Monday, March 4, 2019

Tegna, Inc. (TGNA)

Subscribers count; why this matters.

TEGNA Inc., a media
company, operates a portfolio of broadcast stations and digital sites; and
provides marketing service solutions for businesses. The company operates 46
television stations in 38 markets that produce local programming, such as news,
sports, and entertainment. Its marketing services business provides solutions
for clients on multiple channels, including broadcast, online, and OTT. 

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

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

• Better than
  expected. The company reported fourth quarter results in line
  with previous guidance, exceeding our recently lowered expectations, which
  anticipated an impact from refunds in one of its subsidiaries. Revenues were up
  31% and cash flow was up a strong 63%, above our 29% and 43% growth
  expectations, respectively. Revenues would have been up a stronger 33% without
  the revenue impact of the refunds.
• Stronger
  subscription revenue. Total revenues of $642.1 million came in 1.2% higher
  than our $634.4 million estimate, with cash flow (EBITDA) 4.3% higher, at
  $273.1 million versus our $261.7 million estimate. Subscription revenue was an
  unexpected surprise at $218.5 million versus our $207.3 million estimate, as
  total subsc… 
  
  
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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.