Television broadcaster and magazine advertiser, MeredithCorporation (MDP, Financial) traded higher in the period on better than expected top-line and adjusted EBITDA growth, reflecting robust political advertising, cost discipline and continued strength in digital contributions. Importantly, national digital advertising revenue surpassed print for the first time. In our view, Meredith remains well positioned to continue to generate strong free cash flow while deleveraging the balance sheet. At current valuations, the company is trading at an 30% discount to our assessment of private market value.
From John Rogers (Trades, Portfolio)' Ariel Fund first-quarter 2021 commentary.
