Private Client call with the Salem Media Group (SALM) on March 30 at 9am PDT
Private Client Call with the Salem Media Group (SALM)
Wednesday, March 30, 9AM PDT
Join us for a private client webinar with CFO Evan Masyr of the Salem Media Group (SALM) on Wednesday, March 30 at 9 am PDT.
Salem Media Group is America’s leading Christian and conservative multi-media company. The Company operates through Radio Broadcast, Digital Media, and Publishing segments. It owns and operates radio stations in many of the top 25 media markets, and produces several of the largest nationally syndicated radio shows on the air today.
In the fourth quarter, Salem Media Group beat estimates and cut leverage with operating income of $20.5 million, up 220% YoY. Total revenues increased 7.2% YOY to $69.1 million reflecting growth across the Broadcast, Digital Media, and Publishing segments. Combined digital revenues grew 11% and represented 29.2% of total revenues. We anticipate continued double-digit growth in combined digital revenues, which should help accelerate overall top and bottom-line growth. We reiterate our Buy rating and increase our price target from $5.00 to $6.00, which values SALM at 9x our forward EBITDA estimate.