How can you own Moody’s at 30x P/E? It looks incredibly vulnerable to disruption, perhaps more than ever. Some twenty-somethings are going to upend the credit ratings oligopoly at some point, and it might happen in the blink of an eye.
FP trading at like 2x EBITDA w/ term loan nearly paid off, managing costs well, has no legacy pension liabilities like other papers, and owns a 170K SF print plant + office free & clear. Still believe this would be worth >$2 CAD in a change of control. Long.
