"The stock is $29. There are 228 million Class A shares and 64 million Class B, which are owned by the Dolan family. The company has $12 billion of debt and preferred shares, and I promise the Knicks will have a better record this year than last. [Cablevision owns Madison Square Garden.] If I put an 11 multiple on the Ebitda of the cable business, and assign it all of the debt, I get a $35 price, and everything else -- the cable programming, the Garden -- for free. The private-market value is in the low $40s. The Dolans are trying to take it private for $27."

Gabelli believes that Time Warner could offer to buy his last pick Cablevision, and spinn of the Madison Square Garden related assets. This would give TWX control of cable distribution in New York and LA.

Gabellie likes this stock as part of the ever growing trend towards healthy eating in the US. "Three of the fastest-growing food categories in the world in the next 10 years will be still water, functional water and yogurt, a $60 billion industry. Groupe Danone [DA] is in all three, and is the biggest player in yogurt. The stock is materially underpriced. Danone trades for €116. There are 242 million shares. It has a modest amount of debt, so enterprise value is €30 billion. It will earn about €4.80 a share in 2006, up from €4.14. This year they'll do €5.60, then €6.45. It's a 15% grower. Danone has an impressive pipeline of yogurt products"

"Next, instant noodles. This is a technologically superior product at a low cost. The instant-noodle market around the world encompasses about 86 billion servings a year. Of that, only about 5 billion or 6 billion are eaten in Japan. The real play is accelerating growth in China, where they consume about 45 billion servings a year. Nissin [2897.Japan] trades for ¥4470, or about $37 in U.S. dollars. There are 121 million shares and the company has almost ¥2 billion of cash. They are in the process of completing the purchase of Myojo Foods, another noodle company, putting their balance sheet to work. Nissin will earn about $1.70 in dollar terms for the year ending March 31. Earnings could grow at a 6%-7% rate, which is pretty high considering there is nominal inflation in Japan. The company is starting to buy back shares and will pay special in addition to regular dividends"

Gabelli likes the fundamentals of the Bourbon business.

Gabelli likes the fundamentals of the Bourbon business.

"IFF's earnings are accelerating, the company generates a lot of cash and the industry is consolidating globally. Last year, they probably earned over $2.30 a share. We see $2.60 this year and $2.90 in "08. The company is starting to buy back stock. Enterprise value is $5 billion. They had about $640 million of debt as of Sept. 30, and that is falling. The stock trades for $48.78, or 11 times Ebitda. There is growing demand for flavors and fragrances in emerging markets. In addition, product cycles are shorter. If you bought a perfume years ago it would last forever. Not any more"

Gabelli likes several stocks thanks to their buyback programs, and this is one of them.