Research – Entravision Communications Corporation (EVC) – Why Q4 Doesn’t Matter

Friday, March 6, 2020

Entravision Communications Corporation (EVC)

Why Q4 Doesn’t Matter

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

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

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

    Q4 in the rear view mirror. Q4 was sloppy, but in line with expectations. Revenues were $70.8 million versus our $71.3 million estimate and cash flow (as measured by adjusted EBITDA) was $11.1 million versus our $11.7 million estimate.

    What a difference a quarter makes. Management provided solid Q1 revenue pacing, with growth expected across all business segments. TV revenues are especially strong, up 6%, in spite of the year-earlier, one-time, $3.9 million benefit from…



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Research entravision communications corporation evc why q4 doesn t matter

Friday, March 6, 2020

Entravision Communications Corporation (EVC)

Why Q4 Doesn’t Matter

Entravision Communications Corporation is a diversified Spanish-language media company utilizing a combination of television and radio operations to reach Hispanic consumers across the United States, as well as the border markets of Mexico. Entravision owns and/or operates 53 primary television stations and is the largest affiliate group of both the top-ranked Univision television network and Univision’s TeleFutura network, with television stations in 20 of the nation’s top 50 Hispanic markets. The Company also operates one of the nation’s largest groups of primarily Spanish-language radio stations, consisting of 48 owned and operated radio stations.

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

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

    Q4 in the rear view mirror. Q4 was sloppy, but in line with expectations. Revenues were $70.8 million versus our $71.3 million estimate and cash flow (as measured by adjusted EBITDA) was $11.1 million versus our $11.7 million estimate.

    What a difference a quarter makes. Management provided solid Q1 revenue pacing, with growth expected across all business segments. TV revenues are especially strong, up 6%, in spite of the year-earlier, one-time, $3.9 million benefit from…



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

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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.
 

Research – Tribune Publishing Company (TPCO) – Crossing The Digital Divide

Thursday, March 5, 2020

Tribune Publishing Company (TPCO)

Crossing The Digital Divide

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.

    Fourth quarter results in line with expectations. Fourth quarter revenues of $252.3 million were in line with our $252.5 million estimate. Adjusted EBITDA of $30.8 million was within shouting distance of our $31.8 million estimate.

    Increasingly, customers are willing to pay for content! We believe that there has been a dynamic shift toward consumers willing to pay for content given a strong 33% increase in…



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Research tribune publishing company tpco crossing the digital divide

Thursday, March 5, 2020

Tribune Publishing Company (TPCO)

Crossing The Digital Divide

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.

    Fourth quarter results in line with expectations. Fourth quarter revenues of $252.3 million were in line with our $252.5 million estimate. Adjusted EBITDA of $30.8 million was within shouting distance of our $31.8 million estimate.

    Increasingly, customers are willing to pay for content! We believe that there has been a dynamic shift toward consumers willing to pay for content given a strong 33% increase in…



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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).

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NOTE: investment decisions should not be based upon the content of
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Research – E.W. Scripps Company (SSP) – A Political Boost

Monday, March 2, 2020

E.W. Scripps Company (SSP)

A Political Boost

The E.W. Scripps Co. (www.scripps.com) serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including digital video news service Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the longtime steward of one of the nation�s largest, most successful and longest-running educational programs, Scripps National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.

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

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

Q4 Outperforms. Total company revenues of $444.4 million were better than our $420.0 million estimate on better-than-expected Political ($15.2 million versus our $11.0 million estimate). Cash flow was $10 million better than our estimate.

Q1 expense outlook stronger than expected. The company indicated that network comp escalators and news programming investments will restrain…



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Research e-w- scripps company ssp a political boost

Monday, March 2, 2020

E.W. Scripps Company (SSP)

A Political Boost

The E.W. Scripps Co. (www.scripps.com) serves audiences and businesses through a growing portfolio of television, print and digital media brands. After approval of its acquisition of two Granite Broadcasting stations later this year, Scripps will own 21 local television stations as well as daily newspapers in 13 markets across the United States. It also runs an expanding collection of local and national digital journalism and information businesses including digital video news service Newsy. Scripps also produces television programming, runs an award-winning investigative reporting newsroom in Washington, D.C., and serves as the longtime steward of one of the nation�s largest, most successful and longest-running educational programs, Scripps National Spelling Bee. Founded in 1879, Scripps is focused on the stories of tomorrow.

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

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

Q4 Outperforms. Total company revenues of $444.4 million were better than our $420.0 million estimate on better-than-expected Political ($15.2 million versus our $11.0 million estimate). Cash flow was $10 million better than our estimate.

Q1 expense outlook stronger than expected. The company indicated that network comp escalators and news programming investments will restrain…



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

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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.
 

Research – Gray Television Inc. (GTN) – Why We Are Raising Our Price Target

Friday, February 28, 2020

Gray Television Inc. (GTN)

Why We Are Raising Our Price Target

Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.

