Mittleman Bearish on Aimia & CMIC Holdings, Bullish on IGT

"IGT’s share price rose from $12.97 to $14.21, for a return of +11% (including dividends), but it remains stubbornly below MIM’s average cost. At a quarter-end price of $14.21 the stock has a dividend yield of 5.6%, and a market cap. of $2.9B, only 5.8x its average annual FCF of $500M. MIM estimates IGT is worth just over $28 per share at 9x EBITDA (est. $1.53B for 2020) and 12x FCF.