Mediaco Holding Inc. (NASDAQ: MDIA)

Sector: Communication Services Industry: Broadcasting CIK: 0001784254
Market Cap 45.15 Mn
P/B 0.52
P/E -1.09
P/S 0.35
ROIC (Qtr) -11.18
Div Yield % 0.00
Rev 1y % (Qtr) 18.55
Total Debt (Qtr) 118.00 Mn
Debt/Equity (Qtr) 1.36
Add ratio to table...

About

Mediaco Holding Inc., also known as MediaCo, operates in the radio and digital advertising industry. The company, which was established in 2019 and has its headquarters in Indiana, is primarily involved in radio and digital advertising sales, premium programming, and events. MediaCo's main business activities revolve around radio and digital advertising sales. The company operates two radio stations, WQHT(FM) and WBLS(FM), which serve the New York City demographic market area. These stations cater to Black, Hispanic, and multi-cultural consumers,...

Read more

Investment thesis

Bull case

  • Tangible assets of 113.68M provide exceptional 10.95x coverage of deferred revenue 10.38M, showing strong service capability backing.
  • Robust free cash flow of 12.22M exceeds capital expenditure of 585000 by 20.89x, indicating strong organic growth funding capability.
  • Strong operating cash flow of 12.81M provides 1.78x coverage of SG&A expenses 7.19M, showing efficient operational cost management.
  • Tangible assets of 113.68M provide robust 7.09x coverage of other current liabilities 16.04M, indicating strong asset backing.
  • Strong free cash flow of 12.22M provides 1.70x coverage of SG&A expenses 7.19M, indicating efficient cost management.

Bear case

  • Operating cash flow of 12.81M barely covers its investment activities of (6.85M), with a coverage ratio of -1.87, indicating heavy reliance on external financing for growth which may not be sustainable in a tighter credit environment.
  • Cash reserves of 6.25M provide limited coverage of acquisition spending of (6.17M), which is -1.01x, suggesting aggressive expansion might strain liquidity if market conditions deteriorate.
  • Operating cash flow of 12.81M provides insufficient coverage of deferred revenue obligations of 10.38M, which is 1.23x, raising concerns about future service delivery capabilities.
  • The company's operating cash flow of 12.81M shows concerning coverage of stock compensation expenses of (222000), with a -57.69 ratio indicating potential earnings quality issues.
  • Operating earnings of (25.28M) show weak coverage of depreciation charges of 8.68M, with a -2.91 ratio indicating high capital intensity and potential reinvestment needs.

Segments Breakdown of Revenue (2024)

Segments Breakdown of Revenue (2024)

Peer comparison

Companies in the Broadcasting
S.No. Ticker Company Market Cap P/E P/S Total Debt (Qtr)
1 NXST Nexstar Media Group, Inc. 8.26 Bn 23.87 1.67 6.40 Bn
2 TGNA Tegna Inc 4.06 Bn 7.22 1.41 2.59 Bn
3 SBGI Sinclair, Inc. 1.07 Bn 0.49 0.18 4.24 Bn
4 SSP E.W. SCRIPPS Co 0.81 Bn -7.98 0.35 2.74 Bn
5 IHRT iHeartMedia, Inc. 0.53 Bn -1.32 0.14 5.87 Bn
6 FUBO FuboTV Inc. 0.46 Bn 2.96 0.17 0.41 Bn
7 GTN Gray Media, Inc 0.23 Bn -7.34 0.80 5.68 Bn
8 NMAX Newsmax Inc. 0.20 Bn -2.81 1.18 0.01 Bn

Industry comparisons

Current Valuation Value Ind Avg Percentile
EV to Assets EV to Assets 0.50 0.87
EV to Cash from Ops. EV/CFO 12.50 -0.15
EV to Debt EV to Debt 1.36 6.39
EV to EBIT EV/EBIT -6.33 3.66
EV to EBITDA EV/EBITDA -11.10 3.24
EV to Free Cash Flow [EV/FCF] EV/FCF 13.10 7.40
EV to Market Cap EV to Market Cap 3.55 6.46
EV to Revenue EV/Rev 1.26 1.70
Price to Book Value [P/B] P/B 0.52 614.59
Price to Earnings [P/E] P/E -1.09 -1.43
Dividend Metrics Value Ind Avg Percentile
Dividend Coverage Ratio Div Coverage (Qtr) 0.00 -21.94
Dividend Payout Ratio % Div Payout % (Qtr) 0.00 114.41
Dividend per Basic Share Div per Share (Qtr) 0.00 0.74
FCF Dividend Payout Ratio % FCF Div Payout % (Qtr) 0.00 23.53
Interest Coverage Int. cover (Qtr) -1.63 -1.29
Growth Metrics Value Ind Avg Percentile
Capex Growth (1y) % Capex 1y % (Qtr) 59.52 19.60
Cash and Equivalents Growth (1y) % Cash & Equiv 1y % (Qtr) -18.61 18.99
Dividend Growth (1y) % Dividend Growth (1y) % 0.00 17.54
EBIAT Growth (1y) % EBIAT 1y % (Qtr) -284.16 546.44
EBITDA Growth (1y) % EBITDA 1y % (Qtr) 32.97 -17.28
EBIT Growth (1y) % EBIT 1y % (Qtr) -478.39 266.27
EBT Growth (1y) % EBT 1y % (Qtr) -6,371.27 -496.56
EPS Growth (1y) % EPS 1y % (Qtr) -58.82 -40.46
FCF Growth (1y) % FCF 1y % (Qtr) 135.85 25.60
Gross Profit Growth (1y) % Gross Profit 1y % (Qtr) 26.96 3.01
Liquidity Ratios Value Ind Avg Percentile
Asset Utilization Ratio Asset Util Ratio (Qtr) 0.40 0.48
Cash Payout Ratio Cash Payout (Qtr) 0.00 0.20
Cash Ratio Cash Ratio (Qtr) 0.07 0.41
Current Ratio Curr Ratio (Qtr) 0.51 1.64
Debt to Equity Ratio Debt/Equity (Qtr) 1.36 2.17
Interest Cover Ratio Int Coverage (Qtr) -1.63 -1.29
Times Interest Earned Times Interest Earned (Qtr) -1.63 -1.29
Profitability Value Ind Avg Percentile
EBITDA Margin % EBITDA Margin % (Qtr) -13.00 -11.99
EBIT Margin % EBIT Margin % (Qtr) -19.83 -20.47
EBT Margin % EBT Margin % (Qtr) -31.98 -27.40
Gross Margin % Gross Margin % (Qtr) -6.80 34.96
Net Profit Margin % Net Margin % (Qtr) -32.40 -28.49