Thursday, March 09, 2023
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.
Q4 beats expectations. The company reported revenue of $68.8 million, beating our estimate of $66.6 million by 3.3%. Adj. EBITDA of $7.3 million exceeded our estimate of $6 million by 21.3%. The favorable surprise in operating results was attributed to stronger than expected, high margin, political revenue of $2.1 million.
Favorable refinancing. The company is issuing $44.7 million new 7.125% notes that mature in 2028 to replace its 6.75% notes due in 2024. The agreement would allow the company to access $4 million to pay down its revolver. The agreement is expected to close by the end of the month.
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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.
