t recall where I read it, (Probably the 10K), but licenses do expire. However, I believe they can be renewed with the FCC for a small fee. I think management used the term “not-material” fee or […]

]]> c26ebcd2b9246f8c11aebc703c30fed9 Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-209 Tue, 08 May 2018 18:59:50 -0500 All,

I think there are three key statements from the CEO in the conference call:
(Quotes are paraphrased possibly)
1. “We are on or ahead of schedule in each of our plans.”
2. “Our first quarter financial […]

]]> 30a8dd4d31dcb015d39ec24c6dad00fa Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-208 Tue, 08 May 2018 18:45:42 -0500 Daniel,

You said, “is this a capable but promotional management team that’s overly optimistic about a slowly declining industry that’s in turmoil? Or, is it an opportunity to buy into the best positioned com […]

]]> 190e8d96f2b0f168c9dea1fbaf18d865 Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-202 Tue, 08 May 2018 17:36:57 -0500 Vetle, One thing to note. You assume 89 million shares in your write-up.

Diluted shares is about 140 million right now.

Just an FYI for when you calculate your per share valuation.

]]> 440bdb5d52eec4f7b8696a14a6cc327b Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-197 Tue, 08 May 2018 14:33:50 -0500 I haven’t yet been able to calculate or find that information myself Jayden.

One note for everyone: ETM is down over 20% right now today after reporting earnings. In the low $8 range.

]]> df6eaa7681b53580f8aad9ce01f2fe1e Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-194 Sat, 05 May 2018 19:04:51 -0500 Daniel,

That’s exactly where I am. It seems “too good to be true.” I’ve continued to do research and I can’t figure out why the stock is priced at an FCF yield in the mid to high teens. That doesn’t make any […]

]]> f7ef313fa505f54894d065c36d5ad792 Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-191 Thu, 03 May 2018 18:21:02 -0500 As I think about this company more, to me it comes back to this issue of “is radio dying?”

First, we need to consider where most people listen to radio. I would love to know the answer to this. My best guess […]

]]> 1376cc67eefd52c176d79717456ef319 Trey Henninger commented on the post, Entercom Communcations (ETM): The Second Largest Radio Station Owner in the U.S. Trades at a Lower EV/EBITDA Than its Debt Laden Peers https://focusedcompounding.com/entercom-communcations-etm-the-second-largest-radio-station-owner-in-the-u-s-trades-at-a-lower-ev-ebitda-than-its-debt-laden-peers/#comment-190 Thu, 03 May 2018 17:10:38 -0500 Thank you for the write-up Vetle.

Do you have any views or insight into the capital allocation practices of the company?

Clearly the CEO is acquiring shares hand over fist. Is he backing up this action […]

]]> e20ae8fd03adddec504b5269813ec152 Trey Henninger commented on the post, NACCO (NC) https://focusedcompounding.com/nacco-nc/#comment-189 Thu, 03 May 2018 16:53:04 -0500 For those who are interested in NACCO, there was a really good earnings call finally today.

There was one analyst on the call and they asked six questions to management clarifying different aspects of their […]

]]> d85ceb56849bdd30e3d14d692b4728a6 Trey Henninger commented on the post, ExxonMobil (XOM): A Blue-Chip Energy Company Likely to Provide Double-Digit Returns https://focusedcompounding.com/exxonmobil-xom-a-blue-chip-energy-company-likely-to-provide-double-digit-returns/#comment-151 Sun, 01 Apr 2018 22:49:29 -0500 Jayden,

I consider ExxonMobil’s lower cost of production to be sustainable, because it is built on aspects of the company which aren’t easily replicated.

1. Size and Scale

ExxonMobil is the wor […]

]]> f6983e47008cef6c1157e787ce84a9c4 Trey Henninger commented on the post, Summerset (SUM): A New Zealand Retirement Village Developer with "Float" https://focusedcompounding.com/summerset-sum-a-new-zealand-retirement-village-developer-with-float/#comment-141 Tue, 27 Mar 2018 16:40:17 -0500 Do you think there are any risks of New Zealand real estate prices being in a bubble?

