Tegna has been in the news for a number of reasons. After multiple take-over attempts last year to capitalize on the company’s political revenues, it recently underwent a failed attempt from shareholder Standard General at reshuffling the Board of Directors the company. With each of the 12 Directors being given a vote of confidence by the shareholders, the company is looking to move its focus back to improving its top-line. Tegna’s last result was decent as the management showed a 6.3% top-line growth despite an 80.1% drop in political revenues. A 16.2% growth in subscription revenues and a staggering 50% growth in Premion, the company’s OTT advertising business were major drivers of its strong performance. The management has indicated that it expects net subscription profits to grow in the mid-to-high teens percentage range which is a positive sign. We maintain our ‘Hold’ rating on Tegna with a revised target price.
Our Report Structure:
⦁ Company Overview
⦁ Investment Thesis
⦁ Key Drivers
⦁ Historical Quarterly Statement Analysis – Income Statement & Cash Flows
⦁ Historical Quarterly Balance Sheet Analysis
⦁ Historical Annual Financial Statement Analysis
⦁ Analysis Of Key Financial Ratios
⦁ Financial Forecasts For 3 Years
⦁ Forecasting The Capital Structure & Net Debt
⦁ Discounted Cash Flow Valuation
⦁ Trading Multiples
⦁ Key Risks
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