Saga Communications, Inc. is a broadcast company whose business is primarily devoted to acquiring, developing and operating radio stations, television stations and state radio networks. Saga currently owns or operates broadcast properties in 26 markets, including 61 FM and 30 AM radio stations, 3 state radio networks, 2 farm radio networks, 5 television stations and 4 low power television stations. Saga’s strategy is to operate top billing radio and television stations in mid sized markets, defined as markets ranked (by market revenues) from 20 to 200. Saga’s radio stations employ a myriad of programming formats, including Classic Hits, Adult Contemporary, Active Rock, Oldies, News/Talk, Country and Classical. Saga’s television stations are affiliated with CBS and Fox in Joplin, MO; CBS in Greenville, MS; ABC, Fox, NBC, Telemundo and Univision in Victoria, TX. In operating its stations, Saga concentrates on the development of strong decentralized local management, which is responsible for the day-to-day operations of the stations in their market area and is compensated based on their financial performance as well as other performance factors that are deemed to effect the long-term ability of the stations to achieve financial objectives. Saga began operations in 1986 and became a publicly traded company in December 1992. The stock trades on the NYSE Amex under the ticker symbol “SGA”.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Initiating coverage. We are initiating coverage with an Outperform rating and establishing a $27 price target. Our favorable rating is based on a combination of above average revenue and cash flow growth opportunities and attractive stock valuation.
Untapped growth opportunities. Over the past 15 years, the company outperformed its industry peer revenue and cash flow growth, at least until most recently as the industry moved to expand fast growing Digital revenue streams. We believe that the company’s Digital revenue opportunity is largely in front it, offering above average revenue and cash flow growth opportunities.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Investors Have Far Fewer Reservations Against Investing in Leisure
Memorial Day Weekend in the U.S. marks the beginning of the travel season. After a few years on hiatus, as a result of Covid-19 restrictions, travel in 2023 is expected to surpass pre-pandemic numbers. While many investors are focused on the debt ceiling, less accommodative monetary policy, and looking for an entry point to invest in AI technology, post-pandemic travel plans are increasing – and the returns of some companies reflect this. One segment of the travel sector has benefitted and provided double-digit YTD stock returns. Below we discuss this segment and the potential for the future.
Travel Booking Stocks
When was the last time you went to an airline website to book a flight with them, or even a hotel for that matter? Most of us now find ourselves on a booking website when we’re planning a vacation. On these platforms, we can compare prices more easily, and if we’d like, add on extras like a car rental. Some even have proprietary package deals.
Technological advancements have created even greater efficiencies among booking and vacation travel package companies. Other positives for growth are pent-up demand, diversified revenue streams, and valuations still considered attractive. These all provide a backdrop and potential for the medium and long-term growth of the travel booking industry.
The chart above is a year-to-date sampling of examples of stocks in this leisure segment that have outperformed the overall market (S&P 500). Below, from weakest performer to strongest, are details of each company’s unique business, market cap, and other interesting investor information:
Expedia (EXPE) is a global travel company that provides a wide range of travel services, including flights, hotels, car rentals, and vacation packages.
This is a large cap stock with a current market cap of $14.33 billion, at $96.85 per share.
The company is headquartered in Seattle, Washington.
Booking Holdings (BKNG) is a travel company that owns a number of popular travel brands, including Booking.com, Priceline.com, and Kayak.com.
This is a large-cap stock with a current market cap of $97.61 billion, at $45.41 per share.
The company is headquartered in Norwalk, CT.
Allegiant Travel (ALGT) is a leisure travel company that provides travel services and other products to under-served cities in the U.S. This includes flights between vacation destinations. As of February 1, 2023, Allegiant operated a fleet of 122 Airbus A320 series aircraft.
This is a small cap stock with a current market cap of $1.85 billion, at a price of $99.96 per share.
The company is headquartered in Las Vegas, Nevada.
Travelzoo (TZOO) has a unique business model as it operates as an Internet media company that provides travel, entertainment, and deals from travel and leisure businesses worldwide. Publication products include the Travelzoo Top 20 email newsletter, Travelzoo emails, Travelzoo Network, Travelzoo mobile applications, Jack’s Flight Club website, Jack’s Flight Club mobile applications, and Jack’s Flight Club newsletters.