It’s quite clear that Australian real estate prices are in a bubble, but I know less about New Zealand’s market. If much of […]

]]> 84565a5d73b364bface0eccbdbbf212d Trey Henninger commented on the post, Keweenaw Land Association (KEWL) https://focusedcompounding.com/keweenaw-land-association-kewl/#comment-138 Mon, 26 Mar 2018 13:14:04 -0500 Are you willing to share your reason for not investing at this time?

My first pass analysis leads me to also not choose to invest at this time. For me, it’s a matter of opportunity cost. Simply beating the […]

]]> b94cbe3b77807e2a31a41e4511f6073c Trey Henninger commented on the post, Keweenaw Land Association (KEWL) https://focusedcompounding.com/keweenaw-land-association-kewl/#comment-136 Sun, 25 Mar 2018 18:23:53 -0500 Geoff,

Was this the illiquid stock which you had considered buying, but chose not to?

]]> 75f30d2cfae33d740cc272ccf465d77e Trey Henninger commented on the post, Pendrell (PCOA) Follow-Up: Reading into a CEO’s Past and the Dangers of “Dark” Stocks https://focusedcompounding.com/pendrell-pcoa-follow-up-reading-into-a-ceos-past-and-the-dangers-of-dark-stocks/#comment-123 Wed, 14 Mar 2018 17:01:54 -0500 Thank you for the detailed reply Geoff.

Would it be accurate to sum up your final statement that a key to potentially turning a nice profit on this company would be having the patience to wait something like 5 […]

]]> c165040d21240f1b6f5a08e1407f3066 Trey Henninger commented on the post, Pendrell (PCOA): A Company with Cash, a Tax Asset, and Almost No Liabilities https://focusedcompounding.com/pendrell-pcoa-a-company-with-cash-a-tax-asset-and-almost-no-liabilities/#comment-119 Tue, 13 Mar 2018 23:07:54 -0500 Geoff,

This company definitely seems promising. I saw the blog post from Hidden Value that you retweeted and ended up buying a small starter position in the company after reading the 10k. That was before even […]

]]> cf60ffee6b859cdd3bc27b402aa06a3b Trey Henninger commented on the post, Babcock & Wilcox Enterprises (BW): A Risky Stock Getting Activist Attention https://focusedcompounding.com/babcock-wilcox-enterprises-bw-a-risky-stock-getting-activist-attention/#comment-108 Fri, 16 Feb 2018 17:50:29 -0600 I definitely agree with David. The key is the thought process and the way you think about your analysis. The conclusion isn’t nearly as important.

At the end of the day, we all want to be making our investment […]

]]> 21d1fc218d0482460093fb8acd0485b2 Trey Henninger commented on the post, NIC (EGOV): Loses Its Biggest Customer (Texas) – Stock Drops 20% Instantly https://focusedcompounding.com/nic-egov-loses-its-biggest-customer-texas-stock-drops-20-instantly/#comment-99 Sun, 04 Feb 2018 20:59:43 -0600 Geoff,

I didn’t mean to imply that the market was assuming a 100% chance of renewal. I can see where that could have been determined from my original comment though.

Basically, I try to spend as little […]

]]> 518224214cd23e505d09935064682569 Trey Henninger commented on the post, NIC (EGOV): Loses Its Biggest Customer (Texas) – Stock Drops 20% Instantly https://focusedcompounding.com/nic-egov-loses-its-biggest-customer-texas-stock-drops-20-instantly/#comment-97 Fri, 02 Feb 2018 23:30:53 -0600 Geoff,

When I assess this change in the business, I can’t help but determine that the 20% drop in stock price is insufficient to make up for the loss of the Texas revenue. Your own estimate of a 30 cent decline […]

]]>