SA Transcripts • Fri, Nov. 7
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at CNBC.com (Apr 10, 2014)
at CNBC.com (Oct 16, 2013)
at CNBC.com (Sep 23, 2013)
There are 5 articles on this stock available only to PRO subscribers.
Nexstar Poised To Continue Growth Momentum For At Least Two Years, Probably Three
- Cash flow remains a key strength for Nexstar, as it gives the company flexibility to make deals and pay down debt.
- The ruling against Aereo should be a strong catalyst for Nexstar, as concerns over the disruption of the broadcast business model have been laid to rest in this area.
- Retranmission fees remain strong, and we have yet to see where the ceiling on that will be.
- A very real threat of people cutting the cord remains in sight, although I don't see that happening for several years out, if it does at all.
- 5 insiders sold Nexstar stock within one month.
- The stock was not purchased by any insiders in the month of intensive selling.
- 3 of these 5 insiders decreased their holdings by more than 10%.
Nexstar: Correction To My Mistake After A Conference Call With CFO
- Key takeaways from a conference call with Nexstar's CFO and IR.
- Joint sales agreement (JSA) sales exposure, used as my key assumption, is much lower (3-4% of sales) than my estimates in previous article (15-17%).
- The implication is that my short thesis on unraveling growth theme for Nexstar is no longer valid.
- This article is mainly to straighten out the record and serves as a way of my accountability to fix my mistake (with my sincere apologies extended as well).
- Nexstar is worst hit due to new joint sales agreement (JSA) regulation as it has high JSA revenue exposure.
- Nexstar's growth story is likely to unravel as it has to adjust to new regulation.
- My base and pessimistic case point to a steep 31-45% downside potential.
- Catalysts to de-rate Nexstar substantially are 1) its eventual disclosure of sizeable JSA sales exposure 2) growth story unraveling and 3) some pending acquisitions not obtaining regulatory approval.
- Market-neutral pair trade strategy: Short Nexstar, Long Gray Television.
Nexstar Broadcasting Group: In 2014, Its Star Will Continue To Shine
- Sizable pullback has created an attractive entry point in NXST.
- Balance sheet is stronger than a cursory glance suggests.
- Dividend increase in early 2014 suggests confidence in future cash flows.
Nexstar: 3 Different Insiders Have Sold Shares This Month
Fri, Nov. 7, 7:12 AM| Comment!
Thu, Nov. 6, 5:30 PM
Fri, Oct. 24, 8:11 AM| Comment!
Mon, Sep. 29, 8:30 AM| Comment!
Thu, Aug. 7, 7:21 AM| Comment!
Thu, Aug. 7, 7:11 AM| Comment!
Fri, Jul. 25, 9:07 AM
Mon, Jun. 30, 11:03 AM
- TV broadcaster stocks are higher off of momentum built up last week after the Supreme Court's ruling in the Aereo case went well for the sector.
- The demise of Aereo means billions of dollars in retransmission fees are protected to a larger degree.
- Advancers: Nexstar Broadcasting (NXST) +3.3%, Sinclair Broadcasting (SBGI) +1.8%, Gray Television (GTN) +2.2%, Media General (MEG) +2.4%.
Thu, Jun. 26, 8:09 AM
- "We view News Corp. (NWS, NWSA) as a classic media value play, as its individual pieces are undervalued, but provide downside protection for the stock," says analyst John Janedis, initiating with a Buy and $22 price target.
- "We expect fundamentals to improve, which should translate to multiple expansion in the stock ... Longer-term, similar to other media companies, we think NWSA could spin off assets to create value. In our view, NWSA is not the newspaper value trap of years past due to the value of REA, Foxtel, Harper Collins, and cash balance."
- "Given valuation of the stock, we think a successful outcome [of strategic initiatives] is currently priced into the stock at current levels," he says, starting New York Times (NYT) with a Hold and $15 price target.
- "We think the combination of tepid ad growth and the regulatory overhang will continue to slow the acquisition pipeline and constrain multiple expansion," he says, starting Nexstar Broadcasting (NXST) at Hold with $48 price target. "While 2014 will be a big year for political advertising, we do not see significant upside to our estimates."
- Gannett (GCI) is initiated with a Buy.
- Previously: Jefferies launches coverage on media names
Wed, Jun. 25, 12:47 PM
Wed, Jun. 25, 12:11 PM
- Sinclair Broadcast (SBGI +14.1%), Media General (MEG +10.4%), E.W. Scripps (SSP +7.9%), Gray Television (GTN +7.5%), Meredith (MDP +4.3%), Gannett (GCI +3.8%), and Nextar (NXST +15.6%) are taking off after the Supreme Court ruled (by a 6-3 vote) Aereo's TV streaming service is illegal.
- National broadcast network owners are generally showing more moderate gains.
Mon, May. 12, 1:20 PM
- TV broadcast stocks are outperforming for the day after the sector was tapped by M.D. Sass to soar.
- The investment firm notes there is a disconnect between the 10% of carriage fee revenue broadcasters haul in compared to the 35% of total viewing they account for across the industry. A normalization of the revenue mix is in the "early inning," according to Sass.
- A timely initiation by Wells Fargo of Media General at Outperform is also giving a boost.
- Gainers: E.W. Scripps (SSP) +7.6%, Nexstar Broadcasting (NXST) +5.7%, Media General (MEG) +4.8%, Liberty Interactive (LVNTA) +1.9%, Sinclair Broadcast Group (SBGI) +1.9%, Gray Television (GTN) +1.7%.
Thu, May. 8, 7:22 AM| Comment!
Fri, Apr. 25, 7:22 AM| Comment!
Fri, Mar. 21, 8:13 AM
- Broadcast media names get jiggy after Media General agrees to buy Lin Media for nearly double last night's close.
- Gray Television (GTN) +9.2% premarket, Nexstar Broadcasting (NXST) +3.2%, E.W. Scripps (SSP) +1.1%. Keep an eye on Entravision Communication (EVC) as well, along with the PowerShares Dynamic Media Portfolio (PBS).
Mon, Mar. 17, 2:22 PM
- A dour warning from Wells Fargo on broadcaster stocks is wreaking havoc in the sector.
- The group is giving up much of the M&A premiums it had built up over the last few months.
- Decliners: Gray Television (GTN) -12.5%, Nexstar Broadcasting (NXST) -9.1%, inclair Broadcast Group (SBGI) -7.4%, E.W. Scripps (SSP) -5.4%, Entravision Communication (EVC) -2.7%, Media General (MEG) -5.0%.
- The PowerShares Dynamic Media ETF (PBS) is under-performing a bit today due to its exposure to the group.
NXST vs. ETF Alternatives
Nexstar Broadcasting Group Inc is a television broadcasting and digital media company, engaged in the acquisition, development and operation of television stations and interactive community websites in medium-sized markets in the United States.
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