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Research – Salem Media (SALM) – Looking past the first quarter 2019

Media and Marketing
0 min read

Wednesday, March 13, 2019

Salem Media Group (SALM)

Why Investors Should Look Past The Soft Q1 Guidance.

Salem Media owns and operates radio stations in metropolitan markets, predominately with a Christian format. The company’s radio business focuses on the clustering of strategic formats, including Christian teaching and talk, contemporary Christian music, conservative news talk, and Spanish language Christian teaching and talk. 

Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.

Refer to full report for price target, fundamental analysis and rating.

  • Delivered on expectations.  Fourth quarter revenues and cash flow (Adj. EBITDA) of
    $67.19 million and $11.57 million were in line with our expectations of $66.5
    million and $11.55 million, respectively. 
  • Soft Q1 guidance does not portend a
    trend. 
    The company anticipates that Q1 revenues will decline between
    3% to 5% with expenses to be down 1% to up 2%. Q1 will be unfavorably impacted
    by the absence of Political advertising, the timing of book releases, the
    Easter shift toward later in the second quarter, and the absence of the full
    impact of expense savings. Subsequent quarters should reflect labor costs
    savi
    … 




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*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.
 

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