Friday, October 29, 2021
Cumulus Media (CMLS)
Quarterly Preview: Throttling Back Expectations Somewhat
CUMULUS MEDIA, Inc. (NASDAQ: CMLS) is a leading audio-first media and entertainment company delivering premium content to over a quarter billion people every month — wherever and whenever they want it. CUMULUS MEDIA engages listeners with high-quality local programming through 428 owned-and-operated stations across 87 markets; delivers nationally-syndicated sports, news, talk, and entertainment programming from iconic brands including the NFL, the NCAA, the Masters, the Olympics, the GRAMMYS, the American Country Music Awards, and many other world-class partners across nearly 8,000 affiliated stations through Westwood One, the largest audio network in America; and inspires listeners through its rapidly growing network of original podcasts that are smart, entertaining and thought-provoking. CUMULUS MEDIA provides advertisers with local impact and national reach through on-air, digital, mobile, and voice-activated media solutions, as well as access to integrated digital marketing services, powerful influencers, and live event experiences. CUMULUS MEDIA is the only audio media company to provide marketers with local and national advertising performance guarantees.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
2021-Q3 appears in line. The upcoming third quarter results are expected to reflect a a continuation of the advertising rebound reflected in the second quarter. Total company revenues are expected to be up roughly 20% to $237.0 million, with adj. EBITDA of $36.0 million, up 15%. The company is expected to report its third quarter end September 30 results on November 3rd.
Feeling the pinch. We believe that supply chain issues and labor shortages are beginning to affect the overall health of the U.S. economy, which is more evident in the larger markets than the smaller. In addition, chip shortages continue to plague the important auto category. As such, we are throttling back our fourth quarter revenue and adj. EBITDA estimate. We are lowering our Q4 revenue estimate …
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.
