External reports (aggregated public sources), Value Investors Club

Value Investors Club (VIC)

External reports (aggregated public sources)

Value Investors Club

Equity Bottom-Up

<ul><li>Liberty Media's ownership history has complicated SiriusXM's story, but a recent transaction is expected to bring clarity to the company's future.</li><li>Despite being considered a declining business, SiriusXM offers unique content and user experience with growth potential.</li><li>With strong financials and attractive valuation, SiriusXM has potential for significant stock upside, and its better margins and cash flow generation allow for increased investment in content.</li></ul><p><em>This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.</em></p>

Liberty Media's ownership history has complicated SiriusXM's story, but a recent transaction is expected to bring clarity to the company's future.Despite being considered a declining business, SiriusXM offers unique content and user experience with growth potential.With strong financials and attractive valuation, SiriusXM has potential for significant stock upside, and its better margins and cash flow generation allow for increased investment in content.This content is sourced through publicly available sources and has been machine generated. Information displayed is for general informational purposes only. This article was originally published 3 months ago on Value Investors Club.

Sirius Xm Holdings Inc (SIRI) - Friday, May 31, 2024

Independent research on the U.S. markets, Baptista Research

Baptista Research

Independent research on the U.S. markets

Baptista Research is an independent financial research house focused on the U.S. markets. We provide equity research as well as credit research reports on the top-listed U.S. companies with most of our focus on technology, consumer goods and services, automobiles, industrials, oil and gas, pharma, and healthcare. Our research has served more than 3000 institutional investors including mutual funds, hedge funds, banks, family offices, and various buy-side firms. We operate a research subscription service where institutions, as well as retail investors, can have priority access to all our research. We also have a wide distribution of our research reports across some of the top global financial platforms. Apart from equity research and credit research, we also provide advisory services with respect to mergers & acquisitions (M&A), private equity/ venture capital fundraising, valuation reports, and investment management services for corporates.
Baptista Research is owned and managed by Ishan Majumdar, an ex-Venture Capitalist/ Investment Banker, a Chartered Accountant, and a Masters’ degree holder in Management from HEC Paris. Ishan has nearly a decade of experience in Mergers and Acquisitions, Leveraged Buyouts (LBOs), Venture Capital Investing, Corporate Strategy, and Valuation in front-office roles at the likes of BNP Paribas CIB, Credit Agricole CIB, Groupe Danone, and TIW Private Equity. He has worked on and closed multiple acquisition deals, leveraged buyouts, and start-up investment transactions.

<ul><li>SiriusXM reported its results for the second quarter of 2024, reflecting a multifaceted approach toward sustained growth and operational adjustments.</li><li>As detailed by CEO Jennifer Witz and CFO Tom Barry, SiriusXM has maintained a sound financial framework, balanced by strategic pushes into both subscription enhancements and the expanding realm of advertising revenue.</li><li>They also highlighted the expected progression from strong EBITDA to increased free cash flow, fueled by cost-saving initiatives and persistent operational efficiency.</li></ul>

SiriusXM reported its results for the second quarter of 2024, reflecting a multifaceted approach toward sustained growth and operational adjustments.As detailed by CEO Jennifer Witz and CFO Tom Barry, SiriusXM has maintained a sound financial framework, balanced by strategic pushes into both subscription enhancements and the expanding realm of advertising revenue.They also highlighted the expected progression from strong EBITDA to increased free cash flow, fueled by cost-saving initiatives and persistent operational efficiency.

Sirius XM Holdings: Are Its Expansion Efforts of Content Offerings Going To Prove Enough? - Major Drivers

Pan-Asia Index Rebalances/ Events/ Delta One, Periscope Analytics

Brian Freitas

Pan-Asia Index Rebalances/ Events/ Delta One

Periscope Analytics

Periscope Analytics focuses on event-driven trades across Asia Pacific and provides comprehensive, timely and systematic coverage of index changes to major Asia Pacific indices in a structured manner.

The analysis includes forecasted inclusions and exclusions to all major Asian indices that have significant amount of tracking assets, including estimates of passive buy/sell flow on the stocks. The service also provides commentary and impact of market consultations, ground rule changes, and other events (IPOs, spin-offs, M&A) that could lead to index changes and passive flow.

Periscope Analytics works with multi-strategy hedge funds, proprietary trading firms, stat arb trading groups and long-only investors that invest and trade in the Asia Pacific region with the data being used to trade index rebalances, avoid pre-positioning and passive flow, and to time entry into and exit from stocks.

