We have spent eight months following and researching the spinoff of Liberated Syndication.

Here is the investment case in a nutshell:

Liberated Syndication (Ticker: LSYN) is microcap software-as-a-service (SAAS) business with recurring revenue growing 25%+ annually trading at 3.1x earnings. LSYN is a pure play on continued secular growth of the podcasting industry.

Sounds pretty interesting right?

As shown in the chart below, the podcast industry is growing very nicely:



And LSYN has grown right along with it:





So whats the catch?

Well for starters, LSYN has a $9.2mm market cap and is incredibly illiquid, and its management team does not have the best reputation, to put it mildly.

Nonetheless, after eight months of work, we’ve concluded that it is likely worth multiples of its current share price. After all, LSYN is a business that generates a 20.4% ROE. It has EBITDA margins of 35%. Revenue is recurring. It is a market leader in an industry with secular tailwinds.

We have published a sixteen page report for $97 that is available here.

The report will save you eight months of research and includes:

– Fab Universal / Liberated Syndication History

– Podcast Industry Overview

– Podcast Industry Competitive Landscape

– Valuation Analysis: LSYN vs. Internet Content & Information Industry

– Profitability and Capital Efficiency: LSYN vs. Internet Content & Information Industry

– LSYN Management Incentives Including Analysis of Management Stock Options

– LSYN Key Risks

– Financial Model with Projections through 2018

Receive instant access to the report here:


Let me know what you think!