Introduction
I saw Meredith Corporation (MDP) pop in one of my screens for undervalued stocks and I decided to do a bit of due diligence. Some authors in Seeking Alpha have suggested that the stock is cheap either due to having a low P/E ratio of 4.3x or high dividend yield (before the dividend was suspended due to the coronavirus). However, I believe this company is a "value-trap," meaning that it appears cheaply priced because it is trading at low valuation metrics; however, the fundamentals justify this low valuation. The fundamental issues facing the company