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At a little over 6x free cash flow, MSG Networks (MSGN) certainly looks cheap. The question is whether it should be cheap.
There's a nice bull case at the moment. MSGN has become cheaper, falling nearly 40% from 52-week and all-time highs reached last October. A 6.2x EV/EBITDA multiple represents a discount to comparable transactions. Free cash flow generation, as the multiple suggests, is robust. And impressive deleveraging over the last two years has allowed the company to authorize the repurchase of roughly one-third of its shares at the current price, including an