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Salem Media (SALM) – Raising Our Financial Assessment Ranking

Media and Marketing
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Thursday, September 23, 2021

Salem Media (SALM)
Raising Our Financial Assessment Ranking

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.

    Extends large portion of debt maturities. Last week, the company announced the refinancing of $112.8 million of its senior secured notes due 2024 with 7.125% senior secured notes due 2028. The refi represented roughly 50% of the company’s total $225 million in debt. The move is viewed favorably.

    Raising our financial assessment.  While the interest rate increases from 6.75% to 7.125%, we believe that the fixed rate is favorable given the prospect of a rising interest rate environment and given the extended maturity on the bonds. We are raising our financial assessment from 2.0 to 2.5 checks to reflect the favorable runway toward debt reduction …



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 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. 

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