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Cumulus Media

Nasdaq:CMLS
Snowflake Description

Undervalued with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
CMLS
Nasdaq
$251M
Market Cap
  1. Home
  2. US
  3. Media
Company description

Cumulus Media Inc. owns and operates radio stations in the United States. The last earnings update was 3 days ago. More info.


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CMLS Share Price and Events
7 Day Returns
8.5%
NasdaqGM:CMLS
2%
US Media
0.5%
US Market
1 Year Returns
0.4%
NasdaqGM:CMLS
17.6%
US Media
12.8%
US Market
CMLS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Cumulus Media (CMLS) 8.5% 12.9% -3% 0.4% - -
US Media 2% 4.5% 10% 17.6% 24.9% 33%
US Market 0.5% 4.3% 8% 12.8% 38.7% 44.5%
1 Year Return vs Industry and Market
  • CMLS underperformed the Media industry which returned 17.6% over the past year.
  • CMLS underperformed the Market in United States of America which returned 12.8% over the past year.
Price Volatility
Industry
5yr Volatility vs Market

Value

 Is Cumulus Media undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Cumulus Media to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data

Below are the data sources, inputs and calculation used to determine the intrinsic value for Cumulus Media.

NasdaqGM:CMLS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Average of 3 Analyst Estimates (S&P Global) See below
Discount Rate (Cost of Equity) See below 14.7%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGM:CMLS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Media Unlevered Beta Simply Wall St/ S&P Global 0.78
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.775 (1 + (1- 21%) (495.83%))
2.884
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
2
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (2 * 5.96%)
14.65%

Discounted Cash Flow Calculation for NasdaqGM:CMLS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Cumulus Media is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

Note: Free cash flow to equity valuations ignore the company's cash or debt.

NasdaqGM:CMLS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 14.65%)
2020 96.81 Analyst x2 84.44
2021 104.00 Analyst x1 79.12
2022 95.00 Analyst x1 63.04
2023 95.17 Est @ 0.18% 55.08
2024 96.06 Est @ 0.94% 48.49
2025 97.48 Est @ 1.48% 42.92
2026 99.29 Est @ 1.85% 38.13
2027 101.39 Est @ 2.12% 33.96
2028 103.72 Est @ 2.3% 30.30
2029 106.24 Est @ 2.43% 27.07
Present value of next 10 years cash flows $502.00
NasdaqGM:CMLS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2029 × (1 + g) ÷ (Discount Rate – g)
= $106.24 × (1 + 2.73%) ÷ (14.65% – 2.73%)
$915.63
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $915.63 ÷ (1 + 14.65%)10
$233.34
NasdaqGM:CMLS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $502.00 + $233.34
$735.34
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $735.34 / 17.03
$43.18
NasdaqGM:CMLS Discount to Share Price
Calculation Result
Value per share (USD) From above. $43.18
Current discount Discount to share price of $14.76
= -1 x ($14.76 - $43.18) / $43.18
65.8%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

Current Discount
Amount off the current price Cumulus Media is available for.
Intrinsic value
>50%
Share price is $14.76 vs Future cash flow value of $43.18
Current Discount Checks
For Cumulus Media to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Cumulus Media's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Cumulus Media's share price is below the future cash flow value, and at a substantial discount (> 40%).
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Cumulus Media's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Cumulus Media's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:CMLS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $4.28
NasdaqGM:CMLS Share Price ** NasdaqGM (2019-11-13) in USD $14.76
United States of America Media Industry PE Ratio Median Figure of 38 Publicly-Listed Media Companies 13.32x
United States of America Market PE Ratio Median Figure of 2,922 Publicly-Listed Companies 18.24x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Cumulus Media.

NasdaqGM:CMLS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGM:CMLS Share Price ÷ EPS (both in USD)

= 14.76 ÷ 4.28

3.45x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cumulus Media is good value based on earnings compared to the US Media industry average.
  • Cumulus Media is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Cumulus Media's expected growth come at a high price?
Raw Data
NasdaqGM:CMLS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 3.45x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts
-15.5%per year
United States of America Media Industry PEG Ratio Median Figure of 29 Publicly-Listed Media Companies 1.38x
United States of America Market PEG Ratio Median Figure of 2,023 Publicly-Listed Companies 1.46x

*Line of best fit is calculated by linear regression .

