Sirius XM Stock Looks Cheap -- or Does It?

Sirius XM is cheap, but for good reasons.Sirius XM (SIRI 1.85%) is one of the most polarizing stocks in the media space.On paper, it appears to be a classic value play: a sticky subscription business, substantial free cash flow, generous buybacks, and a solid dividend. Yet the market isn't buying it -- shares are down 34% in the last 12 months (as of writing), and sentiment remains firmly negative.So what's going on? Is Sirius XM genuinely undervalued -- or is it cheap for a reason?Let's break it down. The ...