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Friday, May 8, 2020
Gray Television Inc. (GTN)
Uncharted and Choppy, But Very Capable To Navigate
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.
Q1 largely in line, beats our Adj. EBITDA estimate. While Q1 revenues were lighter than expected ($534 million versus $542 million), the company overachieved our Adjusted EBITDA estimate ($168 million versus $163 million). The revenue variance was due to the fall-off in advertising in March as mitigation efforts of the Coronavirus took hold.
Q2 appears better than many. Core advertising appears to be down roughly 33%, slightly better than some peers that have indicated Q2 core to be down 35% to 40%. Company reaffirms Political advertising expectations in the range of…
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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.
