Gray Television (GTN)
Political Better Than Expected
Gray Television is a multimedia company headquartered in Atlanta, Georgia. We are the nation’s largest owner of top-rated local television stations and digital assets in the United States. Our television stations serve 113 television markets that collectively reach approximately 36 percent of US television households. This portfolio includes 80 markets with the top-rated television station and 100 markets with the first and/or second highest rated television station. We also own video program companies Raycom Sports, Tupelo Honey, PowerNation Studios and Third Rail Studios.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Patrick McCann, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Q2 exceeds expectations. The company reported quarterly revenue of $868 million, 11% above our estimate of $782 million. Adj. EBITDA was also strong, at $309 million, which beat our estimate of $280 million by 10.4%.
Inundated with Political. The skeptical management became a believer that Political could meet or exceed 2020 levels. Management raised 2022 Political advertising forecast from $575 million to $652 million. …
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.