NasdaqGM:CMLS PEG (Price to Earnings to Growth) Ratio Calculation
Calculation Outcome
PEG Ratio

= PE Ratio ÷ Net Income Annual Growth Rate

= 3.45x ÷ -15.5%

-0.22x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cumulus Media earnings are not expected to grow next year, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Cumulus Media's assets?
Raw Data
NasdaqGM:CMLS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $25.56
NasdaqGM:CMLS Share Price * NasdaqGM (2019-11-13) in USD $14.76
United States of America Media Industry PB Ratio Median Figure of 73 Publicly-Listed Media Companies 1.37x
United States of America Market PB Ratio Median Figure of 5,070 Publicly-Listed Companies 1.73x
NasdaqGM:CMLS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGM:CMLS Share Price ÷ Book Value per Share (both in USD)

= 14.76 ÷ 25.56

0.58x

* Primary Listing of Cumulus Media.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Cumulus Media is good value based on assets compared to the US Media industry average.
X
Value checks
We assess Cumulus Media's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Media industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Media industry average (and greater than 0)? (1 check)
  5. Cumulus Media has a total score of 5/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

Future Performance

 How is Cumulus Media expected to perform in the next 1 to 3 years based on estimates from 3 analysts?

The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-15.5%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Cumulus Media expected to grow at an attractive rate?
  • Cumulus Media's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Cumulus Media's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Cumulus Media's revenues are expected to decrease over the next 1-3 years, this is below the United States of America market average.
Annual Growth Rates Comparison
Raw Data
NasdaqGM:CMLS Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:CMLS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 3 Analysts -15.5%
NasdaqGM:CMLS Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 3 Analysts -1.3%
United States of America Media Industry Earnings Growth Rate Market Cap Weighted Average 18.4%
United States of America Media Industry Revenue Growth Rate Market Cap Weighted Average 3.6%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.3%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGM:CMLS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:CMLS Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2022-12-31 1,091 118 55 1
2021-12-31 1,072 127 51 1
2020-12-31 1,113 118 65 3
2019-12-31 1,114 90 59 1
2019-11-14
NasdaqGM:CMLS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 1,137 103
2019-06-30 1,139 83 100
2019-03-31 1,144 36 763
2018-12-31 1,140 62 758
2018-09-30 1,125 84 508
2018-06-30 1,130 97 496
2018-03-31 1,135 116 -204
2017-12-31 1,136 87 -207
2017-09-30 1,141 38 -544
2017-06-30 1,140 28 -499
2017-03-31 1,137 22 -504
2016-12-31 1,141 36 -511

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Cumulus Media's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Cumulus Media's revenue is expected to decrease over the next 1-3 years, this is not considered high growth.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGM:CMLS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below

All data from Cumulus Media Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:CMLS Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2022-12-31 2.60 2.60 2.60 1.00
2021-12-31 2.44 2.44 2.44 1.00
2020-12-31 3.56 4.24 2.72 3.00
2019-12-31 3.43 3.95 2.90 2.00
2019-11-14
NasdaqGM:CMLS Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 4.28
2019-06-30 4.98
2019-03-31 35.26
2018-12-31 31.62
2018-09-30 19.30
2018-06-30 17.34
2018-03-31 -6.97
2017-12-31 -7.05
2017-09-30 -18.57
2017-06-30 -17.04
2017-03-31 -17.20
2016-12-31 -17.45

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Cumulus Media will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Cumulus Media's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Cumulus Media has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

