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Thursday, May 9, 2019
Tribune Publishing Company (TPCO)
Closing The Valuation Gap.
Tribune Publishing Co, formerly Tronc Inc is a print and online media company that publishes various newspapers and websites, such as The Chicago Tribune, Los Angeles Times, Baltimore Sun, San Diego Union-Tribune, and the Orlando Sentinel. The company creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities.
Michael Kupinski, DOR, Senior Research Analyst, Noble Capital Markets, Inc.
Refer to full report for price target, fundamental analysis and rating.
- First quarter better than expected. Revenues of $244.5 million came in higher than our $235.4 million estimate, with better than expected print advertising. Notably, print advertising declines moderated from Q4. Cash flow (adj. EBITDA) of $21.3 million also surpassed our $18.3 million expectations.
- Underlying trends better than expected. Management provided Q2 and full year 2019 guidance that is better than expected. Q2 revenue guidance is $240 million to $245 million, better than our $231.5 million estimate. Adjusted EBITDA guidance is $20 mill...
*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.