Wednesday, March 06, 2024
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.
Mixed Q4 results. Total company Q4 revenue of $320.1 million, an increase of 8.0%, was better than our $309.7 million estimate, driven by 19% growth in its Digital businesses. Both TV and Radio declined in the quarter due to the absence of year earlier Political advertising. Q4 adj. EBITDA of $16.2 million was slightly below our $19.0 million estimate.
Meta takes its business in-house. The recent financial results were overshadowed by a late announcement that Meta plans to take its advertising sales in-house, ending its relationship with Entravision and all its sales partners. Meta accounted for roughly 52% of total company revenues and 40% of adj. EBITDA in 2023.
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