Past Performance

  How has Cumulus Media performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Cumulus Media's growth in the last year to its industry (Media).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Cumulus Media has delivered over 20% year on year earnings growth in the past 5 years.
  • Cumulus Media's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Cumulus Media's 1-year earnings growth is negative, it can't be compared to the US Media industry average.
Earnings and Revenue History
Cumulus Media's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Cumulus Media Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:CMLS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 1,137.16 103.37 508.11
2019-06-30 1,138.60 99.76 505.16
2019-03-31 1,144.18 763.03 509.46
2018-12-31 1,140.36 757.58 507.06
2018-09-30 1,125.04 507.73 503.32
2018-06-30 1,130.03 496.29 506.77
2018-03-31 1,135.31 -204.17 507.52
2017-12-31 1,135.66 -206.57 510.87
2017-09-30 1,141.34 -544.05 505.37
2017-06-30 1,140.24 -499.08 506.78
2017-03-31 1,136.90 -503.69 505.55
2016-12-31 1,141.40 -510.72 506.93
2016-09-30 1,150.68 28.28 514.90
2016-06-30 1,153.99 -560.14 537.37
2016-03-31 1,166.13 -548.91 539.14
2015-12-31 1,168.68 -546.49 525.39
2015-09-30 1,189.10 -538.58 537.80
2015-06-30 1,213.55 6.13 519.84
2015-03-31 1,242.46 8.65 519.17
2014-12-31 1,263.42 11.40 546.87
2014-09-30 1,209.63 47.98 401.32
2014-06-30 1,158.28 51.37 279.79
2014-03-31 1,100.34 46.08 157.15
2013-12-31 1,026.14 26.97 443.19
2013-09-30 960.57 -140.99 49.02
2013-06-30 973.38 -129.16 48.96
2013-03-31 984.12 -142.50 53.57
2012-12-31 1,002.27 -132.83 40.45

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Whilst Cumulus Media has efficiently used shareholders’ funds last year (Return on Equity greater than 20%), this is metric is skewed due to its high level of debt.
  • Cumulus Media used its assets more efficiently than the US Media industry average last year based on Return on Assets.
  • Cumulus Media has significantly improved its use of capital last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Cumulus Media's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Media industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Cumulus Media has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

Health

 How is Cumulus Media's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Cumulus Media's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Cumulus Media is able to meet its short term (1 year) commitments with its holdings of cash and other short term assets.
  • Cumulus Media's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Cumulus Media's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • High level of physical assets or inventory.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Cumulus Media Company Filings, last reported 1 month ago.

NasdaqGM:CMLS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 434.30 1,246.29 20.50
2019-06-30 434.30 1,096.41 20.50
2019-03-31 390.86 1,214.67 15.33
2018-12-31 389.83 1,243.30 27.58
2018-09-30 344.48 1,296.75 53.98
2018-06-30 330.63 1,300.00 37.44
2018-03-31 -700.95 2,310.08 120.12
2017-12-31 -696.12 2,332.21 102.89
2017-09-30 -490.19 2,311.23 69.43
2017-06-30 -491.82 2,389.24 141.20
2017-03-31 -498.03 2,386.76 151.15
2016-12-31 -491.74 2,384.16 131.26
2016-09-30 51.40 2,410.08 157.60
2016-06-30 4.34 2,407.67 49.80
2016-03-31 2.48 2,405.28 58.87
2015-12-31 16.03 2,402.90 31.66
2015-09-30 19.64 2,488.31 84.25
2015-06-30 549.52 2,487.24 32.73
2015-03-31 533.33 2,486.18 22.76
2014-12-31 541.58 2,485.13 7.27
2014-09-30 533.23 2,533.99 26.76
2014-06-30 526.27 2,572.90 20.12
2014-03-31 506.38 2,597.02 37.27
2013-12-31 512.74 2,626.89 32.79
2013-09-30 268.43 2,691.56 64.17
2013-06-30 335.80 2,663.61 46.22
2013-03-31 308.93 2,698.52 82.81
2012-12-31 318.50 2,701.07 88.05
  • Cumulus Media's level of debt (252.5%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (475% vs 252.5% today).
  • Debt is not well covered by operating cash flow (7.6%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1.8x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Cumulus Media's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Cumulus Media has a total score of 2/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

Dividends

 What is Cumulus Media's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Cumulus Media dividends.
If you bought $2,000 of Cumulus Media shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Cumulus Media's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Cumulus Media's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGM:CMLS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 3 Analyst Estimates (S&P Global) See Below
United States of America Media Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 2%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 1948 Stocks 2.4%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.7%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

NasdaqGM:CMLS Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2022-12-31
2021-12-31
2020-12-31
2019-12-31
2019-11-14

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Cumulus Media has not reported any payouts.
  • Unable to verify if Cumulus Media's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Cumulus Media's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Cumulus Media has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Cumulus Media's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Cumulus Media afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Cumulus Media has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

