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Cumulus Media (CMLS)
Favorable Cash Flow Picture Provides Confidence In Debt Reduction Target
CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment 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 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.
Michael Kupinski, Senior Research Analyst, DOR, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Exceeds expectations. While Q2 revenues were in line with our expectations ($279.7 million versus our $280.4 million estimate), adjusted EBITDA was better ($61.8 million versus our $58.8 million estimate). The results reflected management's keen eye on costs.
- Adjusting for Sales and Swaps. Even as we adjust the second half 2019 for asset sales and swaps, we still come to the same adjusted EBITDA number for the year, flowing through the second quarter upside. We are likely to...
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 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.