Bullboard - Stock Discussion Forum Corus Entertainment Inc T.CJR.B

Alternate Symbol(s): CJREF

Corus Entertainment Inc. is a Canada-based media and content company that develops and delivers brands and content across platforms for audiences around the world. The Company's segments include Television and Radio. Its portfolio of multimedia offerings encompasses approximately 32 specialty television services, 37 radio stations, 15 conventional television stations, digital and streaming... see more

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TSX:CJR.B - Post Discussion

Corus Entertainment Inc > Maintained at Market Perform at BMO; Target Kept at C$1.75

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Post by davgro on Jul 02, 2023 11:10am

Maintained at Market Perform at BMO; Target Kept at C$1.75

Corus Entertainment Maintained at Market Perform at BMO Following Fiscal Q3 Results; Price Target Kept at C$1.75

2023-06-30 11:33:40 AM ET (MT Newswires)

11:33 AM EDT, 06/30/2023 (MT Newswires) -- BMO Capital Markets on Friday reiterated its market-perform rating on the shares of Corus Entertainment (CJR-B.TO) and its C$1.75 price target after the broadcaster reported fiscal third-quarter results.

"Q3 revenue and EBITDA decreased -8% and -22%, respectively, and the company incurred a $590mm impairment charge affecting television assets. EBITDA was a slight beat to consensus on lower corporate costs. Excluding the charge, Adj. EPS was $0.09 vs. $0.05 Street. Consolidated margins compressed to 24% from 29%. Television advertising revenues declined -12%. We expect advertising softness to continue. There is limited visibility in the outlook given the writer's strike in Hollywood. Debt reduction remains a priority (currently 3.9x LTM)," analyst Tim Casey wrote.

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