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

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

Exceeds Q4 expectations. Q4 revenues of $579.0 million was better than our $553.0 million estimate on the strength of Political advertising ($35.0 million versus our $26.0 million estimate). Cash flow was $215.0 million, better than our $193.0 million estimate.

Political is a barn-burner. Guidance for high margin, Political advertising for the first quarter of $35 mil to $40 mil is better than our $30 mil estimate. The company raised its full year Political guidance to a range of $250 mil to $275 mil, which, we believe, may prove to be…



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NOTE: investment decisions should not be based upon the content of
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Research gray television inc- gtn why we are raising our price target

Friday, February 28, 2020

Gray Television Inc. (GTN)

Why We Are Raising Our Price Target

Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.

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

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

Exceeds Q4 expectations. Q4 revenues of $579.0 million was better than our $553.0 million estimate on the strength of Political advertising ($35.0 million versus our $26.0 million estimate). Cash flow was $215.0 million, better than our $193.0 million estimate.

Political is a barn-burner. Guidance for high margin, Political advertising for the first quarter of $35 mil to $40 mil is better than our $30 mil estimate. The company raised its full year Political guidance to a range of $250 mil to $275 mil, which, we believe, may prove to be…



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

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NOTE: investment decisions should not be based upon the content of
this research summary.  Proper due diligence is required before
making any investment decision.
 

Research – Tribune Publishing Company (TPCO) – Further Consolidation Appears Likely

Thursday, February 27, 2020

Tribune Publishing Company (TPCO)

Further Consolidation Appears Likely

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.

Quarterly preview. We anticipate that the company will meet our adjusted EBITDA estimate for Q4. The company will report its fourth quarter and full year 2019 results on March 4, 2020.

Noble conference highlights. This report highlights a fireside chat with Terry Jimenez, CEO, at Noble’s 16th annual equity conference held February 19th at the Hard Rock Hotel in…


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Research tribune publishing company tpco further consolidation appears likely

Thursday, February 27, 2020

Tribune Publishing Company (TPCO)

Further Consolidation Appears Likely

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.

Quarterly preview. We anticipate that the company will meet our adjusted EBITDA estimate for Q4. The company will report its fourth quarter and full year 2019 results on March 4, 2020.

Noble conference highlights. This report highlights a fireside chat with Terry Jimenez, CEO, at Noble’s 16th annual equity conference held February 19th at the Hard Rock Hotel in…


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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.
 

Research – Cumulus Media Inc. (CMLS) – A Towering Opportunity

Monday, February 24, 2020

Cumulus Media Inc. (CMLS)

A Towering Opportunity

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.

Overachieves expectations. Fourth quarter 2019 results were better than expected with revenues of $285.5 million (better than our $279.0 million estimate) and cash flow of $44.9 million versus our $41.9 million estimate.

Digital continues to be on fire. Digital revenues increased 38.2% to $21.6 million (better than our $16.5 million estimate) and follows a trend of…



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NOTE: investment decisions should not be based upon the content of
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Research cumulus media inc- cmls a towering opportunity

Monday, February 24, 2020

Cumulus Media Inc. (CMLS)

A Towering Opportunity

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.

Overachieves expectations. Fourth quarter 2019 results were better than expected with revenues of $285.5 million (better than our $279.0 million estimate) and cash flow of $44.9 million versus our $41.9 million estimate.

Digital continues to be on fire. Digital revenues increased 38.2% to $21.6 million (better than our $16.5 million estimate) and follows a trend of…



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

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NOTE: investment decisions should not be based upon the content of
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making any investment decision.
 

Research – The McClatchy Company (MNI) – What happened?

Friday, February 14, 2020

The McClatchy Company (MNI)

What happened?

The McClatchy Company publishes news and information in the United States. Its publications include the Miami Herald, The Kansas City Star, The Sacramento Bee, The Charlotte Observer, The (Raleigh) News and Observer, the (Fort Worth) Star-Telegram, and The (Durham, NC) Herald-Sun. The companyÂ’s businesses comprise daily newspapers, Websites, mobile apps, mobile news and advertising, video products, niche publications, direct marketing, direct mail services, and nearby community newspapers. The McClatchy Company was founded in 1860 and is headquartered in Sacramento, California.

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

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

Files for voluntary Chapter 11. There was an outside chance that the company would be able to move unfunded pension liabilities off balance sheet and do a reorganization that would leave some equity value for shareholders. This did not happen. Less favorable terms from the Pension Benefit Guaranty Corporation (PBGC) may have tipped the company’s decision.

Submits plans for a reorganization. The company plans to go private in a transaction that will swap a large portion of its debt for equity. Given the prospect of moving all but a small portion of its unfunded pension liability off its balance sheet, the company could have a moderate $299 million in long term debt and…



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NOTE: investment decisions should not be based upon the content of
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making any investment decision.