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Wednesday, April 29, 2020
Salem Media (SALM)
All Hands On Deck
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.
Q1 likely to be disappointing. Total company revenues is estimated to be $58.29 million and adj. EBITDA from continuing operations of $4.79 million. We believe that the company did not aggressively reduce costs as the pandemic unfolded and is positioning to benefit from US government programs to support small businesses.
Challenging Q2. Quarterly revenues are expected to decline 22.5% to $50.1 million with cash flow (adj. EBITDA) expected to turn negative to $3.8 million. The company is expected to perform better than many of its media peers due to its relatively stable…
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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.