Category: Media and Marketing

Townsquare Media (TSQ) – What Does Getting Current On Its Financial Reporting Mean For The Stock?

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Wednesday, June 10, 2020

Townsquare Media Inc (TSQ)

What Does Getting Current On Its Financial Reporting Mean For The Stock?

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Files 10K. The company recently filed its 10K and provided some color on its $108.4 million non cash impairment charges and some measures it took to offset the Covid impact. The impairment charges are nothing new post Covid, as most Broadcasters have reported impairment on broadcast licenses. This impairment reflects a change in the valuation approach to those licenses, which we believe conservatively reflects the value of its licenses.

    Why we view the filing favorably.   With the 10K filing, the company is back on track toward regular financial reporting. It is expected to…



    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. 

What Does Getting Current On Its Financial Reporting Mean For The Stock?

Posted on by Admin

Wednesday, June 10, 2020

Townsquare Media Inc (TSQ)

What Does Getting Current On Its Financial Reporting Mean For The Stock?

Townsquare Media Inc is an entertainment and media company offering digital marketing solutions in the United States and Canada. It owns and operates radio stations, social media properties focusing the small and mid-cap companies. Services offered to the clients include live events, local advertising, digital advertising, e-commerce offerings, few others. The segments through which the company operates its businesses are classified into Local marketing solutions and Entertainment segments. Revenues are generated from commercials through broadcasts and sale of internet based advertisements.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Files 10K. The company recently filed its 10K and provided some color on its $108.4 million non cash impairment charges and some measures it took to offset the Covid impact. The impairment charges are nothing new post Covid, as most Broadcasters have reported impairment on broadcast licenses. This impairment reflects a change in the valuation approach to those licenses, which we believe conservatively reflects the value of its licenses.

    Why we view the filing favorably.   With the 10K filing, the company is back on track toward regular financial reporting. It is expected to…



    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. 

Tribune Publishing (TPCO) – Why We Are Raising Our Price Target

Posted on by Admin

Monday, June 8, 2020

Tribune Publishing Company (TPCO)

Why We Are Raising Our Price Target

Tribune Publishing Co is a print and online media company that publishes various newspapers and websites. It creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. The company manages its business as two distinct segments, M and X. Segment M is comprised of the company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, Tribune Content Agency and BestReviews.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Overachieves Q1 results.  Revenues were $216.5 million, which was better than our $208.8 million estimate. Cash flow, as measured by adj. EBITDA, was better than expected at $13.3 million versus our $11.3 million estimate. Company took a large non cash charge, $42.9 million, on goodwill and to terminate or restructure leases. Digital subscribers grew 36,000 in Q1 and the company indicated Q2 will surpass that.

    Provides Q2 guidance, backs off of full year guidance. Management provides Q2 revenue guidance of $172 million to $175 million and cash flow (adj. EBITDA) of $10.5 million to $12 million. While the revenue guidance is below our thoughts on the quarter…


    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 Our Raising Price Target

Posted on by Admin

Monday, June 8, 2020

Tribune Publishing Company (TPCO)

Why We Are Raising Our Price Target

Tribune Publishing Co is a print and online media company that publishes various newspapers and websites. It creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. The company manages its business as two distinct segments, M and X. Segment M is comprised of the company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, Tribune Content Agency and BestReviews.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Overachieves Q1 results.  Revenues were $216.5 million, which was better than our $208.8 million estimate. Cash flow, as measured by adj. EBITDA, was better than expected at $13.3 million versus our $11.3 million estimate. Company took a large non cash charge, $42.9 million, on goodwill and to terminate or restructure leases. Digital subscribers grew 36,000 in Q1 and the company indicated Q2 will surpass that.

    Provides Q2 guidance, backs off of full year guidance. Management provides Q2 revenue guidance of $172 million to $175 million and cash flow (adj. EBITDA) of $10.5 million to $12 million. While the revenue guidance is below our thoughts on the quarter…


    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. 

