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Salem Media Group

Nasdaq:SALM
Snowflake Description

Fair value unattractive dividend payer.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
SALM
Nasdaq
$39M
Market Cap
  1. Home
  2. US
  3. Media
Company description

Salem Media Group, Inc. operates as a multimedia company in the United States. The last earnings update was 1 day ago. More info.


Add to Portfolio Compare Print
  • Salem Media Group has significant price volatility in the past 3 months.
SALM Share Price and Events
7 Day Returns
-2.7%
NasdaqGM:SALM
2%
US Media
0.5%
US Market
1 Year Returns
-51.3%
NasdaqGM:SALM
17.6%
US Media
12.8%
US Market
SALM Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Salem Media Group (SALM) -2.7% -0.7% -13.2% -51.3% -75% -81.6%
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
  • SALM underperformed the Media industry which returned 17.6% over the past year.
  • SALM underperformed the Market in United States of America which returned 12.8% over the past year.
Price Volatility
SALM
Industry
5yr Volatility vs Market

Value

 Is Salem Media Group 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 Salem Media Group 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 Salem Media Group.

NasdaqGM:SALM Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model Dividend Discount Model
Dividend Per Share Company Filings (2019-09-30) in USD $ .260000
Payout Ratio Company Filings (2019-09-30) 3061.7%
Discount Rate (Cost of Equity) See below 9.5%
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:SALM
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%) (737.33%))
1.136
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.14
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.136 * 5.96%)
9.5%

Discounted Cash Flow Calculation for NasdaqGM:SALM using Dividend Discount Model Model

The calculations below outline how an intrinsic value for Salem Media Group is arrived at by discounting future dividends to their present value. This approach is used for finance firms where free cash flow is difficult to estimate (e.g. Banks/ Insurance firms).

If the firm does not pay the majority of its earnings out as a dividend this method will often arrive at a value significantly lower than the share price.

See our documentation to learn about this calculation.

NasdaqGM:SALM Gordon Growth Model
Calculation Result
Value per share = Expected dividends per share / (Discount Rate - Perpetual growth rate)
= $0.26 / (9.5% - 2.73%)
$3.84
NasdaqGM:SALM Discount to Share Price
Calculation Result
Value per share (USD) From above. $3.84
Current discount Discount to share price of $1.45
= -1 x ($1.45 - $3.84) / $3.84
62.3%

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

Current Discount
Amount off the current price Salem Media Group is available for.
Intrinsic value
>50%
Share price is $1.45 vs Future cash flow value of $3.84
Current Discount Checks
For Salem Media Group to be considered undervalued it must be available for at least 20% below the current price. Less than 40% is even better.
  • Salem Media Group's share price is below the future cash flow value, and at a moderate discount (> 20%).
  • Salem Media Group'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 Salem Media Group's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Salem Media Group's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGM:SALM PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2019-09-30) in USD $-1.00
NasdaqGM:SALM Share Price ** NasdaqGM (2019-11-13) in USD $1.45
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 Salem Media Group.

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

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

= 1.45 ÷ -1.00

-1.45x

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

  • Salem Media Group is loss making, we can't compare its value to the US Media industry average.
  • Salem Media Group is loss making, we can't compare the value of its earnings to the United States of America market.
Price based on expected Growth
Does Salem Media Group's expected growth come at a high price?
Raw Data
NasdaqGM:SALM PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section -1.45x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts
117.7%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 .

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

  • Unable to calculate PEG ratio for Salem Media Group, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Salem Media Group's assets?
Raw Data
NasdaqGM:SALM PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2019-09-30) in USD $7.31
NasdaqGM:SALM Share Price * NasdaqGM (2019-11-13) in USD $1.45
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:SALM PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

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

= 1.45 ÷ 7.31

0.2x

* Primary Listing of Salem Media Group.

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

  • Salem Media Group is good value based on assets compared to the US Media industry average.
X
Value checks
We assess Salem Media Group'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. Salem Media Group has a total score of 3/6, 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 Salem Media Group expected to perform in the next 1 to 3 years based on estimates from 1 analyst?

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
117.7%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Salem Media Group expected to grow at an attractive rate?
  • Unable to compare Salem Media Group's earnings growth to the low risk savings rate as it is expected to be loss making during the next 1-3 years.
Growth vs Market Checks
  • Unable to compare Salem Media Group's earnings growth to the United States of America market average as it is expected to be loss making during the next 1-3 years.
  • Salem Media Group'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:SALM Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGM:SALM Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 1 Analysts 117.7%
NasdaqGM:SALM Future Revenue Growth Rate Line of Best Fit* through Consensus Estimate Revenue of 1 Analysts -0.4%
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:SALM Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (1 month ago) See Below
Future Estimates Average of up to 1 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGM:SALM Future Estimates Data
Date (Data in USD Millions) Revenue Cash Flow Net Income * Avg. No. Analysts
2020-12-31 254 -4 1
2019-12-31 251 -1 1
2019-11-13
NasdaqGM:SALM Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2019-09-30 256 17 -26
2019-06-30 258 21 -5
2019-03-31 259 19 -4
2018-12-31 263 23 -3
2018-09-30 263 22 22
2018-06-30 263 21 21
2018-03-31 263 31 24
2017-12-31 264 27 25
2017-09-30 267 38 5
2017-06-30 273 36 7
2017-03-31 275 37 10
2016-12-31 274 39 9

