Chek the Channels
Friday, March 13, 2020
Salem Media (SALM)
Can The Positive News Continue?
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 the full report for the price target, fundamental analysis, and rating.
Q4 results better than expected. Fourth quarter revenue and cash flow (as measured by Adj. EBITDA) was better than expected, upon strength in its broadcasting segment. Revenues of $64.6 million beat our $63.4 million estimate and Adj. EBITDA of $10.2 million beat our estimate of $8.6 million.
Solid broadcast performance. Excluding the impact of recent station sales and the impact of year earlier Political advertising, Q4 Broadcast revenues would have increased a...
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.