The year-to-date performance of TZOO is 10x that of the S&P 500.
In a research report dated April 28, 2023, Michael Kupinski, the senior research analyst for media and entertainment, had this to say about Travelzoo, “We believe that there is a disconnect with investors and the improved fundamentals at the company. Near current levels, the TZOO shares appear compelling, trading at 5.3 times Enterprise Value to our 2024 cash flow estimate or below the low end of the company’s 10-year and 15-year average trading ranges.” See the report here.
Current market cap is $133.05 million, at $8.69 per share.
The company is headquartered in New York, NY.
Image: “This Memorial Day weekend could be the busiest at airports since 2005” – AAA Newsroom
Take Away
Travel booking companies are well-positioned to benefit from the recovery of the overall leisure industry. Small cap travel booking companies are often more nimble and innovative than larger companies; this could give them an advantage in the travel booking market.
People are spending more money on travel. Companies like those mentioned above welcome the opening of China, allowing citizens to travel and return. In addition to the overall post-pandemic volume of business, travelers are spending more money on trips than they did before the restrictions.
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL), the global leader in bowling entertainment, announced today that it has completed the acquisition of Paradise Lanes Entertainment Center in the state of Washington.
Paradise Lanes Entertainment Center is located in Tacoma, WA, 32 miles southwest of Seattle. This center features 32 bowling lanes, an arcade, billiards, a full-service bar and restaurant, and VIP party rooms. This acquisition marks the Company’s fourth location in the state.
“We are pleased to continue our expansion in the state of Washington,” said Thomas Shannon, Founder and CEO of Bowlero Corp. “Today’s announcement illustrates our commitment to growth as we continue our expansion through 2023. As always, through each acquisition, we continue to prioritize our guests, bringing new customers the world-class Bowlero experience. We look forward to our presence in Tacoma and further growth opportunities throughout the year.”
Paradise Lanes Entertainment Center is expected to open under Bowlero Corp. management on Friday, May 26th.
About Bowlero Corp
Bowlero Corp. is the global leader in bowling entertainment, media, and events. With more than 325 bowling centers across North America, Bowlero Corp. serves more than 30 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com
Acquisition strengthens Entravision’s service offerings in Europe and Middle East, while adding a talented team of industry specialists within the e-commerce, entertainment and gaming arenas
SANTA MONICA, Calif.–(BUSINESS WIRE)– Entravision (NYSE: EVC) announced today that it has completed the acquisition of BCNMonetize, a leading global mobile app marketing solutions company headquartered in Barcelona.
BCNMonetize provides mobile user acquisition, retention strategies and customer engagement solutions within the mobile app market. BCNMonetize’s performance-based solutions appeal to trusted brands around the world, with over 100 clients in verticals including e-commerce, entertainment and gaming. The acquisition expands the Company’s geographic presence in Spain and into Turkey, a new market for Entravision, with an international team of mobile marketing experts.
“We welcome BCNMonetize and its outstanding team of specialists, as we further our commitment to be a preferred growth partner for brands in more than 40 countries,” said Chris Young, Interim CEO & CFO of Entravision. “This acquisition bolsters Entravision’s sales execution capabilities and allows us to keep capitalizing on the thriving global app market, with global mobile app user spending projected to increase from $469 billion in 2022 to $613 billion in 2025. We believe the addition of BCNMonetize will strengthen our foothold in new and emerging markets and advance our strategy to become one of the world’s largest digital advertising solutions companies.”
“We are excited to join the Entravision team as we continue to provide customized solutions for mobile app marketers around the world,” added Emre Atalay, Co-Founder and CEO of BCNMonetize. “I am confident the combination of our expertise and Entravision’s technology, scale and international presence will deliver best-in-class results for our brands and clients.”
BCNMonetize’s highly complementary product offering will be fully integrated into the Company’s existing mobile growth solutions business, a key focus area within its Digital segment. All BCNMonetize employees will remain with the business.
