An integrated direct marketing company that markets, sells and distributes its products directly to consumers through various forms of electronic media and direct-to-consumer mailings.
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Co. not completely whittled down the $300M. Today they have $65M cash; own$36M TV Station in Boston; the $50M investment in Polo.com pays dividends; add the $55M on BB and they have managed to whittle it down to $206M. Sales have grown from $274M to $762M. EBITDA is now TTM $16M and will likely double in 07. TV is distributed to 66M homes vs 25M. Have reached scale to grow sales 10% each yr next 10; EBITDA growth much greater reaching $120M in 4-5 yrs (or less). Wild card is how they play Internet Video card w/NBC etc
Here is an update for April 2, 2007. Cash has grown to $114.75M; they still own the Boston TV Station valued at $36M; sold Polo.com for $43.75M (had written it down to zero in 2003); Sales ended the year at $767.3M and EBITDA $17.7M (Both a record). Homes are 66M growing to 69M by eo2007. Sales expected to grow 9% or so in 2007; EBITDA will grow by 30%+; CAGR EBITDA 5Y expected 46.6%. Wild card continues to be Internet Video Card. NBC U registered to sell 6.4M shares and also extended branding license thur 3/2011. To give an idea of the discount currently applied to share price...if company were apples to apples with QVC (which is a comp loaded with exceptions; not the lease being that VV is likely to outpace QVC sales and EBITDA growth the next 5 years)...with the same P-S multiple of 2.09...VV would trade north of $40s. Considering EBITDA growth for co will be 5x QVC EBITDA growth on %age basis that ratio could go higher; factor success becoming the leading Internet Video retailer and VV could greatly exceed its alltime high set back in 1999. Other wild card is a new strategic player buys up the NBC U/GE stake to help co achieve it 'leading internet retailer' goal.
Did they have any GAAP income in their fiscal year ending in February 2007?
Was their any tangible increase in book value in the fiscal year?
Did they pay any dividends?
Again sales growth witout value creation. I learned my lesson with Overstock. Retail is a murderous capital waster if you cannot operate profitably.
If you own it, I wish you the best, but this one is not for me........................