- Tegna is a media company that owns Cars.com and CareerBuilder.com (among others).

- Over the next few months, the company will explore strategic alternatives for these two assets.

- A DCF valuation model provides a value of $39 per share, while a sum of the parts provides a valuation of $31.7, compared to a current stock price of $22.69.

- We believe that the spin-off of Cars.com, expected in the first half of 2017, will unlock this value.

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