About Entravision Communications Corporation
Entravision is a global advertising solutions, media and technology company. Over the past three decades, we have strategically evolved into a digital powerhouse, expertly connecting brands to consumers in the U.S., Latin America, Europe, Asia and Africa. Our digital segment, the company’s largest by revenue, offers a full suite of end-to-end advertising services in 40 countries. We have commercial partnerships with Meta, Twitter, TikTok and Spotify, and marketers can use our Smadex and other platforms to deliver targeted advertising to audiences around the globe. In the U.S., we maintain a diversified portfolio of television and radio stations that target Hispanic audiences and complement our global digital services. Entravision remains the largest affiliate group of the Univision and UniMás television networks. Shares of Entravision Class A Common Stock trade on the NYSE under ticker: EVC. Learn more about our offerings at entravision.com or connect with us on LinkedIn and Facebook.
Forward-Looking Statements
This press release contains certain forward-looking statements. These forward-looking statements, which are included in accordance with the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, may involve known and unknown risks, uncertainties and other factors that may cause the Company’s actual results and performance in future periods to be materially different from any future results or performance suggested by the forward-looking statements in this press release. Although the Company believes the expectations reflected in such forward-looking statements are based upon reasonable assumptions, it can give no assurance that actual results will not differ materially from these expectations, and the Company disclaims any duty to update any forward-looking statements made by the Company. From time to time, these risks, uncertainties and other factors are discussed in the Company’s filings with the Securities and Exchange Commission.
Entravision: Christopher T. Young Interim CEO and CFO 310-447-3870
CULVER CITY, Calif., May 22, 2023 (GLOBE NEWSWIRE) — Snail, Inc. (Nasdaq: SNAL) (“Snail” or “the Company”), a leading, global independent developer and publisher of interactive digital entertainment, today announced the successful introduction of Project Hermes, an innovative Web 3 gaming venture, at Consensus 2023 held in April in Austin, Texas.
Project Hermes is a massive sandbox survival game that masterfully integrates blockchain technology into gaming to create a unique and immersive gameplay. Powered by Snail’s in-house “Flexi” engine, the game delivers stunning visuals and seamless gameplay, allowing players to explore, build, and compete as they traverse the galaxy.
The game features an open-world design with diverse planetary terrains and resources, offering unparalleled freedom to explore and conquer. Players can discover new planets, battle alien tribes, and gather resources to survive. Project Hermes allows players to create unique in-game identities and develop personalized gameplay strategies. The open-world design grants players the freedom to traverse and conquer various planets, each with distinctive terrain and resources. Furthermore, Project Hermes incorporates multiplayer elements, enabling players to form alliances, engage in battles, and conquer planets collaboratively.
Jim Tsai, Chief Executive Officer of Snail, commented, “Project Hermes represents a significant milestone for Snail as we merge cutting-edge blockchain technology with our rich gaming heritage. We are delighted with the positive reception of our innovative game at Consensus 2023. As we progress, we remain committed to being a game-changer in the gaming industry, offering players an immersive and engaging gaming experience that caters to both seasoned gamers and casual players alike.”
About Snail, Inc.
Snail is a leading, global independent developer and publisher of interactive digital entertainment for consumers around the world, with a premier portfolio of premium games designed for use on a variety of platforms, including consoles, PCs and mobile devices.
Forward-Looking Statements
This press release contains statements that constitute forward-looking statements. Many of the forward-looking statements contained in this press release can be identified by the use of forward-looking words such as “anticipate,” “believe,” “could,” “expect,” “should,” “plan,” “intend,” “may,” “predict,” “continue,” “estimate” and “potential,” or the negative of these terms or other similar expressions. Forward-looking statements appear in a number of places in this press release and include, but are not limited to, statements regarding Snail’s intent, belief or current expectations. These forward-looking statements include information about possible or assumed future results of Snail’s business, plans and objectives. The statements Snail makes regarding the following matters are forward-looking by their nature: growth prospects and strategies; launching new games and additional functionality to games that are commercially successful; its ability to retain and increase its player base and develop new video games and enhance existing games; assumptions underlying any of the foregoing.
