AHC - Stepping Away From The Deep Value Case For A.H. Belo
I've probably spent more time than I should on Dallas Morning News owner A.H. Belo (AHC). But this remains an interesting deep value play - and of the type that's much more rare than was the case earlier this decade. AHC isn't a 'net/net' (where net current assets exceed total liabilities), but pro forma for the sale of its headquarters, the company has about $90 million in cash against a fully-diluted market cap of $102 million. Management historically has distributed excess cash as special dividends and there's little apparent interest here in transformative