Liberty SiriusXM Group (LSXMA/B/K) is trading at roughly a 27% discount to its NAV. The latest investor presentation discusses the discount:
As LSXMA is actively taking advantage of the discount by buying back shares, the discount should resolve in due time. In the past, LMCA traded at a discount to the DTV (DirectTV) shares that it owned and that trade worked out well.
My Google Sheets calculations are here (it is updated with LSXMA/B/K’s latest share prices). Use File –> Make a copy to edit it. I own LSXMA shares. This is a bet on the NAV discount narrowing as well as a bet on Sirius XM (SIRI) itself.