I uploaded my write up of DreamWorks Animation (DWA) to scribd which is embedded below. If you are just a casual reader who would prefer to avoid my excessive ruminations, the following post will be the elevator pitch version. If you want to follow my thinking, read the whole thing. The reason for the length is that I pixelated my exact thought process and basically had a discussion with myself over various aspects of the business, rather than producing a dozen pages of solid gold. We can look at it in 6-12 months or quarter by quarter and see how things are coming along.
I think the premise is clear - long term value creating company trading below what I approximate is a runoff liquidation value of the company. DreamWorks has excellent prospects in a -flation and economy neutral industry, owner-operator management, clean balance sheet, and a good dose of growth from higher rate of film production and growing global middle class. I'm not paying for this expectation. I just decided to go on about all of this ad nauseum since that's how I enjoy spending my time.
If you hadn't heard, I'm looking for a job, which is one reason I try to be thorough with what I'm thinking (more about me here or just email me). I also got accepted to the Value Investor's Club the other day, which I guess isn't that hard if I got in, but I guess it's worth mentioning as a seal of approval from a reputable source.
Dwa Write Up
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