Thursday, November 05, 2020
Tribune Publishing Company (TPCO)
Raising Estimates And Our Price Target
Tribune Publishing Co is a print and online media company that publishes various newspapers and websites. It creates and distribute content across its media portfolio, offering integrated marketing, media, and business services to consumers and advertisers, including digital solutions and advertising opportunities. The company manages its business as two distinct segments, M and X. Segment M is comprised of the company’s media groups excluding their digital revenues and related digital expenses, except digital subscription revenues when bundled with a print subscription. Segment X includes the company’s digital revenues and related digital expenses from local Tribune websites, third party websites, mobile applications, digital only subscriptions, Tribune Content Agency and BestReviews.
Michael Kupinski, Director of Research, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
Beats Q3 expectations. The company beats our cash flow (as measured by Adjusted EBITDA) estimate, $27.2 million versus our estimate of $15.7 million on in line revenues of $188.6 million.
Strong expense reductions. The pandemic highlighted the ability of the company to have a flexible, home-based workforce, which eliminated the need for expensive office space. For instance, over 1/2 of the company’s papers no longer have office based newsrooms, a significant savings. We believe that there are additional costs to cut …
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.