Sandy Breland Named Gray’s Chief Operating Officer
May 22, 2023 07:00 ET|
ATLANTA, May 22, 2023 (GLOBE NEWSWIRE) — Gray Television, Inc. (“Gray”) (NYSE: GTN) promoted Sandy Breland from Senior Managing Vice President to the role of Executive Vice President and Chief Operating Officer, effective today. Sandy succeeded Bob Smith, who recently retired after a long career with Gray in various capacities.
“Sandy has vast talents and experience in leading local news-focused operations that have earned her enormous respect within Gray and throughout our industry,” explained Gray’s Executive Chairman Hilton H. Howell. “She is the natural choice to lead Gray’s unique portfolio of leading television stations, and we are thrilled to announce her promotion as our new Chief Operating Officer.”
In early 2019, Sandy joined Gray as a Senior Vice President of Local Media upon Gray’s acquisition of Raycom Media, where she served as a Group Vice President. In her current role, she has overseen a portfolio of television stations and local digital platforms in 16 markets as well as Gray’s Washington DC News Bureau, its National Investigative Unit, and news support services for all markets. Last year, she assumed oversight of Recruiting and Gray’s new in-house News Research and Consulting operation. Sandy also has oversight of InvestigateTV, a weekly program airing across Gray’s stations.
Sandy has over 30 years of experience in local broadcasting and has received some of the industry’s highest honors. Her career has included General Manager of WVUE-TV (Fox) in New Orleans, Louisiana, and WAFB/WBXH in (CBS/MyNetwork) Baton Rouge, Executive News Director of KTVK-TV (Arizona’s Family TV3) in Phoenix, Arizona, and Executive News Director of WWL-TV (CBS) in New Orleans.
Sandy was honored with a Peabody and an Edward R. Murrow award for her planning and execution of Hurricane Katrina coverage during her time at WWL-TV. She proudly serves on the Board of Directors for the Carole Kneeland Project for Responsible Journalism. Sandy is a recipient of the RTNDF’s First Amendment Award and the Society of Professional Journalists’ Sigma Delta Chi Award for public service. In addition to a Bachelor’s in Journalism from Loyola University-New Orleans, she has attended continuing education sessions at Columbia University’s Sulzberger Leadership Program, Missouri University’s Management Program for Broadcast Professionals, and the Poynter Institute.
About Gray:
Gray Television, Inc. is a multimedia company headquartered in Atlanta, Georgia. Gray is the nation’s largest owner of top-rated local television stations and digital assets in the United States. Its television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 102 markets with the first and/or second highest rated television station. It also owns video program companies Raycom Sports, Tupelo Media Group, and PowerNation Studios, as well as the studio production facilities Assembly Atlanta and Third Rail Studios. Gray owns a majority interest in Swirl Films. For more information, please visit www.gray.tv.
Gray Contact
Hilton H. Howell, Jr., Executive Chairman and Chief Executive Officer, 404-266-5513
Pat LaPlatney, President and Co-Chief Executive Officer, 334-206-1400
Jim Ryan, Executive Vice President and Chief Financial Officer, 404-504-9828
Kevin P. Latek, Executive Vice President, Chief Legal and Development Officer, 404-266-8333
RICHMOND, Va.–(BUSINESS WIRE)– Bowlero Corp. (NYSE: BOWL), the global leader in bowling entertainment, announced today that it has completed the acquisition of Andy B’s, marking the Company’s first center in the state of Tennessee. Andy B’s will be open to the public on May 19th, under the Bowlero name.
Andy B’s, opening as Bowlero Bartlett, is located in Bartlett, TN, 13 miles outside of Memphis. This 44-lane center is made up of 32 traditional lanes and 12 private lanes featuring state-of-the-art audio and lighting with 50 feet of video displays. Andy B’s is also home to an interactive arcade, a snack bar and grill, and a full-service bar.
“We are pleased with our continued growth, officially expanding our national footprint in 34 states with the acquisition of Andy B’s,” stated Thomas Shannon, Founder and CEO of Bowleo Corp. “This acquisition echos our focus on expansion in new markets, giving us the opportunity to provide new guests with the unique Bowlero experience. We are looking forward to this next chapter while looking ahead to new growth opportunities throughout the year.”
