Noble Financial Thinks Cumulus Media's (CMLS) CFO Transition is 'Not A Good Sign'

June 23, 2016 2:30 PM EDT
Get Alerts CMLS Hot Sheet
Price: $10.45 +5.66%

Rating Summary:
    4 Buy, 3 Hold, 0 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 11 | Down: 8 | New: 46
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Noble Financial affirms Cumulus Media Inc. (Nasdaq: CMLS) with a Hold rating and believes that the resignation of CFO JP Hannan is "not a good sign" for the company.

Analyst Michael Kupinski commented today:

  • Restructuring likely. We believe that JP Hanann's departure is a sign that the company's fundamentals are weak and that a capital restructuring is likely.
  • Odds for an upturn in fundamentals appear low. In our view, national advertising for the company is expected to be weak and its stations are likely to under perform the industry as a whole.
  • Equity could get wiped out in a capital restructuring. Near current levels, CMLS shares trade at 8.9 times enterprise value to estimated 2016 cash flow

For an analyst ratings summary and ratings history on Cumulus Media click here. For more ratings news on Cumulus Media click here.

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