Management

 What is the CEO of Cumulus Media's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Mary Berner
COMPENSATION $7,405,617
AGE 60
TENURE AS CEO 4.1 years
CEO Bio

Ms. Mary G. Berner has been Chief Executive Officer of Cumulus Media Inc. since October 13, 2015 and its President since March 30, 2016. Ms. Berner serves as an Executive of Jane Magazine, Inc. She was Chief Executive Officer and President at Magazine Publishers Of America (MPA) until September 2012. She served as the Chief Executive Officer and President of Reiman Media Group, LLC. She served as the President and Group President of Fairchild Unit at Advance Magazine Publishers Inc. She served as the Chief Executive Officer and President of RDA Holding Co. and its subsidiary Trusted Media Brands, Inc. (Reader's Digest Association Inc)., from March 2, 2007 to April 25, 2011. She had the responsibility for two of Ripplewood's portfolio companies, WRC Media and Direct Holdings U.S. Corp. She served as the President and Group President of Fairchild Unit at Conde Nast Publications Inc. She served as the Chief Executive Officer and President of Fairchild Fashion Media from November 1999 to 2006. Prior to joining Fairchild, She served as Publisher of Glamour. She served as Vice President of Condé Nast since December 1997 and served as its Publisher. Before Glamour, she served as Senior Vice President and Publisher of TV Guide. During her tenure at TV Guide, she oversaw the reorganization of the sales and marketing efforts which resulted in the addition of 700 new advertisers to the magazine and placement on Adweek's Top Ten Hottest Magazines list in 1993 and 1994. Prior to TV Guide, she served as Publisher of Success Magazine. Before that, she served as Divisional Manager of Working Woman Magazine. She has also held leadership roles at Glamour, TV Guide, W, Women’s Wear Daily, Every Day with Rachael Ray and Allrecipes.com. She started her career in advertising in 1981 in Boston, where she sold advertising space for Citizen Group Publications. She has been a Director of Cumulus Media Inc. since May 2015. She served as a Director of RDA Holding Co until April 25, 2011. She served as a Director of Reader's Digest Association Inc. from March 2, 2007 to April 25, 2011. She has over 30 years of senior executive experience in the media and advertising industry. Ms. Berner was also inducted into the 1997 Academy of Women Achievers and has been named an Executive of the Year by Adweek, Brandweek and Mediaweek magazines. Ms. Berner received her Bachelor of Arts degree in History from the College of Holy Cross (Massachusetts).

CEO Compensation
  • Mary's compensation has increased by more than 20% whilst company earnings have fallen more than 20% in the past year.
  • Mary's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Cumulus Media management team in years:

3.6
Average Tenure
56.5
Average Age
  • The tenure for the Cumulus Media management team is about average.
Management Team

Mary Berner

TITLE
President
COMPENSATION
$7M
AGE
60
TENURE
4.1 yrs

John Abbot

TITLE
Executive VP
COMPENSATION
$3M
AGE
56
TENURE
3.3 yrs

Richard Denning

TITLE
Executive VP
COMPENSATION
$2M
AGE
52

Conrad Trautmann

TITLE
Senior Vice President Technology & Operations

Collin Jones

TITLE
Senior Vice President of Corporate Development & Strategy
AGE
32

Christina Albee

TITLE
Chief Marketing Officer

Paul O'Malley

TITLE
Senior Vice President of Strategic Partnerships Westwoodone

Pierre Bouvard

TITLE
Chief Insights Officer
AGE
57

Suzanne Grimes

TITLE
Executive VP of Corporate Marketing & President of Westwood One
COMPENSATION
$996K
AGE
60
TENURE
3.8 yrs

Brian Philips

TITLE
Executive Vice President of Content & Audience
TENURE
0.5 yrs
Board of Directors Tenure

Average tenure and age of the Cumulus Media board of directors in years:

1.4
Average Tenure
60
Average Age
  • The average tenure for the Cumulus Media board of directors is less than 3 years, this suggests a new board.
Board of Directors

