Friday, March 05, 2021
Salem Media (SALM)
A Rush To Fill A Void
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.
Q1 results. Total company revenues were above expectations at $64.47 million versus our estimate of $62.10 million. Cash flow, as measured by adjusted EBITDA was $10.24 million versus our $9.70 million estimate. The solid quarter was driven by better-than-expected Political advertising and strong results in its Digital businesses.
Q1 outlook. Management provided two months of revenue trends, with total company revenues down 4%, but indicated that March revenue is significantly improved. We are raising our Q1 revenue estimate from $55.99 million to $56.40 million and maintaining our adj. EBITDA estimate of $4.5 million. We are raising our full year 2021 revenue and cash flow estimates…
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.
