Category: Media and Marketing

Friday, March 13, 2020

Harte-Hanks Inc. (HHS)

Is The Company Out Of The Woods?

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings. Harte-Hanks strives to develop better customer relationships through its marketing and analytical services for clients. The majority of its revenue is derived from its marketing services in the retail, technology, and consumer brand segments.

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

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

Overachieves on cash flow. Q4 revenues were in line with expectations, but cash flow (adj. EBITDA) overachieves. Q4 revenues were $52.3 million versus our $52.0 million estimate. Cash Flow was $3.1 million versus our $800,000 estimate. The variance was partially attributed to better than expected insurance reimbursement.


Further realigning its businesses. The company plans to further reduced costs through renegotiating vendor agreements, eliminating low margin or unprofitable revenue, and consolidating facilities. Expenses are expected to decline at a faster pace than…






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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. 

Friday, March 13, 2020

Salem Media (SALM)

Can The Positive News Continue?

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.

Q4 results better than expected. Fourth quarter revenue and cash flow (as measured by Adj. EBITDA) was better than expected, upon strength in its broadcasting segment. Revenues of $64.6 million beat our $63.4 million estimate and Adj. EBITDA of $10.2 million beat our estimate of $8.6 million.

Solid broadcast performance. Excluding the impact of recent station sales and the impact of year earlier Political advertising, Q4 Broadcast revenues would have increased a…






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. 

Friday, March 13, 2020

Harte-Hanks Inc. (HHS)

Is The Company Out Of The Woods?

Harte-Hanks is a marketing services company that provides multichannel marketing solutions as well as consulting, data analytics, and strategic assessment. The company’s offerings focus on business-to-business, retail, finance, and automotive segments through digital, social, mobile, and print media offerings. Harte-Hanks strives to develop better customer relationships through its marketing and analytical services for clients. The majority of its revenue is derived from its marketing services in the retail, technology, and consumer brand segments.

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

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

Overachieves on cash flow. Q4 revenues were in line with expectations, but cash flow (adj. EBITDA) overachieves. Q4 revenues were $52.3 million versus our $52.0 million estimate. Cash Flow was $3.1 million versus our $800,000 estimate. The variance was partially attributed to better than expected insurance reimbursement.


Further realigning its businesses. The company plans to further reduced costs through renegotiating vendor agreements, eliminating low margin or unprofitable revenue, and consolidating facilities. Expenses are expected to decline at a faster pace than…






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. 

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).

*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. 

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…









Get full report on Channelchek desktop.

This Company Sponsors 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. 

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…









Get the full report on Channelchek desktop.

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. 

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…









Get the full report on Channelchek desktop.

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. 

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…

Get the full report on Channelchek desktop.

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

*Analyst
certification and important disclosures included in 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. 

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…

Get the full report on Channelchek desktop.

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

*Analyst
certification and important disclosures included in 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. 

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…

Get the full report on Channelchek desktop.

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

*Analyst
certification and important disclosures included in 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. 

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…

Get the full report on Channelchek desktop.

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

*Analyst
certification and important disclosures included in 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. 

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…

Get the full report on Channelchek desktop.

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. 

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…

Get the full report on Channelchek desktop.

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.