About Bowlero Corp
Bowlero Corp. is the global leader in bowling entertainment, media, and events. With more than 325 bowling centers across North America, Bowlero Corp. serves more than 30 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com
Record pipeline and recent contract wins expected to accelerate revenue growth in second half of 2023
Merger integration underway with $8 million of annualized cost savings expected in 2023
Company initiates 2023 guidance reflecting pro-forma sales of $75 to $80 million, and annual gross margins of 30% – 35%
TORONTO, ON / ACCESSWIRE / May 18, 2023 / GameSquare Holdings, Inc. (“GameSquare“, or the “Company“) (NASDAQ:GAME)(TSXV:GAME) announced that GameSquare Esports, Inc. has filed its standalone financial results for its first quarter ended March 31, 2023. As a result of the April 11, 2023 merger of GameSquare Esports and Engine Gaming and Media, Inc. (“Engine Gaming”), GameSquare provided a pro-forma income statement for the 2023 first quarter. The Company expects to file its second quarter 2023 consolidated financial statements for the combined entity, in August of 2023. The Company also provided 2023 guidance as a consolidated company.
“With the merger now behind us, our business momentum is accelerating, driven by a record pipeline, increasing ad spend, and the benefits of the merger. In addition, we believe advertising partners are already recognizing the value of our combined company’s assets. We recently have signed several significant brand deals across numerous verticals, including healthcare, automotive, and CPG, with average expected contract values north of seven figures. We believe that our record pipeline and recent wins indicate that global brands see the value of GameSquare’s leading end-to-end media platform and our success helping companies connect with gaming and youth audiences. As a result of the merger, GameSquare now serves approximately 350 brands, 1,500 creators, and has an aggregate audience reach over 500 million,” said Justin Kenna, CEO of GameSquare.
“Since our inception in late 2020, we have invested heavily in our business to build industry leading capabilities, create new and innovative revenue opportunities, complete a transformational merger, and assemble a team of experienced, motivated, and passionate leaders, talent, and influencers. With a solid foundation, we are focused on successfully integrating the merger, scaling our business, and pursuing a path to profitability. As we look forward, we believe pro-forma annual sales of the combined company in 2023 will be between $75 and $80 million. In addition, we have identified approximately $8 million of annualized cost savings and other opportunities to streamline and optimize the combined company. We expect annual gross margin in 2023 will range between 30% and 35%. As a result, we believe we will see significant improving trends towards profitability starting in the second half of 2023,” continued Mr. Kenna.
“I am encouraged by the growing momentum underway, as we focus over the near-term on integrating the merger, growing sales, and accelerating our path to profitability. I am excited by the direction we are headed, and I look forward to updating you on the progress we are making as we convert our growing pipeline into profitable sales,” concluded Mr. Kenna.
First Quarter 2023 GameSquare Esports Standalone Highlights (Comparisons are to Prior Year Period)
Revenue of $5,050,713, compared to $5,040,074
Gross margin increased to 40.2%, compared to 32.6%
Net loss of $4,258,273, compared to a net loss of $3,993,629
Adjusted EBITDA loss of $2,255,835, compared to a loss of $2,742,172
First Quarter 2023 Pro-Forma Highlights
Revenue of $13,843,347, compared to $12,897,929 in the prior year period
Gross margin of $4,267,983 or 30.8% in Q1 23
Net loss of $12,150,604 in Q1 23
Adjusted EBITDA loss of $5,045,947, compared to loss of $7,333,281 in the prior year period
Conference Call Details
Justin Kenna, CEO, Lou Schwartz, President, Paul Bozoki, former CFO of GameSquare Esports, and Mike Munoz CFO of GameSquare Holdings, are scheduled to host a conference call with the investment community. Analysts and interested investors can join the call via the details below:
GameSquare Holdings, Inc. (NASDAQ:GAME | TSXV:GAME) is a vertically integrated, digital media, entertainment and technology company that connects global brands with gaming and youth culture audiences. GameSquare’s end-to-end platform includes GCN, a digital media company focused on gaming and esports audiences, Cut+Sew (Zoned), a gaming and lifestyle marketing agency, USA, Code Red Esports Ltd., a UK based esports talent agency, Complexity Gaming, a leading esports organization, Fourth Frame Studios, a creative production studio, Mission Supply, a merchandise and consumer products business, Frankly Media, programmatic advertising, Stream Hatchet, live streaming analytics, and Sideqik a social influencer marketing platform. www.gamesquare.com
Forward-Looking Information
