Updated thoughts on Barnes & Noble (BKS)

Please see the below article for my updated thoughts on Barnes & Noble. Quick summary: business performed well in most-significant 3Q, valuation remains compelling at <5x EV/EBITDA, and spin-off of the College business in August provides a hard catalyst to unlock value. I still think the stock is worth $30+ (vs current px $23.3), with bear case assumptions suggesting a mid-$20s stock price. Hence, still quite favorable risk-reward on the long side.

http://seekingalpha.com/article/3003226-barnes-and-noble-still-an-attractive-turnaround-spin-off-story

Disclosure: long BKS

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