#141: Trey Henninger on Entercom, Northfield Precision, and a New SEC Rule Impacting Dark Companies

Join Eric Schleien with today's interview guest, Trey
Henninger, as they talk about Entercom, Northfield
Precision, and the new SEC rule that impacts dark companies and
small businesses. By taking a close look at the outcomes and
probabilities close to ETC and the merger made with CBS Radio, he
explains what Entercom holds for the next 12-18 months and tells
us the technicalities on why he thinks owning shares from the
company can still end up positively.
Summary

In this episode, Trey will also be getting into all the old news,
the expected, and the good with Northfield Precision Instrument
Corp. Listen as he discusses the company's performance during the
pandemic, their ROI report, and how NFPC will seemingly be
affected by the new SEC rule that targets dark companies. For
Trey, once the new regulation comes into effect in the following
months or years, going expert or grey may become an option to be
considered for Northfield.


Going in further on the upcoming SEC rule, tune in as Trey
explains what the regulation aims to do, what it requires from
business entities, how it can backfire, and what it means to
trade without a quoted price –a scenario that may just mean good
deals for experts. For him, there are always as many
opportunities in matters like these as there are risks in every
leverage.
  About Trey Henninger:

Trey Henninger runs the blog and podcast DIY Investing. Trey is a
private value investor focused on microcap and dark stocks in the
United States. His focus is on high-quality companies with
predictable, durable earnings where management has
skin-in-the-game.


Trey runs a concentrated portfolio of 5 stocks with a 20%
weighting each. By focusing on small companies, Trey hopes to
find overlooked compounders at value prices. His favorite
opportunities have a market cap below $50 million.


Website

Twitter

Email            

The DIY Investing Podcast (on all major platforms)



 
Outline of the episode:

[00:42] Entercom Communications – America's #2 Radio
Broadcasting Company.

[02:18] ETC as a radio company and as a growing digital audio
presence.

[02:49] The crashing merger of ETC and CBS Radio.

[03:46] Binary outcomes and the probabilities for the company
now.

[06:55] What the debt market is telling about it.

[08:03] Covid as an excuse...; The company's ownership.

[09:49] A business with no assets, basically.

[13:09] Bad as expected – Northfield Precision

[15:54] What SEC Rule is, not retail investor-friendly.

[16:40] How the new regulation can backfire – a theory!

[18:25] What it means to not get quoted a price…

[19:45] Anytime you have leverage, there's risk and also
lots of opportunities.



 


Resources:


CBS Radio and Entercom merger


Follow and subscribe to the new, The Eric Schleien Podcast:


 
About Eric Schleien:

Over the past decade, Eric has trained thousands of individuals,
including board members of public companies as well as several
Fortune 500 CEOs. Eric specializes in organizational culture and
has become a leading authority on organizational culture in the
investment industry.


Eric has been investing for 15 years and has been using
breakthrough coaching methodologies for over a decade. Eric had
the insight to combine proven coaching methodologies with
shareholder activism techniques to create an entirely new model
for shareholder activism that was more reliable and created
greater sustainable results in a rapid period of time. On
average, Tribal Leadership produces a 3-5x increase in profits of
culturally troubled companies within an average of 24 months or
less.


Eric currently resides in Philadelphia, PA.


 
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