Movers and SHAKERS
Gray Television Inc. (GTN)
Outshining Many Of Its Peers
Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.
Michael kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 results overachieve our expectations. Total company revenues of $451.0 million were better than our $432.0 million estimate, with core advertising the largest upside variance to our estimate. Operating cash flow, as measured by adj. EBITDA, was better than expected, $108.0 million versus our $86.0 million estimate.
Q3 appears to be pacing better than we thought. Management indicated that core advertising is pacing down a moderate 10% to 15%, much better than our original expectations. With strong Political advertising moderating core advertising trends and moderate expense growth, cash flow is expected to be ...
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.