Friday, November 05, 2021
Gray Television (GTN)
Steps Away From A Banner 2022
Gray Television, Inc. operates as a television broadcast company in the United States. As of April 6, 2010, it operated 36 television stations in 30 markets, including 17 affiliated with CBS Inc.; 10 affiliated with the National Broadcasting Company, Inc.; 8 affiliated with the American Broadcasting Company (ABC); and 1 affiliated with FOX Entertainment Group, Inc. (FOX). The company also operated 39 digital second channels comprising 1 affiliated with ABC, 4 affiliated with FOX, 7 affiliated with CW Network, LLC, 18 affiliated with Twentieth Television, Inc., 2 affiliated with Universal Sports Network, and 7 local news/weather channels. Gray Television, Inc. was founded in 1897 and is headquartered in Atlanta, Georgia.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
In-line quarter. Total company revenue of $601 million was in line with our $600 million estimate. Political advertising of $9 million was a little stronger than expected and Local advertising, slightly weaker. Overall, it was a solid revenue performance against the backdrop of the year earlier Political influenced quarter. Adj. EBITDA was $186 million, better than our $178 million estimate.
Q4 revenue guidance a little softer than expected. Management indicated that Q4 total core revenue will increase by 8% to 10% to approximately $308 to $313 million, a little softer than our $326 million estimate. Retransmission consent revenue is expected to increase by 20% to 21% to approximately $261 to $263 million, a hair lighter than our $264 million estimate. The company guided total …
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.
