Glenn Surowiec presented his in-depth investment thesis on QVC Group (Nasdaq: QVCA) at Best Ideas 2017.
QVC Group is the world’s leading video and ecommerce retailer with over roughly $10 billion in sales and broadcast operations in the U.S., Japan, Germany, U.K., Italy, France and a joint venture in China. QVC’s broadcast operations reaches approximately 360 million homes worldwide. In addition, QVC’s ecommerce business accounts for roughly half of overall sales, with 50% of these sales coming from mobile platforms. QVC consistently ranks in the upper echelon for brand strength and customer service, as evidenced by its exceptionally high Net Promotor Score and numerous awards from major customer service tracking firms (e.g. Foresee, etc.). QVC has fallen out of favor in the investment community because of recent softness in its U.S. business, which saw its first quarterly revenue decline in seven years. Despite having one of the premier “outsider” management teams and one of the best retail brands in the industry, QVCA is now trading at valuation levels usually reserved for “worst in class” retailers. With continued share buybacks and improved visibility around the core U.S. business, QVCA’s valuation will improve substantially over time. Conservatively, QVCA is worth $35 per share compared to its recent price of $20 per share.
About the instructor:
Glenn Surowiec started GDS Investments in 2012. From 2001 to 2012, he worked for Alsin Capital Management, Inc. as an equity research analyst (2001-2003), co-portfolio manager (2003-2008), and portfolio manager (2008-2012). Since inception in December 2008, Glenn’s client portfolios are up 25.83% annualized through December 2013. Glenn serves as a strategic advisor of ValueConferences, the leading provider of fully online investment conferences for value investors worldwide. Glenn has a BA in Management (Accounting concentration) from Gettysburg College and an MBA (Finance concentration) from Southern Methodist University. He graduated in the top 10% of his MBA class and participated in study abroad programs both as an undergraduate (Seville, Spain) and graduate student (Melbourne, Australia). His hobbies include running, cycling, golfing and youth coaching.
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