Tag: Communication Services

Cumulus Media (CMLS) – Still Looking For The Advertising Trough

Posted on by cpereira@noblefcm.com


Friday, April 28, 2023

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Meets Q1 expectations. The company reported Q1 revenue of $205.7 million, in line with our previously lowered estimate of $206.4 million. National advertising revenues remained weak in the quarter, largely attributed to persistent macro economic headwinds. Adj. EBITDA of $10.3 million beat our estimate, which we believe was the lowest on the Street, a result of the company’s cost cutting initiatives and healthy growth of digital revenues.

Weak Q2 pacings. Q2 revenues are expected to be impacted by weakening Local advertising, down 4% in Q1 and pacing down 7% in Q2, in addition to double digit declines in National. A bright spot is digital marketing services (DMS), pacing up double digits in Q2. Total company revenue pacings are down low double digits for Q2.


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*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. 

Beasley Broadcast Group (BBGI) – Delivers A Solid Quarter

Posted on by cpereira@noblefcm.com


Thursday, April 27, 2023

Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.

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.

Solid Q1 results. The company reported revenue of $57.8 million and adj. EBITDA of $2.8 million, beating our upwardly revised estimates by 1.8% and 6.3%, respectively. The better than expected results were driven by strong digital revenue of $10 million, an increase of 27% from the prior year period, and $4.3 million in sports betting advertising. 

Robust digital growth. From Q1 2019 to Q1 2023, the company grew digital revenue at a CAGR of 30% and now Digital represents 17% of total company revenue. Given the anticipated strong digital revenue growth, management appears to be on target for Digital to be 20% to 30% of total revenue for full year 2023, and 40% in 2024. 


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*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. 

Direct Digital Holdings (DRCT) – Raising Estimates

Posted on by cpereira@noblefcm.com


Thursday, April 20, 2023

Michael Kupinski, Director of Research – Digital, Media & Technology Analyst, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Revenue restatement. Certain invoices were not sent in a timely manner and roughly $1.4 million in revenue was not captured in its preliminary 2022 full year results. As such, full year revenue was $89.4 million rather than $88.0 million, as previously reported, and adj. EBITDA was $10.1 million rather than $8.8 million.

Favorable operating momentum. The restatement positively impacted 2022 results and, importantly, management re-iterated full year 2023 guidance of revenue between $118 million to $122 million.


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*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. 

Lee Enterprises (LEE) – Powering Through A Difficult Advertising Environment

Posted on by cpereira@noblefcm.com


Wednesday, April 12, 2023

Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. The company also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, it offers commercial printing services. The company has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!�s HotJobs national platform. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.

Michael Kupinski, Director of Research – Digital, Media & Technology Analyst, 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.

Managing its cash flow. The company announced that it will be implementing cost reductions resulting in annualized savings of $60 million in fiscal year 2023. We have adjusted our quarterly estimates to reflect the current weaker than expected revenue outlook and significantly lower expenses. This report highlights our quarterly and full year 2023 and 2024 revenue and adj. EBITDA revisions.  

A tough quarter ahead. We believe that the company’s fiscal second quarter will be somewhat similar to the first quarter, given that the cost reductions impact will largely fall in the fiscal second half. As such, we believe that adj. EBITDA trends will significantly improve in the back half of the fiscal year. 


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This Company Sponsored 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. 

Direct Digital Holdings (DRCT) – Shifts Gears For Enhanced Revenue Growth

Posted on by cpereira@noblefcm.com


Friday, March 24, 2023

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong Q4 results. The company reported strong Q4 revenue of $29.4 million, in line with our estimate of $29.3 million. The quarter was driven by robust Sell-side advertising revenues of $22.4million, an increase of 231% from the prior year period. Q4 Adj. EBITDA of $1.8 million was flat year over year and missed our estimate of $2.7 million, largely due to elevated compensation costs.

2023 outlook. The company is shifting its focus to pursue larger, but more price sensitive clients. As such, we expect higher investment and compensation costs to support larger accounts. The company plans to invest to offer new products, like data analytics to support higher future margins. We believe adj. EBITDA will be flat over the prior year, given increased investment and lower margin clients.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