This news release contains “forward-looking information” and “forward-looking statements” (collectively, “forward-looking statements”) within the meaning of the applicable securities legislation. All statements, other than statements of historical fact, are forward-looking statements and are based on expectations, estimates and projections as at the date of this news release. Any statement that involves discussions with respect to predictions, expectations, beliefs, plans, projections, objectives, assumptions, future events or performance (often but not always using phrases such as “expects”, or “does not expect”, “is expected”, “anticipates” or “does not anticipate”, “plans”, “budget”, “scheduled”, “forecasts”, “estimates”, “believes” or “intends” or variations of such words and phrases or stating that certain actions, events or results “may” or “could”, “would”, “might” or “will” be taken to occur or be achieved) are not statements of historical fact and may be forward-looking statements. In this news release, forward-looking statements relate, among other things, to: the Company’s future performance and revenue; continued growth and profitability; the Company’s ability to execute its business plan; and the proposed use of net proceeds of the Offering. These forward-looking statements are provided only to provide information currently available to us and are not intended to serve as and must not be relied on by any investor as a guarantee, assurance or definitive statement of fact or probability. Forward-looking statements are necessarily based upon a number of estimates and assumptions which include, but are not limited to: the Company being able to grow its business and being able to execute on its business plan, the Company being able to complete and successfully integrate acquisitions, the Company being able to recognize and capitalize on opportunities and the Company continuing to attract qualified personnel to supports its development requirements. These assumptions, while considered reasonable, are subject to known and unknown risks, uncertainties, and other factors which may cause the actual results and future events to differ materially from those expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the Company’s ability to achieve its objectives, the Company successfully executing its growth strategy, the ability of the Company to obtain future financings or complete offerings on acceptable terms, failure to leverage the Company’s portfolio across entertainment and media platforms, dependence on the Company’s key personnel and general business, economic, competitive, political and social uncertainties including impact of the COVID-19 pandemic and any variants. These risk factors are not intended to represent a complete list of the factors that could affect the Company which are discussed in the Company’s most recent MD&A. There can be no assurance that forward-looking statements will prove to be accurate, as actual results and future events could differ materially from those anticipated in such statements. Accordingly, readers should not place undue reliance on the forward-looking statements and information contained in this news release. GameSquare assumes no obligation to update the forward-looking statements of beliefs, opinions, projections, or other factors, should they change, except as required by law.
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Q3 results. The company reported solid Q3 revenue of $315.7 million, up 22.5% from the prior year period, beating our estimate of $298 million by 5.9%. Adj. EBITDA in the quarter increased 17.7% to $127.6 million, beating our estimate of $116.3 million by 9.7%.
Favorable margins. Bowling center adj. gross profit margins were a strong 68% and adj. Center EBITDA margins were 48%, a record high. The company posted impressive total company Adj. EBITDA margins of 40.4% for Q3. The total company adj. EBITDA margins were 60 basis points better than our estimate.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
IRVING, Texas–(BUSINESS WIRE)– Salem Media Group, Inc. (NASDAQ: SALM), announced today that it will present virtually at the Singular Research Spring Select Webinar on Wednesday, May 24th at 3:45 PM Central Time. The presentation will be available on the investor relations portion of the company’s website www.salemmedia.com prior to the company’s presentation.
ABOUT SINGULAR RESEARCH
Singular Research aims to be the most trusted supplier of independent, trusted, single-sources research on small-to-micro cap companies to the small-to-medium sized Hedge Fund manager. Singular Research provides quarterly updates for 40 to 70 companies and makes recommendations.
Singular strives to achieve goals by finding undercovered and undervalued securities. Singular’s goal is to provide initiation reports and quarterly updates for approximately 50 micro-to-small cap companies. In most cases, Singular analysts research companies that are not covered by any other firms.
