Entravision Communications (EVC) – A Tempered, But Still Favorable View


Friday, November 03, 2023

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, 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.

A mixed quarter. Q3 revenues of $274.4 million, a record revenue quarter for the company, was largely in line with our $277.0 million estimate. But, the absence of high margin Political advertising and lower margin revenue mix caused an adj. EBITDA shortfall, $14.2 million versus our $17.0 million estimate. Lower Digital adj. EBITDA accounted for the largest portion of the EBITDA variance. 

Lower Q4 outlook. We are lowering our Q4 total company revenue from $318.0 million to $309.7 million to reflect the company’s current pacings. Based on lower margin assumptions, we are lowering our adj. EBITDA from $25.0 million to $19.0 million. For the year, we are lowering our adj. EBITDA estimate from $69.2 million to $60.4 million. 


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