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Randall Smith's Alden Global Capital is very bullish on Gannett Co Inc (GCI). GCI is extremely undervalued. It is trading at a stable 30% free flow cash yield, has only $2 billion in debt and is trading at just 5.09 times its earnings. Sure, it's a newspaper company but it has a great stable of titles and stations, not to mention a 2.90% dividend yield. It also has strong free cash flow. GCI is trading at $10.80 right now, but analysts are predicting the stock will go as high as $21 in the next 12 months.
The company has around $2 billion in digital assets , including popular names like Career Builder and Classified Ventures. Once the digital assets are combined with its core newspaper operations, GCI has an aggregated value of $10 billion. Even subtracting the $2 billion debt the company owes, it is delivering $8 billion of value for its $2.5 billion market cap. Even if the bottom falls out, the company's market cap is more than its debt. In other words, GCI is grossly undervalued.
Randall Smith has more than $132 million invested in the company. Several other hedge fund managers are bullish on GCI as well, including Ariel Investments' John W. Rogers, who has almost $187 million in the company (see John Rogers' top picks), and the venerable Warren Buffett, who has almost $25 million of Berkshire Hathaway's fund invested in GCI (check out Warren Buffett's top picks). 
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