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Wednesday November 13, 2019
Salem Media (SALM)
Addressing The Elephant In The Room
Salem Media Group is America’s leading radio broadcaster, Internet content provider, and magazine and book publisher targeting audiences interested in Christian and family-themed content and conservative values. In addition to its radio properties, Salem owns Salem Radio Network, which syndicates talk, news and music programming to approximately 2700 affiliates; Salem Radio Representatives, a national radio advertising sales force; Salem Web Network, a leading Internet provider of Christian content and online streaming; and Salem Publishing, a leading publisher of Christian themed magazines. Salem owns and operates 115 radio stations, with 73 stations in the nation’s top 25 top markets – and 25 in the top 10. Each of our radio properties has a full portfolio of broadcast and digital marketing opportunities.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- Q3 results better than estimated. Total company revenues of $64.1 million were better than our $62.3 million estimate and cash flow $9.0 million was better than our $8.4 million estimate. The results benefited from strong publishing revenue, up 15.3%.
- Q4 outlook in line. Management indicated that revenues were pacing down 4% to 6%
which includes the absence of year earlier Political advertising of $1.7 million, in line with our estimate. We are maintaining...
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.