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