Month: June 2020

Salem Media (SALM) – Why We Are More Optimistic

Posted on by Admin

Tuesday, June 2, 2020

Salem Media (SALM)

Why We Are More Optimistic

Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines. Salem owns and operates 115 radio stations, with 73 stations in the nation’s top 25 top markets – and 25 in the top 10. Each of our radio properties has a full portfolio of broadcast and digital marketing opportunities.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    First quarter was roughly in line with expectations. Revenues of $58.25 million was in line with our $58.29 million estimate. Adj. EBITDA of $3.43 million was lower than our $4.79 million estimate, but an unexpected $1.2 million reserve for bad debt collections accounted for virtually all of the variance.

    Revenue trends in Q2 appear in line. Company provided revenues for April and May, down 24% and 23% respectively, with June trending better. We believe that our Q2 revenue estimate of $50.1 million (down 22.5%) is…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Cumulus Media Inc. (CMLS) – Why Was The Company Seeking To Lift Foreign Ownership Rules?

Posted on by Admin

Tuesday, June 2, 2020

Cumulus Media Inc. (CMLS)

Why Was The Company Seeking To Lift Foreign Ownership Rules?

CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    FCC Lifts Foreign Ownership Rules. The FCC recently lifted the Foreign Ownership rules from 25% to 100%, a significant “win” for Cumulus. In the past, Foreign companies were prohibited from owning a large stake in U.S. based media companies.

    What does this mean? Cumulus issued warrants to debt holders as a part of its bankruptcy reorganization in 2018. The company did not certify that the special warrants were 100 percent U.S. owned and controlled. The recent FCC move allows those companies to convert the warrants into voting common stock. Upon the execution of the warrants, Cumulus estimated that foreign entities would control 34 percent on a voting basis and 31 percent on an equity basis. This move also allows…


    Click to get the full report.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report.  NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

FAT Brands Inc. (FAT) – FAT Brands: Multi-brand Franchisor with Multiple Growth Avenues

Posted on by Admin

Tuesday, June 2, 2020

FAT Brands Inc. (FAT)

FAT Brands: Multi-brand Franchisor with Multiple Growth Avenues

FAT Brands Inc is a multi-brand restaurant franchising company. It develops, markets, and acquires predominantly fast casual restaurant concepts. The company provides turkey burgers, chicken Sandwiches, chicken tenders, burgers, ribs, wrap sandwiches, and others. Its brand portfolio comprises Fatburger, Buffalo’s Cafe and Express, and Ponderosa and Bonanza. The company’s overall footprint covers nearly 32 countries. Fatburger generates maximum revenue for the company.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

We are Initiating Coverage on this Company.

    Initiating Coverage. We are initiating coverage of FAT Brands Inc. Our rating is based on the current unknown impacts of the economic crisis on the restaurant industry and the Company in particular. However, we look favorably upon the Company’s management team, its past success in turning around acquired brands, growth potential, the Company’s M&A strategy, and solid existing financial position.

    Company Overview. FAT Brands is a franchisor of various restaurant concepts. At the end of 2019, the Company’s franchisees operated 374 locations under seven different banners across four continents and 31 countries. System-wide revenues were $394 million in 2019. FAT generates revenues through one time franchise fees as well as ongoing royalty payments. The Company’s asset…



    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Why We Are More Optimistic

Posted on by Admin

Tuesday, June 2, 2020

Salem Media (SALM)

Why We Are More Optimistic

Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines. Salem owns and operates 115 radio stations, with 73 stations in the nation’s top 25 top markets – and 25 in the top 10. Each of our radio properties has a full portfolio of broadcast and digital marketing opportunities.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    First quarter was roughly in line with expectations. Revenues of $58.25 million was in line with our $58.29 million estimate. Adj. EBITDA of $3.43 million was lower than our $4.79 million estimate, but an unexpected $1.2 million reserve for bad debt collections accounted for virtually all of the variance.

    Revenue trends in Q2 appear in line. Company provided revenues for April and May, down 24% and 23% respectively, with June trending better. We believe that our Q2 revenue estimate of $50.1 million (down 22.5%) is…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Why Was The Company Seeking To Lift Foreign Ownership Rules?

Posted on by Admin

Tuesday, June 2, 2020

Cumulus Media Inc. (CMLS)

Why Was The Company Seeking To Lift Foreign Ownership Rules?

CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    FCC Lifts Foreign Ownership Rules. The FCC recently lifted the Foreign Ownership rules from 25% to 100%, a significant “win” for Cumulus. In the past, Foreign companies were prohibited from owning a large stake in U.S. based media companies.

    What does this mean? Cumulus issued warrants to debt holders as a part of its bankruptcy reorganization in 2018. The company did not certify that the special warrants were 100 percent U.S. owned and controlled. The recent FCC move allows those companies to convert the warrants into voting common stock. Upon the execution of the warrants, Cumulus estimated that foreign entities would control 34 percent on a voting basis and 31 percent on an equity basis. This move also allows…


    Click to get the full report.

