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Salem Media Group (SALM) – A Tough Quarter Ahead

Media and Entertainment
0 min read


Friday, November 04, 2022

Salem Media Group is America’s leading multimedia company specializing in Christian and conservative content, with media properties comprising radio, digital media and book and newsletter publishing. Each day Salem serves a loyal and dedicated audience of listeners and readers numbering in the millions nationally. With its unique programming focus, Salem provides compelling content, fresh commentary and relevant information from some of the most respected figures across the Christian and conservative media landscape.

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.

Q3 meets expectations. The company reported Q3 revenue of $66.9 million, in line with our estimate of $66.6 million. Adj. EBITDA of $6.1 million was slightly better than our forecast of $5.5 million, illustrated in Figure #1 Q3 Variance. Notably, we are adjusting EBITDA for a one-time legal settlement fee paid by the company during the quarter.


Weak Q4 pacing. Management guided Q4 revenue down 3-5% year-over-year compared with our expectation of 7% growth. Management cited a weak Publishing outlook as well as an ongoing pullback in the company’s #1 broadcast advertising category (mortgage companies) as primary factors in the challenged outlook.


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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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