|
|
|
|
Friday, November 8, 2019
Gray Television Inc. (GTN)
Does Q3 Political Indicate a Windfall for 2020
Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.
Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Third quarter results overachieve. Revenues of $517 million was better than our $512 million estimate, with the upside variance Political advertising ($22 million versus our $11 million estimate). Adjusted EBITDA was better than expected at $177 million versus our $158 million estimate.
- FRetrans miss. One of the key revenue and cash flow growth drivers, Retransmission and Net Retransmission, missed our Q3 expectations. The company’s Q4 guidance for Retrans and …
Get full report on Channelchek desktop.
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 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.