Monday, August 10, 2020
Gray Television Inc. (GTN)
Outshining Many Of Its Peers
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.
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Q2 results overachieve our expectations. Total company revenues of $451.0 million were better than our $432.0 million estimate, with core advertising the largest upside variance to our estimate. Operating cash flow, as measured by adj. EBITDA, was better than expected, $108.0 million versus our $86.0 million estimate.
Q3 appears to be pacing better than we thought. Management indicated that core advertising is pacing down a moderate 10% to 15%, much better than our original expectations. With strong Political advertising moderating core advertising trends and moderate expense growth, cash flow is expected to be …
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This research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).
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