Technical Analyst, Vermilion Research

Joe Jasper

Technical Analyst

Technical and Quantitative Research

Vermilion Research

Vermilion’s objective is to deliver timely, actionable, and unique technical research to professional investors through the application of our various technical indicators.

Our research strategists seek to highlight securities which we believe are at major inflection points, based on our various technical and quantitative indicators, and offer asymmetric risk/return profiles. Our unique research methodology, centered on relative strength, enables our strategists to deliver superior investment recommendations.

Our process begins by organizing the universe of actively traded stocks into discrete sectors, then into industry groups. We then apply our technical and quantitative tools to identify developing price trends. Once attractive trends are identified within a selected sector or group, we screen for individual stocks which we believe offer the best risk/reward profile. We provide a historical perspective that often reveals, through our long-term charts, how price patterns often repeat themselves over time.

Technical Analysis

US Treasury (10 Yr Generic) / Technical Analysis

Ongoing market dynamics continue to support our overall bullish outlook. Continue to buy dips. In today’s report we highlight attractive Groups and stocks within Communications and Transportation: Broadcasting, Movies, Entertainment, Programming, Small-Cap, Publishing, Small-Cap, and Shipping, Dry-Bulk.

Ongoing market dynamics continue to support our overall bullish outlook. Continue to buy dips. In today’s report we highlight attractive Groups and stocks within Communications and Transportation: Broadcasting, Movies, Entertainment, Programming, Small-Cap, Publishing, Small-Cap, and Shipping, Dry-Bulk.

U.S. Equity Strategy: Upgrading Communications To Overweight; Financials Breaking Above 2007 Highs

US/Europe Event-Driven Analyst

John DeMasi

Event-Driven

<a href="https://www.smartkarma.com/entities/iheartmedia" target="_blank" data-smartkarma-citation="entities:28256:1" rel="noopener">iHeartMedia (IHRT US)</a>, the largest owner and operator of radio stations in the U.S., with 854 stations (612 FM and 242 AM), announced on March 14, 2018 an agreement with the majority of its creditors and its financial sponsors for a comprehensive restructuring of its balance sheet to reduce its debt by approximately $10 billion to less than $6 billion. The restructuring was to be pursued through a Chapter 11 <a href="https://cases.primeclerk.com/iHeartMedia/" target="_blank" rel="noopener">bankruptcy</a> process in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
The Plan of Reorganization was confirmed by the Court on January 22, 2019 and the Company exited bankruptcy on May 1, 2019 as “the number one audio company in America.”
The old, closely-held equity was wiped out and creditors and other claimants received new notes, new equity and warrants in the new iHeartMedia, along with the Company’s shares in the publicly-traded, former subsidiary, <a href="https://www.smartkarma.com/entities/clear-channel-outdoor-cl-a" target="_blank" data-smartkarma-citation="entities:5745:1" rel="noopener">Clear Channel Outdoor Cl A (CCO US)</a>, now a completely separate and independent company.
As new, publicly-traded equity securities, IHRT US shares came to the market without an IPO and without a sponsored roadshow and all the hype that usually comes with a new $2 billion equity market capitalization listing. In earlier bankruptcy waves, such as in the 1990s, post-bankruptcy/post-reorg equities were called “orphaned equities” and were often undervalued until the market came to appreciate the value inherent in some of these under-followed gems.
Will IHRT shares provide a similar bounty or has the market already tuned in to a fair valuation?

iHeartMedia (IHRT US), the largest owner and operator of radio stations in the U.S., with 854 stations (612 FM and 242 AM), announced on March 14, 2018 an agreement with the majority of its creditors and its financial sponsors for a comprehensive restructuring of its balance sheet to reduce its debt by approximately $10 billion to less than $6 billion. The restructuring was to be pursued through a Chapter 11 bankruptcy process in the U.S. Bankruptcy Court for the Southern District of Texas, Houston Division.
The Plan of Reorganization was confirmed by the Court on January 22, 2019 and the Company exited bankruptcy on May 1, 2019 as “the number one audio company in America.”
The old, closely-held equity was wiped out and creditors and other claimants received new notes, new equity and warrants in the new iHeartMedia, along with the Company’s shares in the publicly-traded, former subsidiary, Clear Channel Outdoor Cl A (CCO US), now a completely separate and independent company.
As new, publicly-traded equity securities, IHRT US shares came to the market without an IPO and without a sponsored roadshow and all the hype that usually comes with a new $2 billion equity market capitalization listing. In earlier bankruptcy waves, such as in the 1990s, post-bankruptcy/post-reorg equities were called “orphaned equities” and were often undervalued until the market came to appreciate the value inherent in some of these under-followed gems.
Will IHRT shares provide a similar bounty or has the market already tuned in to a fair valuation? 

IHeartMedia, Inc. (IHRT US) – Turn On, Tune In, Cash In

United States

Townsquare Media, Inc. provides radio broadcasting services. The Company acquires, develops, and operates radio stations and digital properties in mid-sized markets. Townsquare Media owns FM and AM radio stations throughout the United States.

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Townsquare Media Inc Cl A (TSQ US)

U.S. Equity Strategy: Upgrading Communications To Overweight; Financials Breaking Above 2007 Highs

Ongoing market dynamics continue to support our overall bullish outlook. Continue to buy dips. In today’s report we highlight attractive Groups and...

Vermilion Research

IHeartMedia, Inc. (IHRT US) – Turn On, Tune In, Cash In

iHeartMedia (IHRT US), the largest owner and operator of radio stations in the U.S., with 854 stations (612 FM and 242 AM), announced on March 14,...

John DeMasi

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52-week Range

Market Cap (USDm)

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