Friday, March 22, 2019

Cumulus Media (CMLS)

Raising our price target on a simple premise.

Cumulus Media, Inc., a radio broadcasting company, engages in the acquisition, operation, and development of commercial radio stations in mid-size radio markets in the United States. It owns and operates FM and AM radio station clusters that serve mid-sized markets. The company, through its investment in Cumulus Media Partners, LLC, also operates radio station clusters serving large-sized markets.

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

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

• Q4 over delivers. The company over delivered on its Q4 despite the
  preannouncement for the quarter. Revenues and adjusted EBITDA were better than
  expected, at $309.2 million and $66.6 million, respectively, compared to our
  revenue and adjusted EBITDA estimates of $303.7 million and $57.4 million,
  respectively. The better than expected revenue grow was driven primarily on the
  strength of its digital business and a lift from political advertising. 
• Q1 shows improvement. Management indicated that advertising pacings in Q1
  2019 is improving, better than its preliminary guidance in its preannounced
  fourth quarter. Rev… 
  

  
  
  
  
  

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*Analyst
certification and important disclosures included in 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.