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See all 5 Bulls Reasons
Bulls: Reasons To Buy

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"Earnings, while declining, are high-quality"

While the earnings are declining, they do appear trustworthy. The accrual ratio measures the difference between cash-based earnings and accounting (accrual) based earnings. The closer to zero, the better. With the exception of a spike in 2005 related to the Pulitzer acquisition, Lee’s earnings quality has been high.
1 votes
100%
agree

Return of The Bulls--And Milwaukee Mark

While most newspaper companies have been beaten up, none are a better value than Lee Corp. Lee is a well managed company and generates a good deal of free cash. In my opinion it is hard to lose. You are paid appx 8 to 10% in dividends to wait till the market rebuilds itself.
1 votes
100%
agree

Lee is less debt-ridden than competitors but valued the same

Although its valuation multiples and price performance resemble those of the other small firms, Lee is less heavily leveraged (a mere 3:1 debt/market cap ratio compared to 4:1 at McClatchy and 12:1 at Journal Register) and generates a significantly higher free cash flow yield than those firms.
1 votes
100%
agree

See all Bears Reasons
Bears: Reasons To Sell

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Revenues and Earnings will continue to decline

Until the management can effectively put their plan into action, revenues and earnings look set for continued declines. In 2007 operating income decreased $5,157,000, or 2.5%. Tax settlements reduced income tax expense by $6,880,000 in 2007. On an apples to apples basis, earnings per share declined from $1.82 to $1.66.
0 votes
0%
agree

Lots of debt could crush the company

The biggest concern relates to $306 million in notes issued in conjunction with the Pulitzer acquisition, which are due in April 2009. It would be tough to come up with that money in the current credit environment, but at some point over the next year I expect the credit... read more
1 votes
0%
agree

Send the authors a comment or suggestion

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Lee is a fine company and may be bought buy another in the industry.

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Lee provides of local news, information and advertising in primarily midsize markets, with 50 daily newspapers and a joint interest in five others, rapidly growing online sites and more than 300 weekly newspapers and specialty publications in 23 states. In 2005, the Company acquired Pulitzer and has since trimmed the combined operations by selling certain local papers and printing operations.



 Lee Enterprises
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      [edit] References

      1. ↑ 1.0 1.1 1.2 Source:DJCO form 10-k pg. 18
      2. ↑ Source:DJCO form 10-k pg.3,4
      3. ↑ 3.0 3.1 3.2 Source:GHS form 10-k pg. 71
      4. ↑ Source:GHS form 10-k pg. 7
      5. ↑ Source:JRN form 10-k pg. 39
      6. ↑ Source:JRN form 10-k pg. 3
      7. ↑ Source:JRN form 10-k pg. 39
      8. ↑ Source:JRN form 10-k pg. 4
      9. ↑ Source:JRN form 10-k pg. 33
      10. ↑ 10.0 10.1 Source:LEE form 10-k pg. 20
      11. ↑ Source:LEE form 10-k pg. 7
      12. ↑ Source:LEE form 10-k pg. 15
      13. ↑ Source:MEG form 10-k, pg. 1
      14. ↑ Source:MEG form ex-13, pg. 31
      Retrieved from "http://www.wikinvest.com/stock/Lee_Enterprises_(LEE)"
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