Barron’s Maxim Group noted that on Sirius XM’s recent call, it reported a record Q2 with 31% EBITDA and increased FY guidance. So, they are increasing their 2014 EBITDA estimate to $1.49 billion (up 28.1% year-over-year), from $1.39 billion, as subscriber acquisition costs should continue to trend down with greater used-car subscribers driving significant margin improvement. Sirius bought back 6% of shares outstanding this quarter, and 14% since the buyback commenced last year. Liberty Media now owns 55.7% as it is not tendering any Sirius stock. The remaining repurchase authorization stands at about $1.7 billion.
Said Maxim Group in the report: