Daniel Miller: Investing With Conviction

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Daniel Miller, is a PM at Mario Gabelli’s Gabelli Funds. The topic of Daniel Miller’s presentation is “Investing With Conviction”. Miller is the next speaker up at the 9th Annual Value Investing Congress.

Daniel Miller: Investing With Conviction

Daniel Miller is a Managing Director of GAMCO Investors (NYSE: GBL), a value oriented financial firm with over $40 billion AUM.  Since January 2012, Miller has been the lead portfolio manager of the Gabelli Focus Five Fund, a concentrated value oriented mutual fund.  Miller is also Chairman of Gabelli & Company, the firm’s institutional research business. Check out ValueWalk’s interview with Miller here.

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Daniel Miller live coverage

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This guys is like 32 years old…..

Talking about the concentration of his fund and conviction.  Results for the fund YTD up 18% with 20% in cash!

Just made a joke about Bitcoin….HILARIOUS

(11:13am EST) –3 Ideas

RealD (NYSE:RLD) —mkt cap $330

manufacture a device that creates 3D from 2D.  Sell to movie theaters for free,where in return they get 1o year contract and make $2-3 or so per ticket sold

Trades for 5.5x EBITDA…closest competitor IMAX trades at 12x EBITDA.  Potential buyer could be Dolby (NYSE:DLB)

CEO owns over 10% of shares outstanding

Opportunity to cut costs by 10-15% over next year

Currently buying back stock, bought back 10% recently and still $8M on buyback plan

2014 EBITDA= $60M and apply a 6x multiple he gets a price target of $13

next idea

InterNap (NASDAQ:INAP) –mkt cap $330M —Data centers and IP servers and Cloud

Colocation growing 15% CAGR, Managed Hosting growing 20% CAGR, and cloud growing 35% CAGR

Price target: 2014 EBITDA $63m with 10x multiple gets you to $10.50/share

(11:20am EST)  Next Idea

Guidance (NASDAQ:GUID) –mkt cap $225M —e-discovery software company

founder/CEO owns roughly 35% of company

Guidance S: 2014 EBITDA $14M with 3.5x multiple to get $16/share

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