This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report.  NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

FAT Brands: Multi-brand Franchisor with Multiple Growth Avenues

Posted on by Admin

Tuesday, June 2, 2020

FAT Brands Inc. (FAT)

FAT Brands: Multi-brand Franchisor with Multiple Growth Avenues

FAT Brands Inc is a multi-brand restaurant franchising company. It develops, markets, and acquires predominantly fast casual restaurant concepts. The company provides turkey burgers, chicken Sandwiches, chicken tenders, burgers, ribs, wrap sandwiches, and others. Its brand portfolio comprises Fatburger, Buffalo’s Cafe and Express, and Ponderosa and Bonanza. The company’s overall footprint covers nearly 32 countries. Fatburger generates maximum revenue for the company.

Joe Gomes, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

We are Initiating Coverage on this Company.

    Initiating Coverage. We are initiating coverage of FAT Brands Inc. Our rating is based on the current unknown impacts of the economic crisis on the restaurant industry and the Company in particular. However, we look favorably upon the Company’s management team, its past success in turning around acquired brands, growth potential, the Company’s M&A strategy, and solid existing financial position.

    Company Overview. FAT Brands is a franchisor of various restaurant concepts. At the end of 2019, the Company’s franchisees operated 374 locations under seven different banners across four continents and 31 countries. System-wide revenues were $394 million in 2019. FAT generates revenues through one time franchise fees as well as ongoing royalty payments. The Company’s asset…



    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Energy Fuels (UUUU)(EFR:CA) – Reinforcing its Role in the U.S. Critical Minerals Supply Chain

Posted on by Admin

Monday, June 1, 2020

Energy Fuels (UUUU)(EFR:CA)

Reinforcing its Role in the U.S. Critical Minerals Supply Chain

As of April 24, 2020, Noble Capital Markets research on Energy Fuels is published under ticker symbols (UUUU and EFR:CA). The price target is in USD and based on ticker symbol UUUU. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Energy Fuels is the largest uranium producer in the U.S. and holds more production capacity and uranium resources than any other U.S. producer. The Company also produces vanadium. Headquartered in Colorado, Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Facility in Wyoming, and the Alta Mesa ISR Facility in Texas. The producing White Mesa Mill is the only conventional uranium mill in the U.S. and has a licensed capacity of 8 million pounds of U3O8 per year. Nichols Ranch is in production and has a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is currently on standby. Energy Fuels also owns several licensed and developed uranium and vanadium mines on standby and other projects in development

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Department of Energy update on nuclear leadership strategy. The U.S. Department of Energy hosted a webinar on Friday, May 29 to discuss the Trump Administration’s strategy to restore American nuclear leadership. While the discussion did not provide much in the way of new information, it served to reaffirm the strategic importance of the front end of the nuclear fuel cycle and a desire to revive and strengthen the domestic uranium mining industry.

    Energy Fuels evaluates feasibility of processing rare earth elements (REE). While Energy Fuels’ primary business is uranium production and mining, the company is evaluating the expansion of its mission to include processing rare earth elements to enhance the domestic supply chain for critical minerals and…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision. 

Reinforcing its Role in the U.S. Critical Minerals Supply Chain

Posted on by Admin

Monday, June 1, 2020

Energy Fuels (UUUU)(EFR:CA)

Reinforcing its Role in the U.S. Critical Minerals Supply Chain

As of April 24, 2020, Noble Capital Markets research on Energy Fuels is published under ticker symbols (UUUU and EFR:CA). The price target is in USD and based on ticker symbol UUUU. Research reports dated prior to April 24, 2020 may not follow these guidelines and could account for a variance in the price target.
Energy Fuels is the largest uranium producer in the U.S. and holds more production capacity and uranium resources than any other U.S. producer. The Company also produces vanadium. Headquartered in Colorado, Energy Fuels holds three of America’s key uranium production centers: the White Mesa Mill in Utah, the Nichols Ranch ISR Facility in Wyoming, and the Alta Mesa ISR Facility in Texas. The producing White Mesa Mill is the only conventional uranium mill in the U.S. and has a licensed capacity of 8 million pounds of U3O8 per year. Nichols Ranch is in production and has a licensed capacity of 2 million pounds of U3O8 per year. Alta Mesa is currently on standby. Energy Fuels also owns several licensed and developed uranium and vanadium mines on standby and other projects in development

Mark Reichman, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Department of Energy update on nuclear leadership strategy. The U.S. Department of Energy hosted a webinar on Friday, May 29 to discuss the Trump Administration’s strategy to restore American nuclear leadership. While the discussion did not provide much in the way of new information, it served to reaffirm the strategic importance of the front end of the nuclear fuel cycle and a desire to revive and strengthen the domestic uranium mining industry.

    Energy Fuels evaluates feasibility of processing rare earth elements (REE). While Energy Fuels’ primary business is uranium production and mining, the company is evaluating the expansion of its mission to include processing rare earth elements to enhance the domestic supply chain for critical minerals and…


    Click to get the full report.

This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst
certification and important disclosures included in the full report. 
NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.