Stock SALM SALEM MEDIA GROUP, INC.
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Financials Salem Media Group, Inc.

Equities

SALM

US7940931048

Broadcasting

Market Closed - OTC Markets
Other stock markets
 02:21:10 2024-06-11 pm EDT 		5-day change 1st Jan Change
0.2875 USD -2.13% Intraday chart for Salem Media Group, Inc. +2.68% -26.28%
May. 09 Salem Media Group, Inc. Reports Earnings Results for the Full Year Ended December 31, 2023 CI
May. 09 Salem Media Group, Inc. Reports Earnings Results for the First Quarter Ended March 31, 2024 CI

Valuation

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Capitalization 1 54.73 38.42 27.75 82.58 28.58 10.61
Enterprise Value (EV) 1 308.5 330 297.1 302.4 238.7 231.1
P/E ratio -17.1 x -1.37 x -0.51 x 2.01 x -8.75 x -0.25 x
Yield 12.4% 15.3% 2.4% - - -
Capitalization / Revenue 0.21 x 0.15 x 0.12 x 0.32 x 0.11 x 0.04 x
EV / Revenue 1.17 x 1.3 x 1.26 x 1.17 x 0.89 x 0.89 x
EV / EBITDA 7.67 x 10 x 12.5 x 8.53 x 9.28 x 27.8 x
EV / FCF 17.3 x 25.9 x 19.5 x 20.4 x 160 x -34.9 x
FCF Yield 5.8% 3.86% 5.12% 4.9% 0.62% -2.87%
Price to Book 0.25 x 0.2 x 0.21 x 0.47 x 0.16 x 0.08 x
Nbr of stocks (in thousands) 26,186 26,683 26,683 26,986 27,217 27,217
Reference price 2 2.090 1.440 1.040 3.060 1.050 0.3900
Announcement Date 3/13/19 3/13/20 3/4/21 3/4/22 3/13/23 5/9/24
1USD in Million2USD
Estimates

Income Statement Evolution (Annual data)

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net sales 1 262.8 253.9 236.2 258.2 267 258.7
EBITDA 1 40.19 32.87 23.73 35.43 25.72 8.326
EBIT 1 24.76 19.54 12.47 25.2 15.91 -2.609
Operating Margin 9.42% 7.69% 5.28% 9.76% 5.96% -1.01%
Earnings before Tax (EBT) 1 -0.719 -23.86 -23.79 40.76 -3.628 -60.7
Net income 1 -3.192 -27.84 -54.06 41.51 -3.236 -43.31
Net margin -1.21% -10.96% -22.88% 16.08% -1.21% -16.75%
EPS 2 -0.1219 -1.050 -2.030 1.520 -0.1200 -1.591
Free Cash Flow 1 17.88 12.74 15.2 14.81 1.49 -6.63
FCF margin 6.8% 5.02% 6.43% 5.73% 0.56% -2.56%
FCF Conversion (EBITDA) 44.49% 38.76% 64.06% 41.8% 5.79% -
FCF Conversion (Net income) - - - 35.67% - -
Dividend per Share 2 0.2600 0.2200 0.0250 - - -
Announcement Date 3/13/19 3/13/20 3/4/21 3/4/22 3/13/23 5/9/24
1USD in Million2USD
Estimates

Income Statement Evolution (Quarterly data)

Fiscal Period: December 2021 Q4 2022 Q1 2022 Q2 2022 Q3 2022 Q4 2023 Q1 2023 Q2 2023 Q3
Net sales 1 69.13 62.61 68.68 66.86 68.81 63.49 65.77 63.5
EBITDA 1 10.84 6.844 11.69 2.3 7.266 1.397 2.666 2.513
EBIT 1 20.45 4.974 7.328 -8.784 1.634 -4.18 -4.101 -36.29
Operating Margin 29.59% 7.94% 10.67% -13.14% 2.37% -6.58% -6.23% -57.15%
Earnings before Tax (EBT) 1 15.6 1.528 8.035 -11.83 -1.365 -7.43 -7.655 -40.08
Net income 1 16.84 1.739 9.117 -11.88 -2.207 -5.154 -7.094 -31.3
Net margin 24.36% 2.78% 13.27% -17.78% -3.21% -8.12% -10.79% -49.29%
EPS 2 0.6100 0.0600 0.3300 -0.4400 -0.0800 -0.1900 -0.2600 -1.150
Dividend per Share - - - - - - - -
Announcement Date 3/3/22 5/10/22 8/5/22 11/3/22 3/8/23 5/9/23 8/8/23 11/13/23
1USD in Million2USD
Estimates

Balance Sheet Analysis

Fiscal Period: December 2018 2019 2020 2021 2022 2023
Net Debt 1 254 292 269 220 210 221
Net Cash position 1 - - - - - -
Leverage (Debt/EBITDA) 6.313 x 8.872 x 11.35 x 6.204 x 8.168 x 26.49 x
Free Cash Flow 1 17.9 12.7 15.2 14.8 1.49 -6.63
ROE (net income / shareholders' equity) -1.41% -13.5% -33.3% 26.5% -1.83% -28.1%
ROA (Net income/ Total Assets) 2.74% 2.19% 1.44% 3.03% 1.95% -0.34%
Assets 1 -116.7 -1,274 -3,756 1,372 -166.1 12,761
Book Value Per Share 2 8.470 7.110 5.070 6.560 6.440 4.870
Cash Flow per Share 2 0 0 0.2400 0.0700 - -
Capex 1 9.34 7.79 4.77 10.9 13.4 9.09
Capex / Sales 3.56% 3.07% 2.02% 4.23% 5.01% 3.52%
Announcement Date 3/13/19 3/13/20 3/4/21 3/4/22 3/13/23 5/9/24
1USD in Million2USD
Estimates

EPS & Dividend

Year-on-year evolution of the PER

Change in Enterprise Value/EBITDA

Quarterly earnings - Rate of surprise

Company calendar

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