|
|
|
|
Monday, June 8, 2020
Tribune Publishing Company (TPCO)
Why We Are Raising Our Price Target
Tribune Publishing Co is a print and online media company that publishes various newspapers and websites. It creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. The company manages its business as two distinct segments, M and X. Segment M is comprised of the company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, Tribune Content Agency and BestReviews.
Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Overachieves Q1 results. Revenues were $216.5 million, which was better than our $208.8 million estimate. Cash flow, as measured by adj. EBITDA, was better than expected at $13.3 million versus our $11.3 million estimate. Company took a large non cash charge, $42.9 million, on goodwill and to terminate or restructure leases. Digital subscribers grew 36,000 in Q1 and the company indicated Q2 will surpass that.
Provides Q2 guidance, backs off of full year guidance. Management provides Q2 revenue guidance of $172 million to $175 million and cash flow (adj. EBITDA) of $10.5 million to $12 million. While the revenue guidance is below our thoughts on the quarter…
Click to get the full report
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.