Scripps Posts Strong Start to 2017; Expect Snap Deal to Pay Future Dividends
Scripps reported a strong start to 2017 as first-quarter revenue was in line with our expectations, but EBITDA beat our projections. Revenue growth of 5% was below the previous 2017 guidance of 6%, but management reiterated guidance with increased programming expense expected over the next two quarters. We are maintaining our narrow economic moat rating and our fair value estimate of $79. With the stock still trading in 3-star territory, we would wait for a pullback before investing.Total opera...
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