Movers and SHAKERS
Salem Media (SALM)
Building A Solid Foundation for 2022
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.
Q2 exceeds expectations. Total revenues of $63.8 million beat our forecast of $60.2 million, with a remarkable upside in the Publishing segment up 68.3% YoY. Adjusted EBITDA was $8.7 million compared to our $7.1 million estimate.
Underlying strength in its Q3 outlook. Management guided Q3 revenues to be up 2% to 4%, which is better than our 1.1% decline. Importantly, the company had an extraordinary Q3 2020 given $3.5 million in Political advertising and strong results in SalemNOW from a popular film, Uncle Tom. Excluding the extraordinary year earlier revenues, revenue growth would be a strong 9% to 11%. In spite of higher ...
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.