Category: Media and Entertainment

Release – GameSquare Holdings Reports Standalone First Quarter 2023 Results for GameSquare Esports and Provides First Quarter Pro-Forma Income Statement

Posted on by [email protected]

Research News and Market Data on GAME

05/18/2023

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:

Date: Thursday, May 18, 2023
Time: 5:00 pm ET
Webcast: http://services.choruscall.ca/links/gamesquare2023q1.html

Media and Investor Relations

Andrew Berger
Phone: (216) 464-6400
Email: [email protected]

About GameSquare Holdings, Inc.

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.

SOURCE: GameSquare Holdings, Inc.


View source version on accesswire.com:
https://www.accesswire.com/755906/GameSquare-Holdings-Reports-Standalone-First-Quarter-2023-Results-for-GameSquare-Esports-and-Provides-First-Quarter-Pro-Forma-Income-Statement

Bowlero (BOWL) – Still On A Good Roll

Posted on by [email protected]


Friday, May 19, 2023

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.


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*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. 

Release – Salem Media to Present at the Singular Research Spring Select Webinar

Posted on by [email protected]

Research News and Market Data on SALM

May 18, 2023 4:06pm EDT

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.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230518005691/en/

Company Contact:
Evan D. Masyr
Executive Vice President and Chief
Financial Officer
(805) 384-4512
[email protected]

Source: Salem Media Group, Inc.

Released May 18, 2023

Bowlero (BOWL) – Feeling Some Impact Of Economic Headwinds

Posted on by [email protected]


Thursday, May 18, 2023

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. 


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*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 Media (TSQ) – Post Quarterly Call Estimate Refining

Posted on by [email protected]


Tuesday, May 16, 2023

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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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. 

QuoteMedia Inc. (QMCI) – A Solid Start To The Year

Posted on by [email protected]


Tuesday, May 16, 2023

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.

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

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.


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*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 (CMLS) – Steps Up To The Plate Again

Posted on by [email protected]


Monday, May 15, 2023

Cumulus Media (NASDAQ: CMLS) is an audio-first media 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 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.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.

Announces tender offer. On May 12, the company announced that it commenced a modified Dutch auction tender offer to purchase up to $10 million of shares of its Class A common stock. The offer is being made under the company’s previously announced $50 million share repurchase program. The offer begins on May 12, and will expire on June 9, 2023 at 12:00 A.M EST. 

Terms of the Offer. The offer allows shareholders to decide how many shares they are willing to sell at a given price. The price range in the offer is $3.25 to $2.85 per share, and is not conditioned on any minimum amount of shares being tendered. All shares purchased in the offer will be purchased at the same price regardless of tendered price. Additionally, the company reserves the right to change the per share purchase price, and offer an additional 2% of its outstanding Class A common shares without amending or extending the offer. 


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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. 

RCI Hospitality Holdings (RICK) – Continuing the Momentum

Posted on by [email protected]


Friday, May 12, 2023

With more than 60 units, RCI Hospitality Holdings, Inc., through its subsidiaries, is the country’s leading company in adult nightclubs and sports bars/restaurants. Clubs in New York City, Chicago, Dallas-Fort Worth, Houston, Miami, Minneapolis, Denver, St. Louis, Charlotte, Pittsburgh, Raleigh, Louisville, and other markets operate under brand names such as Rick’s Cabaret, XTC, Club Onyx, Vivid Cabaret, Jaguars Club, Tootsie’s Cabaret, Scarlett’s Cabaret, Diamond Cabaret, and PT’s Showclub. Sports bars/restaurants operate under the brand name Bombshells Restaurant & Bar.

Joe Gomes, Managing Director, Equity Research Analyst, Generalist , Noble Capital Markets, Inc.

Joshua Zoepfel, Research Associate, Noble Capital Markets, Inc.

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

Second Quarter Results. RCI reported revenue of $71.5 million, up 12.3% from last year. Net income was $7.7 million, or EPS of $0.83 compared to $11 million, or $1.15, last year due to a legal settlement expense, goodwill impairment, and SG&A expenses. Adjusted EPS was $1.30 versus $1.19. Adjusted EBITDA was at $21.7 million versus $19.9 million last year. We estimated revenue of $71 million, net income of $10.6 million, EPS of $1.15, and adjusted EBITDA of $21.3 million.

A Busy Quarter. The Baby Dolls-Chicas Locas acquisition was completed. The steakhouse and casino project continued to move forward. The Company purchased another Central City property for development of another potential future casino. The San Antonio Bombshells location was purchased and development moved forward on locations in Colorado and Texas. These investments will help drive results going forward.


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*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. 

Motorsport Games (MSGM) – Is There Enough Gas To Get To The Finish Line?

