I am thinking that the market is reacting to Madmen having been on the books for $50m, when it was only worth $25m, so the market is taking that $25m from the market cap. There is also a profit downgrade.
Deleveraging is always good, but FUN now have to replace the revenue from Madmen, which they have said they can do. I had thought they could have spun-off Madmen to holders, but a sale doesn't hurt- Madmen was a bit risky as a product at the end of the day.
Anyone want to have a crack at the new fundamentals (PE/r and such) given today's ANN?
FUN Price at posting:
12.5¢ Sentiment: None Disclosure: Not Held