Andy Hobson

TITLE
Independent Chairman of the Board
COMPENSATION
$289K
AGE
57

Mary Berner

TITLE
President
COMPENSATION
$7M
AGE
60
TENURE
4.5 yrs

David Baum

TITLE
Independent Director
COMPENSATION
$176K
AGE
54
TENURE
1.4 yrs

Joan Gillman

TITLE
Independent Director
COMPENSATION
$170K
AGE
56
TENURE
1.4 yrs

Brian Kushner

TITLE
Independent Director
COMPENSATION
$176K
AGE
60
TENURE
1.4 yrs

Matt Blank

TITLE
Independent Director
COMPENSATION
$162K
AGE
69
TENURE
1.4 yrs

Tom Castro

TITLE
Independent Director
COMPENSATION
$162K
AGE
64
TENURE
1.4 yrs
Who owns this company?
Recent Insider Trading
  • No 3 month open market individual insider trading information.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
07. Nov 19 Sell Brigade Capital Management, LP Company 05. Nov 19 06. Nov 19 -8,763 $14.06 $-121,205
05. Nov 19 Sell Brigade Capital Management, LP Company 01. Nov 19 04. Nov 19 -9,556 $13.95 $-132,954
01. Nov 19 Sell Brigade Capital Management, LP Company 30. Oct 19 31. Oct 19 -18,500 $13.64 $-251,920
10. Oct 19 Sell Silver Point Capital L.P. Company 08. Oct 19 08. Oct 19 -16,536 $13.43 $-222,078
07. Oct 19 Sell Silver Point Capital L.P. Company 03. Oct 19 07. Oct 19 -31,000 $14.80 $-450,180
19. Feb 19 Buy Brigade Capital Management, LP Company 14. Feb 19 14. Feb 19 50,400 $15.08 $760,032
19. Dec 18 Buy Brigade Capital Management, LP Company 17. Dec 18 17. Dec 18 110,000 $11.00 $1,187,130
14. Dec 18 Buy Brigade Capital Management, LP Company 12. Dec 18 13. Dec 18 61,000 $10.44 $612,640
X
Management checks
We assess Cumulus Media's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Cumulus Media has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

News

Simply Wall St News

What Should Investors Know About Cumulus Media Inc's (NASDAQ:CMLS) Capital Returns?

Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … You need to pay attention to this because your return on investment is linked to dividends and internal investments to improve the business, which can only occur if the company is expected to produce adequate earnings with the capital that has been provided. … To understand Cumulus Media’s capital returns we will look at a useful metric called return on capital employed.

Simply Wall St -

What Do You Get For Owning Cumulus Media Inc (NASDAQ:CMLS)?

Your equity share is granted in return for the capital provided to the business to operate, and in order for an investment to be successful the business has to create earnings from the funds that make up this capital. … Your return is tied to CMLS’s ability to do this because the amount earned is used to invest in opportunities to grow the business or payout dividends, which are the two sources of return on investment. … Therefore, looking at how efficiently Cumulus Media is able to use capital to create earnings will help us understand your potential return.

Simply Wall St -

Company Info

Description

Cumulus Media Inc. owns and operates radio stations in the United States. The company operates through two segments, Cumulus Radio Station Group and Westwood One. It sells broadcasting time on its owned or operated stations to local, regional, and national advertisers; and network advertising. The company offers content through approximately 433 owned-and-operated stations in 88 United States media markets; and approximately 8,000 broadcast radio stations affiliates and various digital channels. Cumulus Media Inc. was incorporated in 2002 and is based in Atlanta, Georgia.

Details
Name: Cumulus Media Inc.
CMLS
Exchange: NasdaqGM
Founded: 2002
$251,355,449
17,029,502
Website: http://www.cumulusmedia.com
Address: Cumulus Media Inc.
3280 Peachtree Road, NW,
Suite 2200,
Atlanta,
Georgia, 30305,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM CMLS New Class A Common Stock Nasdaq Global Market US USD 13. Jun 2018
DB 1NM New Class A Common Stock Deutsche Boerse AG DE EUR 13. Jun 2018
Number of employees
Current staff
Staff numbers
4,292
Cumulus Media employees.
Industry
Broadcasting
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/14 00:34
End of day share price update: 2019/11/13 00:00
Last estimates confirmation: 2019/11/13
Last earnings filing: 2019/11/11
Last earnings reported: 2019/09/30
Last annual earnings reported: 2018/12/31


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.