Townsquare Media (TSQ) – Takes A Big Step To Return Capital To Shareholders

Posted on by cpereira@noblefcm.com


Friday, March 10, 2023

Townsquare is a community-focused digital media and digital marketing solutions company with market leading local radio stations, principally focused outside the top 50 markets in the U.S. Our assets include a subscription digital marketing services business, Townsquare Interactive, providing website design, creation and hosting, search engine optimization, social media and online reputation management as well as other digital monthly services for approximately 26,800 SMBs; a robust digital advertising division, Townsquare IGNITE, a powerful combination of a) an owned and operated portfolio of more than 330 local news and entertainment websites and mobile apps along with a network of leading national music and entertainment brands, collecting valuable first party data, and b) a proprietary digital programmatic advertising technology stack with an in-house demand and data management platform; and a portfolio of 321 local terrestrial radio stations in 67 U.S. markets strategically situated outside the Top 50 markets in the United States. Our portfolio includes local media brands such as WYRK.com, WJON.com, and NJ101.5.com and premier national music brands such as XXLmag.com, TasteofCountry.com, UltimateClassicRock.com and Loudwire.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong Q4 results. The company reported Q4 revenue of $120.3 million, an increase of 8.8% from the prior year period, beating our estimate of $118.1 million by 1.8%. Adj. EBITDA of $28.4 million grew by 11% from the same period last year and beat our estimate of $28 million by 1.4%. Digital advertising grew $5.2 million to $36.8 million, up 16.3% from the prior year period.

Soft start to the year. Management guided Q1 revenue to be flat to modestly higher from the year earlier in the range of $100 million to $102 million. Adj. EBITDA to be down yoy in the range of $17.5 million to $18.5 million. National advertising is pacing down 30% in Q1, a decline of $3 million from prior year quarter, with sports accounting for 66%. Its Interactive business has softened and is pacing flat revenues in Q1, while digital advertising is pacing up 12% to 14%.


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*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. 

Entravision Communications (EVC) – Its Digital Businesses On A Roll

Posted on by cpereira@noblefcm.com


Friday, March 10, 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, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Strong Q4 results. The company reported quarterly revenue of $296.3 million, up 27% from the prior year period, surpassing our estimate of $265.4 million by 11.7%. Adj. EBITDA of $36.5 million increased 11% year over year and beat our estimate of $34.8 million by 5.1%. The quarter was driven by strong digital revenue growth of $52.6 million, up 30% year-over-year.

Capital allocation. The company announced a 100% increase in its quarterly cash dividend, from $0.025 per share to $0.05 per share. Given its favorable cash position of $ $110.7 million and robust free cash flow generation of $63.3 million in 2022, we expect the company to seek additional accretive acquisitions and comfortably pay the dividend. Notably, management highlighted a favorable pipeline of potential targets.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

Salem Media Group (SALM) – A Year Of Investing

Posted on by cpereira@noblefcm.com


Thursday, March 09, 2023

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Q4 beats expectations. The company reported revenue of $68.8 million, beating our estimate of $66.6 million by 3.3%. Adj. EBITDA of $7.3 million exceeded our estimate of $6 million by 21.3%. The favorable surprise in operating results was attributed to stronger than expected, high margin, political revenue of $2.1 million.

Favorable refinancing.  The company is issuing $44.7 million new 7.125% notes that mature in 2028 to replace its 6.75% notes due in 2024. The agreement would allow the company to access $4 million to pay down its revolver. The agreement is expected to close by the end of the month.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

Lee Enterprises (LEE) – Maintaining Its Favorable Cash Flow Outlook

Posted on by cpereira@noblefcm.com


Friday, March 03, 2023

Lee Enterprises, Incorporated provides local news, information, and advertising primarily in midsize markets in the United States. It publishes 49 daily newspapers, as well as offers 300 weekly newspapers and specialty publications in 23 states. The company also provides online advertising and services; and online infrastructure and online publishing services for approximately 1,500 daily and weekly newspapers and shoppers. In addition, it offers commercial printing services. The company has a strategic alliance with Yahoo!, Inc. to provide its classified employment advertising customer base the opportunity to post job listings and other employment products on Yahoo!�s HotJobs national platform. Lee Enterprises, Incorporated was founded in 1890 and is based in Davenport, Iowa.

Michael Kupinski, Director of Research, 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.

Slow start to the year. The company reported fiscal Q1 revenue of $185 million and adj. EBITDA of $17.6 million, below expectations, illustrated in Figure #1 Q1 Results. The slow start to the fiscal year was the result of a print revenue decline 18% to $120 million. Digital increased a strong 17% to $65 million, and now accounts for a record 35% of total company revenue.

Right-sizing its business.  Given a weak print advertising environment, management announced that it implemented additional cost reductions, expected to result in $40 million of savings in FY 23, and $60 million in annualized savings going forward. Additionally, there is approximately $30 million in noncore assets that it will seek to monetize in FY 23.


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This Company Sponsored 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. 

