Nexstar Broadcasting (NXST)
Date: December 2, 2016
Sector: Consumer Discretionary – Broadcast Media
Price/Market Cap: $59.2/$1.81B
Target/Implied Upside: $115/ 94%
[note: This is a write-up and update of research completed earlier in the year]
Thesis
Nexstar Broadcasting Group (NXST), a television broadcasting and digital media company, is in the early innings of both a company and industry-wide transformation. The company generates healthy free cash flow and trades at an attractive standalone valuation while also benefitting from strong growth in retransmission fee revenue. NXST expects to close a merger with Media General (MEG) by the end of the year, which will be immediately accretive and make NXST the second largest local television broadcasting company in the United States.
Read More “Nexstar Broadcasting (NXST) – “Local Content is King””