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Corus Entertainment Inc. T.CJR.B

Alternate Symbol(s):  CJREF

Corus Entertainment Inc. is a Canada-based diversified, integrated media and content company that develops and delivers brands and content across platforms. The Company operates in two segments: Television and Radio. The Television segment is comprised of over 33 television networks, approximately 15 conventional television stations, digital media assets, a social digital agency, a social media creator network, technology and media services, and content business, which includes the production and distribution of films and television programs, merchandise licensing, and book publishing. The Radio segment is comprised of around 39 radio stations situated primarily in high-growth urban centres in English Canada, with a concentration in the densely populated area of Southern Ontario. The Company's primary method of distribution is over-the-air, analogue radio transmission, with additional delivery platforms including HD radio, websites, mobile applications and podcasts.


TSX:CJR.B - Post by User

Post by denlepon Oct 25, 2021 9:15am
263 Views
Post# 34044052

TD increase Target

TD increase TargetWe neither understand nor agree with the 5% decline in CJR.B shares on Friday. Results exceeded consensus on adjusted EBITDA and adjusted EPS, and more importantly, we saw another quarter of strong revenue growth. All of the new growth initiatives performed well (see page two for more details on targeted advertising solutions, streaming, digital ad sales, and international content sales), and we believe evidence is mounting that Corus should be able to deliver on its promise of consistent revenue growth at the consolidated level even after the pandemic recovery benefits have been lapped. And of course, the company continues to deliver on its promise of de-leveraging, with debt/EBITDA down to 2.76x in fiscal 2021 from 3.18x in fiscal 2020. TD Investment Conclusion We are maintaining our ACTION LIST BUY rating and increasing our target price to $10.00 from $9.50. Factoring in the Q1/22 and FY2022 outlook commentary from management on the call, we have increased our revenue estimates for 2022/2023, with only slight increases in EBITDA as we decided to add an even bigger buffer for higher programming costs. We have also bumped our target multiple to 5.75x 2022E EBITDA (versus 5.5x previously) to reflect both the improved revenue trends and the recent success in renewing and extending key content supply agreements with U.S. partners. Key U.S. comps like ViacomCBS and Discovery continue to trade at much higher multiples (7x-8x EBITDA, as shown in Exhibit 4); so we view our target price as conservative, and we note that a shift to 2023E versus 2022E (recall that we are almost two months into fiscal 2022) would add another $1.50 to our target price.
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