E.W. Scripps (SSP) – Lowering Estimates On Weak National, Direct Response Ad Outlook

Posted on by cpereira@noblefcm.com


Monday, February 27, 2023

The E.W. Scripps Company (NASDAQ: SSP) is a diversified media company focused on creating a better-informed world. As one of the nation’s largest local TV broadcasters, Scripps serves communities with quality, objective local journalism and operates a portfolio of 61 stations in 41 markets. The Scripps Networks reach nearly every American through the national news outlets Court TV and Newsy and popular entertainment brands ION, Bounce, Defy TV, Grit, ION Mystery, Laff and TrueReal. Scripps is the nation’s largest holder of broadcast spectrum. Scripps runs an award-winning investigative reporting newsroom in Washington, D.C., and is the longtime steward of the Scripps National Spelling Bee. Founded in 1878, Scripps has held for decades to the motto, “Give light and the people will find their own way.”

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Slight miss in Q4. Q4 revenue of $680.9 million was in line with our estimate of $684 million. Adj. EBITDA of $208.2 million was 2.7% below our estimate of $214 million. Notably, Core advertising was down 11% in the quarter, which was primarily attributed to political advertising displacement.

Distribution revenue to bolster results. Management expects distribution revenue to grow in the low-teens percentage range for full year 2023 attributed to 75% of its subscribers to be renewed this year.


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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. 

Cumulus Media (CMLS) – Likely A Few Rough Quarters Ahead

Posted on by cpereira@noblefcm.com


Friday, February 24, 2023

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Better than expected Q4.  The company reported Q4 revenue of $251.3 million, roughly flat with the year earlier quarter. Excluding political revenue of $8.3 million, Q4 revenue was down a modest 3% from the prior year period. Adj. EBITDA of $42.7 million was down a modest 1.2%. Both Q4 revenues and Adj. EBITDA beat our expectations, by 4.3% and 13.9%, respectively.

National underperformed.  Excluding Political advertising, National advertising, including Network, decreased %. Cumulus is heavily weighted to National/Network advertising, accounting for 45% of total revenues. For many in the industry, National is a more modest 12% to 15% of total advertising.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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. 

Beasley Broadcast Group (BBGI) – Powering Through The Economic Headwinds

Posted on by cpereira@noblefcm.com


Friday, February 17, 2023

Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

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

Solid Q4 results. The company reported revenue of $72 million, beating our estimate of $70.9 million by 1.7%. Top line revenue benefited from $5.1 million in political advertising as well as strong digital and local advertising. Adj. EBITDA of $12.87 million was roughly in line with our estimate of $14 million.

Favorable guidance. Management provided favorable Q1 revenue guidance to be slightly up from the prior year period. Digital and local advertising revenue are pacing up 15% and 6%, respectively. Notably, Management issued guidance for digital revenue to reach 20% to 30% of total revenue, and digital margins to reach 20%. Digital revenue is currently 16% of total revenue and Digital margins are currently 11%.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

This Company Sponsored 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. 

Cumulus Media (CMLS) – A Tough Year On The Horizon

Posted on by cpereira@noblefcm.com


Wednesday, January 25, 2023

Cumulus Media (NASDAQ: CMLS) is an audio-first media company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. Cumulus Media engages listeners with high-quality local programming through 406 owned-and-operated radio stations across 86 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, CNN, the AP, the Academy of Country Music Awards, and many other world-class partners across more than 9,500 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through the Cumulus Podcast Network, its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. Cumulus Media provides advertisers with personal connections, local impact and national reach through broadcast and on-demand digital, mobile, social, and voice-activated platforms, as well as integrated digital marketing services, powerful influencers, full-service audio solutions, industry-leading research and insights, and live event experiences. Cumulus Media is the only audio media company to provide marketers with local and national advertising performance guarantees. For more information visit www.cumulusmedia.com.

Michael Kupinski, Director of Research, 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.

Tough comps ahead. The conventional investment scenario is to expect a weak first half of 2023 and a stronger second half. However, we believe the absence of high margin political advertising and the dissolution of the WynnBet partnership calls for a more conservative outlook for 2023. In our view, there are troubling near term signs for the company that have led us to take a more sober outlook for 2023.

Economic headwinds and National advertising. Weakness in National advertising continues to be prevalent as macroeconomic headwinds persist. Additionally, we believe Local advertising is starting to show weakness.


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Equity Research is available at no cost to Registered users of Channelchek. Not a Member? Click ‘Join’ to join the Channelchek Community. There is no cost to register, and we never collect credit card information.

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.