Sirius XM: just like those bigger guys…

Every day, public companies make presentations at various industry conferences all over the globe. Most of these presentations are way too long and about as interesting as watching paint dry. Still, the road shows continue, because, nobody else has come up with a more efficient way to disseminate information, put a room full of people to sleep and claim a tax deduction at the same time. But every now and then, along comes one that makes you at least scratch your head, which is exactly what happened when we saw this presentation made by Sirius XM (SIRI) at their annual meeting last week.

While the first 8 slides are a boring recount of history, things start to get going around Slide #12, when they post a bunch of links for various sites like Facebook and Twitter, which, of course is code for “we get social media”. Deeper into the deck, there’s the ubiquitous Iphone App. We also like #15, which talks about the growing adaptation of Sirius as a percentage in OEMs like, um, GM, which is also in the news today. There’s just one problem — car sales have fallen dramatically, which makes a higher percentage kind of moot.

Further down, there’s a slide on churn, which shows that Sirius is better than HBO and Netflix (NFLX), but not as good as Dish Network (DISH) and DirectTV (DTV). And there’s another slide that compares the company to a bunch of other web-oriented radio companies like Last.FM and Pandora (which does have a cool Iphone app that I use on long road trips).

But our favorite slide comes near the end of the deck, when Sirius brags that it’s the 140th “most valuable” company on Nasdaq and then notes that it has a similar valuation to both Netflix and Dreamworks (DWA). Of course, that comparison seems a bit odd since both Netflix and Dreamworks have market caps that are over $2 billion, while Sirius is at $1.4 billion. And there’s the matter of stock price: Sirius is trading at around 36 cents a share, which automatically eliminates it from the screens set up by many large investors.