Gabelli Maintains Hold on Meredith

Gabelli is out with its report today on Meredith MDP, maintaining Hold. In a note to clients, Gabelli writes, "MDP is well-run and its businesses generate free cash. The roughly $7 per share decline in the stock price over the last six months leaves MDP trading at about 6.1x current year EBITDA. We calculate a $42 per share FY 2012 PMV, based on 7x EBITDA. The possibility of a (larger) share buyback could be a catalyst, and at current prices the stock is getting more interesting." At the time of posting, shares of MDP were trading at $30.61, up 1.49% from Thursday's close.