Event-Driven Trades Across Asia Pacific

Index Rebalance

<ul>
<li>
<a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> will replace <a href="https://www.smartkarma.com/entities/sirius-xm-holdings-inc" target="_blank" data-smartkarma-citation="entities:1374:1" rel="noopener">Sirius Xm Holdings (SIRI US)</a> in the <a href="https://www.smartkarma.com/entities/nasdaq-100-stock-index" target="_blank" data-smartkarma-citation="entities:26197:1" rel="noopener">Nasdaq-100 Stock Index (NDX INDEX)</a> after the close of trading on 21 June.</li>
<li>Passive trackers will need to buy just over US$500m of <a href="https://www.smartkarma.com/entities/arm-holdings-inc" target="_blank" data-smartkarma-citation="entities:21816:1" rel="noopener">ARM Holdings (ARM US)</a> while the estimated selling in <a href="https://www.smartkarma.com/entities/sirius-xm-holdings-inc" target="_blank" data-smartkarma-citation="entities:1374:1" rel="noopener">Sirius Xm Holdings (SIRI US)</a> is smaller.</li>
<li>There could be passive selling in <a href="https://www.smartkarma.com/entities/nvidia-corp" target="_blank" data-smartkarma-citation="entities:5891:1" rel="noopener">NVIDIA Corp (NVDA US)</a>, but this will be a lot smaller than the expected buying from the <a href="https://www.smartkarma.com/entities/technology-select-sector-spdr" target="_blank" data-smartkarma-citation="entities:27543:1" rel="noopener">Technology Select Sector SPDR (XLK US)</a> ETF.</li>
</ul>



ARM Holdings (ARM US) will replace Sirius Xm Holdings (SIRI US) in the Nasdaq-100 Stock Index (NDX INDEX) after the close of trading on 21 June.
Passive trackers will need to buy just over US$500m of ARM Holdings (ARM US) while the estimated selling in Sirius Xm Holdings (SIRI US) is smaller.
There could be passive selling in NVIDIA Corp (NVDA US), but this will be a lot smaller than the expected buying from the Technology Select Sector SPDR (XLK US) ETF.


NASDAQ 100 Index Rebalance: Arm Holdings Replaces Sirius XM

<ul><li>SiriusXM Holdings Inc. delivered a strong financial performance for its first quarter of 2024, with an encouraging 7% year-over-year increase in advertising revenue to over $400 million.</li><li>This growth in ad revenue, driven by a growing addressable advertising audience and a strengthening ad market, helped offset a slight 1% drop in subscription revenue.</li><li>The firm's adjusted EBITDA was up 4% year over-year and delivered a margin of 30%, up 1 percentage point from the previous year.</li></ul>

SiriusXM Holdings Inc. delivered a strong financial performance for its first quarter of 2024, with an encouraging 7% year-over-year increase in advertising revenue to over $400 million.This growth in ad revenue, driven by a growing addressable advertising audience and a strengthening ad market, helped offset a slight 1% drop in subscription revenue.The firm's adjusted EBITDA was up 4% year over-year and delivered a margin of 30%, up 1 percentage point from the previous year.

Sirius XM Holdings:  Improving Conversion

IPOs and Catalysts/Events, Global Equity Research Ltd

Arun George

IPOs and Catalysts/Events

Uncompromised, Independent, Conflict-Free Research

Global Equity Research Ltd

Global Equity Research was started in 2017 by a group of experienced research professionals. It was founded on a passionate belief in the importance and the need for uncompromised, independent, conflict-free research. We aim to provide differentiated and actionable primary and bottom up fundamental research.

Event-Driven

<ul>
<li>
<a href="https://www.smartkarma.com/entities/southern-cross-media-group-ltd" target="_blank" data-smartkarma-citation="entities:10374:1" rel="noopener">Southern Cross Media (SXL AU)</a> is re-engaging with <a href="https://www.smartkarma.com/entities/arn-media-ltd" target="_blank" data-smartkarma-citation="entities:709:1" rel="noopener">ARN Media (A1N AU)</a>/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.</li>
<li>SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.</li>
<li>While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  </li>
</ul>



Southern Cross Media (SXL AU) is re-engaging with ARN Media (A1N AU)/Anchorage at A$0.296 cash per share and 0.870 A1N shares per SXL share. Eligible shareholders get franking credits worth A$0.127.
SXL's re-engagement was driven by major shareholders, who are also supporting a motion to remove Mr Rob Murray as chairman due to the glacial pace of negotiation.
While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are trading through terms due to the large franking credits.  


Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

United States

Sirius XM Holdings Inc. broadcasts various channels of audio from its satellites. The Company provides its services throughout the continental United States for a monthly subscription fee. Sirius delivers various streams of commercial-free music in every genre, as well as streams of  news, sports, weather, talk, comedy, and public radio.

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Sirius Xm Holdings (SIRI US)

Sirius Xm Holdings Inc (SIRI) - Friday, May 31, 2024

Liberty Media's ownership history has complicated SiriusXM's story, but a recent transaction is expected to bring clarity to the company's future.

Value Investors Club (VIC)

Sirius XM Holdings: Are Its Expansion Efforts of Content Offerings Going To Prove Enough? - Major Drivers

SiriusXM reported its results for the second quarter of 2024, reflecting a multifaceted approach toward sustained growth and operational...

Baptista Research

NASDAQ 100 Index Rebalance: Arm Holdings Replaces Sirius XM

Arm Holdings will replace Sirius XM in the Nasdaq100 at the close on 21 June. There is positioning in both stocks and some of that was likely...

Brian Freitas

Sirius XM Holdings: Improving Conversion

SiriusXM Holdings Inc. delivered a strong financial performance for its first quarter of 2024, with an encouraging 7% year-over-year increase in...

Baptista Research

Southern Cross Media (SXL AU): Re-Engages with ARN Media (A1N AU)/Anchorage on Revised Terms

While the offer is light compared to long-term adjusted exchange ratios and historical prices, large shareholders are supportive. Shares are...

Arun George

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