Posted on by [email protected]


Friday, May 12, 2023

Motorsport Games, a Motorsport Network company, combines innovative and engaging video games with exciting esports competitions and content for racing fans and gamers around the globe. The Company is the officially licensed video game developer and publisher for iconic motorsport racing series across PC, PlayStation, Xbox, Nintendo Switch and mobile, including NASCAR, INDYCAR, 24 Hours of Le Mans and the British Touring Car Championship (“BTCC”). Motorsport Games is an award-winning esports partner of choice for 24 Hours of Le Mans, Formula E, BTCC, the FIA World Rallycross Championship and the eNASCAR Heat Pro League, among others.

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.

Q1 results disappoint. The company reported its first quarter results, which were disappointing, but not unexpected. With the lack of current franchise game releases, total company revenues declined 48% to $1.7 million. Given the continued investment in game development, EBITDA loss increased to $4.6 million, well above our $2.2 million loss estimate. 

A tough situation. Management is trying to get to the finish line of launching new franchise motorsport games, which should provide a significant revenue lift and generate positive cash flow. The largest opportunity for that prospect would be in the second quarter 2024 when it launches its new IndyCar game. 


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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. 

Direct Digital Holdings (DRCT) – Posted Some Great Digits To Start The Year

Posted on by [email protected]


Friday, May 12, 2023

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 Q1 results. The company reported strong quarterly results. Revenue grew 87% from Q1 22 to $21.2 million, beating our estimate of $17.1 million by 24%. Additionally, Adj. EBITDA of $0.5 million surpassed our estimate of negative $0.2 million. The better than expected results were a product of strength in both Buy-side and Sell-side segments. 

Buy-side excels. The company’s higher margin Buy-side segment reported revenue of $7.4 million, beating our estimate of $6.1 million by 22%. While Buy-side only comprises 35% of revenues, its margins are much higher than Sell-side and contributes to cash flow in a more meaningful way. Management attributed the success of its Buy-side segment to existing clients spending 20% to 30% more, and increasing is client base by 3%. 


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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. 

Codere Online (CDRO) – Another Quarter Of Favorable Execution

Posted on by [email protected]


Friday, May 12, 2023

Codere Online refers, collectively, to Codere Online Luxembourg, S.A. and its subsidiaries. Codere Online launched in 2014 as part of the renowned casino operator Codere Group. Codere Online offers online sports betting and online casino through its state-of-the art website and mobile application. Codere currently operates in its core markets of Spain, Italy, Mexico, Colombia, Panama and the City of Buenos Aires (Argentina). Codere Online’s online business is complemented by Codere Group’s physical presence throughout Latin America, forming the foundation of the leading omnichannel gaming and casino presence in the region.

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.

Beats Q1 expectations. The company reported strong Q1 results with net gaming revenue (NGR) of €39.5 million and an adj. EBITDA loss of €2.3 million, compared with our forecast of €33.5 million and a loss of €9.2 million, respectively. The company achieved the favorable results after lowering its marketing spend to streamline its path to profitability.

Performing well in Mexico. Despite lower marketing spend, net gaming revenue (NGR) in Mexico continued to grow in Q1. NGR of €17.6 million was up 75% while the adj. EBITDA loss of €2.0 million, compared with a €7.7 million loss in the prior year period. The strong results in Mexico were driven by a 42% increase in active users and higher spend per active user.


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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 Media (TSQ) – Another Industry Leading Performance

Posted on by [email protected]


Thursday, May 11, 2023

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.

Beats Q1 estimates. The company reported another industry leading performance in the first quarter with revenues up 2.9% to $103.1 million, beating our $100.9 million estimate. We estimate that industry revenues likely will be down in the range of 3% to 5%. First quarter adj. EBITDA was $19.4 million, which beat our $17.9 million estimate.  

Digital surpasses 50% of revenue. Digital revenue grew 8% in the quarter, accounting for 54% of total revenue. Impressively, Digital contributed 63% of total operating profit. The Digital revenue growth was fueled by the company’s Digital Advertising solutions business, which was up 15%, making up for the slight decline in Townsquare Interactive revenue. 


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*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. 

Snail Inc. (SNAL) – A Swing Toward Positive Cash Flow Expected

Posted on by [email protected]


Thursday, May 11, 2023

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.

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.

Q1 results. The company reported quarterly results largely in line with our expectations. Q1 revenue was $13.5 million and adj. EBITDA was a loss of $3.4 million, compared with our estimates of $12.5 million and a loss of $2.6 million, respectively.

ARK Remastered. The release of a remastered version of its popular game ARK is expected later this year. The game, which will be remastered using Unreal Engine 5, will be called ARK: Survival Ascended, and will include the entirety of ARK: Survival Evolved, including previously issued DLCs. Core fans appear excited about the upcoming release, which we believe could offer a favorable revenue boost during the lead up to the ARK 2 release in 2024.


Get the Full Report

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.