Salem Media (SALM) – A Closer Look; Raising Estimates

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Wednesday, June 3, 2020

Salem Media (SALM)

A Closer Look; Raising Estimates

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.

    Raising 2020 estimates. Upon further review post the company’s 10Q filing, we are raising our 2020 cash flow estimate from $11.6 million to $12.7 million. We are encouraged by the intermediate term cost reduction strategies that provide positive upside cash flow surprise potential given the prospects of improving revenue trends.

    Cost reductions are significant. Payroll reductions of 5% to 10%, cutback in 401K contributions, and layoffs will save the company roughly $825,000 per month. We believe that the magnitude of these cost reductions are not fully reflected in our estimates 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. 

A Closer Look; Raising Estimates

Posted on by Admin

Wednesday, June 3, 2020

Salem Media (SALM)

A Closer Look; Raising Estimates

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.

    Raising 2020 estimates. Upon further review post the company’s 10Q filing, we are raising our 2020 cash flow estimate from $11.6 million to $12.7 million. We are encouraged by the intermediate term cost reduction strategies that provide positive upside cash flow surprise potential given the prospects of improving revenue trends.

    Cost reductions are significant. Payroll reductions of 5% to 10%, cutback in 401K contributions, and layoffs will save the company roughly $825,000 per month. We believe that the magnitude of these cost reductions are not fully reflected in our estimates 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. 

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. 

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. 

QuoteMedia (QMCI) – Investing To Accelerate Future Growth

Posted on by Admin

Monday, May 18, 2020

QuoteMedia (QMCI)

Investing To Accelerate Future Growth

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions.  Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations and individual investors.  The company provides a single source solution providing products such as streaming quotes, charting, historical data, technical analysis, news and research.  Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Adjusting 2020 estimates. This report reflects our adjustments to our 2020 estimates, which reflects higher costs to support the prospect for faster revenue growth and margin improvement in 2021.

    Duplicate expenses in 2020. There is spending to develop news feeds, international financial data feeds, analytics, and mutual fund information. For now, it is carrying the costs of development, combined with the costs of third party vendors. As such, we expect margins to improve in 2021 as development costs decline 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. 

Investing To Accelerate Future Growth

Posted on by Admin

Monday, May 18, 2020

QuoteMedia (QMCI)

Investing To Accelerate Future Growth

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions.  Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations and individual investors.  The company provides a single source solution providing products such as streaming quotes, charting, historical data, technical analysis, news and research.  Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Adjusting 2020 estimates. This report reflects our adjustments to our 2020 estimates, which reflects higher costs to support the prospect for faster revenue growth and margin improvement in 2021.

    Duplicate expenses in 2020. There is spending to develop news feeds, international financial data feeds, analytics, and mutual fund information. For now, it is carrying the costs of development, combined with the costs of third party vendors. As such, we expect margins to improve in 2021 as development costs decline 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. 

QuoteMedia (QMCI) – Brushing Off Covid

Posted on by Admin

Friday, May 15, 2020

QuoteMedia (QMCI)

Brushing Off Covid

QuoteMedia, based in Fountain Hills, Arizona, provides cloud-based financial data, market news feeds, and financial software solutions.  Its customers include financial service companies, online brokerages, clearing firms, banks, media portals, public corporations and individual investors.  The company provides a single source solution providing products such as streaming quotes, charting, historical data, technical analysis, news and research.  Information can customized and provided to multiple platforms including terminals and mobile devices.

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

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

    Solid Q1. First quarter results were largely in line with expectations in spite of Covid 19 that wrecked the economy and many businesses. Revenues increased 3.3%, in line with our expectations. Adj. EBITDA was lower, $191,000 versus our $414,000 estimate, largely due to investments into new products that are expected to be rolled out in

    Management clearly was hoping for a better quarter. The company was impacted by Covid as some clients paused services and some even shuttered. Even though companies appear more cautious, Quotemedia appears to be benefiting from a shift toward work from…


    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.