Singular provides honest advice. Independent analysts have no financial interest in the stocks covered. Analysts are compensated based on the accuracy of their research calls not through trading commissions or potential deal flow.
ABOUT SALEM MEDIA GROUP
Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape. Learn more about Salem Media Group, Inc. at www.salemmedia.com, Facebook and Twitter.
Bowlero Corp. is the worldwide leader in bowling entertainment, media, and events. With more than 300 bowling centers across North America, Bowlero Corp. serves more than 26 million guests each year through a family of brands that includes Bowlero, Bowlmor Lanes, and AMF. In 2019, Bowlero Corp. acquired the Professional Bowlers Association, the major league of bowling, which boasts thousands of members and millions of fans across the globe. For more information on Bowlero Corp., please visit BowleroCorp.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Strong Q3 results. The company reported solid Q3 revenue of $315.7 million, up 22.5% from the prior year period, beating our estimate of $298 million by 5.9%. Adj. EBITDA in the quarter increased 17.7% to $127.6 million, beating our estimate of $116.3 million by 9.7%. Our estimates are illustrated in Figure #1 Q3 Results.
Favorable margins. Bowling center adj. gross profit margins were a strong 68% and adj. Center EBITDA margins were 48%, a record high. The company posted impressive total company Adj. EBITDA margins of 40.4% for Q3. The total company adj. EBITDA margins were 60 basis points better than our estimate.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Patrick McCann, CFA, Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Revising revenue forecast. We are refining our 2023 and 2024 revenue forecasts. The bulk of the changes relate to our Digital subscription and Digital advertising revenue outlooks. Note: our full year total revenue and adj. EBITDA forecasts are largely unchanged. Figure #1 Forecast Revisions illustrates our updated forecast.
Lowering TSI forecast. Economic weakness has put pressure on many of the SMBs that make up TSI’s client base. Typically, the company offers temporary discounts to assist SMBs. We believe this is will have an impact on revenue in 2023, particularly the first half. Our 2023 TSI revenue forecast is lowered from $91.7 million to $85.9 million, which equates to a 6% YoY decline. We are forecasting flat revenue growth in 2024, which offers potential upside should economic conditions improve.
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QuoteMedia is a leading software developer and cloud-based syndicator of financial market information and streaming financial data solutions to media, corporations, online brokerages, and financial services companies. The Company licenses interactive stock research tools such as streaming real-time quotes, market research, news, charting, option chains, filings, corporate financials, insider reports, market indices, portfolio management systems, and data feeds. QuoteMedia provides industry leading market data solutions and financial services for companies such as the Nasdaq Stock Exchange, TMX Group (TSX Stock Exchange), Canadian Securities Exchange (CSE), London Stock Exchange Group, FIS, U.S. Bank, Broadridge Financial Systems, JPMorgan Chase, CI Financial, Canaccord Genuity Corp., Hilltop Securities, HD Vest, Stockhouse, Zacks Investment Research, General Electric, Boeing, Bombardier, Telus International, Business Wire, PR Newswire, FolioFN, Regal Securities, ChoiceTrade, Cetera Financial Group, Dynamic Trend, Inc., Qtrade Financial, CNW Group, IA Private Wealth, Ally Invest, Inc., Suncor, Virtual Brokers, Leede Jones Gable, Firstrade Securities, Charles Schwab, First Financial, Cirano, Equisolve, Stock-Trak, Mergent, Cision, Day Trade Dash and others. Quotestream®, QModTM and Quotestream ConnectTM are trademarks of QuoteMedia. For more information, please visit www.quotemedia.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
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Solid Q1 results. The company reported quarterly revenue of $4.75 million, in line with our forecast of $4.8 million. Revenue increased 14% from the prior year period on a constant currency basis. Adj. EBITDA in the quarter was $830,000, in line with our estimate of $850,000. Notably, interactive revenue grew 22% from the prior year period. Figure #1 Q1 Results highlights results versus our estimates.
Interactive growth. The company’s interactive business had a strong quarter as revenue increased 22% from the prior year period. Management attributed the substantial increase in revenue to an increase in the average size of clients. The company remains focused on signing larger clients, and has increased its headcount in its sales and marketing departments to support that goal.
Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.
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.
