BRMI
BOAT ROCKER MEDIA INC.
stock TSE

Boat Rocker Media
Let me start off by saying that I have never seen an investment quite like this before. Perhaps I am missing something, but this seems like such an obvious multibagger that I must be missing something. This IS NOT a way for to ‘pump up’ the stock, post some overly complicated and completely useless charts, but rather I am looking to the community for an open discussion on what I am missing. Full disclosure, I do have around 2000 shares and less than 1% of my portfolio in this stock.
The stock is Boat Rocker Media (BRMI) and headquartered in Toronto, Ontario. It has a very small market cap ~ 50 Million. They are an integrated global media company with 3 different division/products: 1) Scripted Shows 2) Unscripted Shows 3) Kids & Family….you may have heard of some of their shows such as top chef canada, great canadian baking show, orphan black.
Anyways, enough background information, lets get into the financials and where/why I have never seen an investment like this before.
You can buy the entire company for 50 million dollars right now, yet they have 123 MILLION IN CASH AND ZERO CORPORATE DEBT. [See here for highlights from their Q2 Quarterlies.](https://www.boatrocker.com/news/press-release-details/2024/Boat-Rocker-Media-Reports-Second-Quarter-2024-Financial-Results/default.aspx)
They just sold their 51% stake in Untitled Entertainment for 52.1 million$ (again more than their entire market cap). They also have stakes/investments in other media/divisions listed on their website. They produced content for Netflix, Apple TV+, Peacock, Disney Channel, HBO, Lifetime, History, Disney+, Hulu, ROKU, TBS and the Discovery Channel.
They also announced a buyback of 2 million shares which is almost 10% of their current float.
So lets talk about the downside.
Although they have zero corporate debt, they do have liabilities such as accounts payable, deferred taxes, lease agreements, and interim production financing. This interim financing is just money for them to bridge the gap between producing the content and actually receiving money from the sale of the content to other platforms. However, it’s important to note that their total assets are almost 200 MILLION MORE than their total liabilities (almost 4x the entire valuation of the company)
Their scripted segment of their business went from 89 million (2Q 2023) to 21 million in 2Q 2024. In addition total revenue went from 191 million in the first half of 2023 to 90 million in the first half of 2024. This is concerning, but much of this is attributable to the writers strike and that has since been resolved. This is not to say it’s still not something to keep an eye out for, I just think the current market cap is an overreaction to the revenue drop.
Summary: A company with no debt, more cash on hand than their market cap, investments in several other entertainment companies, partnerships with all the major streaming platforms and several hit tv shows. If you literally bought the entire company for 50 million, I think you could sell it for 4-5x that just by auctioning off its parts.
So what are your thoughts on this investment? I know this is a long shot, but I am actually looking for thoughtful and intelligent responses. If you are just going to Yahoo Finance and looking at the stock chart please don’t comment.

Boat Rocker Media
Let me start off by saying that I have never seen an investment quite like this before. Perhaps I am missing something, but this seems like such an obvious multibagger that I must be missing something. This IS NOT a way for to ‘pump up’ the stock, post some overly complicated and completely useless charts, but rather I am looking to the community for an open discussion on what I am missing. Full disclosure, I do have around 2000 shares and less than 1% of my portfolio in this stock.
The stock is Boat Rocker Media (BRMI) and headquartered in Toronto, Ontario. It has a very small market cap ~ 50 Million. They are an integrated global media company with 3 different division/products: 1) Scripted Shows 2) Unscripted Shows 3) Kids & Family….you may have heard of some of their shows such as top chef canada, great canadian baking show, orphan black.
Anyways, enough background information, lets get into the financials and where/why I have never seen an investment like this before.
You can buy the entire company for 50 million dollars right now, yet they have 123 MILLION IN CASH AND ZERO CORPORATE DEBT. [See here for highlights from their Q2 Quarterlies.](https://www.boatrocker.com/news/press-release-details/2024/Boat-Rocker-Media-Reports-Second-Quarter-2024-Financial-Results/default.aspx)
They just sold their 51% stake in Untitled Entertainment for 52.1 million$ (again more than their entire market cap). They also have stakes/investments in other media/divisions listed on their website. They produced content for Netflix, Apple TV+, Peacock, Disney Channel, HBO, Lifetime, History, Disney+, Hulu, ROKU, TBS and the Discovery Channel.
They also announced a buyback of 2 million shares which is almost 10% of their current float.
So lets talk about the downside.
Although they have zero corporate debt, they do have liabilities such as accounts payable, deferred taxes, lease agreements, and interim production financing. This interim financing is just money for them to bridge the gap between producing the content and actually receiving money from the sale of the content to other platforms. However, it’s important to note that their total assets are almost 200 MILLION MORE than their total liabilities (almost 4x the entire valuation of the company)
Their scripted segment of their business went from 89 million (2Q 2023) to 21 million in 2Q 2024. In addition total revenue went from 191 million in the first half of 2023 to 90 million in the first half of 2024. This is concerning, but much of this is attributable to the writers strike and that has since been resolved. This is not to say it’s still not something to keep an eye out for, I just think the current market cap is an overreaction to the revenue drop.
Summary: A company with no debt, more cash on hand than their market cap, investments in several other entertainment companies, partnerships with all the major streaming platforms and several hit tv shows. If you literally bought the entire company for 50 million, I think you could sell it for 4-5x that just by auctioning off its parts.
So what are your thoughts on this investment? I know this is a long shot, but I am actually looking for thoughtful and intelligent responses. If you are just going to Yahoo Finance and looking at the stock chart please don’t comment.