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Salem Media Group is not considered high growth as it is expected to be loss making for the next 1-3 years.
  • Salem Media Group'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:SALM 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 1 Analyst Estimates (S&P Global) See Below

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

NasdaqGM:SALM Future Estimates Data
Date (Data in USD Millions) EPS * EPS High Estimate EPS Low Estimate Avg. No. Analysts
2020-12-31 -0.14 -0.14 -0.14 1.00
2019-12-31 -0.02 -0.02 -0.02 1.00
2019-11-13
NasdaqGM:SALM Past Financials Data
Date (Data in USD Millions) EPS *
2019-09-30 -1.00
2019-06-30 -0.20
2019-03-31 -0.14
2018-12-31 -0.12
2018-09-30 0.85
2018-06-30 0.80
2018-03-31 0.93
2017-12-31 0.95
2017-09-30 0.20
2017-06-30 0.29
2017-03-31 0.37
2016-12-31 0.35

*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 Salem Media Group will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Salem Media Group'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.
Salem Media Group 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 Salem Media Group 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 Salem Media Group'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.
  • Salem Media Group does not make a profit and their year on year earnings growth rate was negative over the past 5 years.
  • Unable to compare Salem Media Group's 1-year earnings growth to the 5-year average as it is not currently profitable.
  • Unable to compare Salem Media Group's 1-year growth to the US Media industry average as it is not currently profitable.
Earnings and Revenue History
Salem Media Group'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 Salem Media Group Company Filings, last reported 1 month ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGM:SALM Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2019-09-30 256.45 -26.39 15.93
2019-06-30 257.87 -5.18 15.74
2019-03-31 259.46 -3.70 15.42
2018-12-31 262.78 -3.19 15.49
2018-09-30 262.81 22.23 15.01
2018-06-30 262.71 20.97 15.16
2018-03-31 262.55 24.41 14.95
2017-12-31 263.74 24.64 16.16
2017-09-30 267.22 5.26 15.95
2017-06-30 273.06 7.50 15.76
2017-03-31 274.73 9.58 15.51
2016-12-31 274.32 8.87 14.49
2016-09-30 272.77 11.16 15.47
2016-06-30 268.99 11.04 15.22
2016-03-31 268.51 11.21 15.17
2015-12-31 265.79 11.15 15.15
2015-09-30 262.59 5.93 14.88
2015-06-30 264.70 7.60 14.96
2015-03-31 266.05 5.34 15.32
2014-12-31 266.54 5.48 17.09
2014-09-30 263.28 10.78 12.76
2014-06-30 252.15 12.37 13.93
2014-03-31 243.65 16.31 15.15
2013-12-31 236.93 -2.70 16.08
2013-09-30 234.79 -6.03 20.42
2013-06-30 233.03 -7.96 20.11
2013-03-31 230.52 -14.94 19.82
2012-12-31 229.18 4.52 14.40

*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.
  • It is difficult to establish if Salem Media Group has efficiently used shareholders’ funds last year (Return on Equity greater than 20%) as it is loss-making.
  • It is difficult to establish if Salem Media Group has efficiently used its assets last year compared to the US Media industry average (Return on Assets) as it is loss-making.
  • It is difficult to establish if Salem Media Group improved its use of capital last year versus 3 years ago (Return on Capital Employed) as it is currently loss-making.
X
Past performance checks
We assess Salem Media Group'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.
Salem Media Group has a total score of 0/6, 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 Salem Media Group'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 Salem Media Group's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Salem Media Group's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Salem Media Group's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Salem Media Group'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 0.3x 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 Salem Media Group Company Filings, last reported 1 month ago.

NasdaqGM:SALM Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2019-09-30 194.67 228.09 0.01
2019-06-30 216.23 250.30 0.01
2019-03-31 220.67 243.68 0.00
2018-12-31 221.87 253.85 0.12
2018-09-30 226.45 250.41 0.02
2018-06-30 226.73 252.28 0.01
2018-03-31 230.47 249.88 0.01
2017-12-31 231.28 258.69 0.00
2017-09-30 213.24 256.12 0.00
2017-06-30 214.67 259.32 0.02
2017-03-31 214.65 257.77 0.08
2016-12-31 211.19 262.19 0.13
2016-09-30 212.41 270.17 0.08
2016-06-30 210.94 273.80 0.04
2016-03-31 210.39 275.62 0.08
2015-12-31 209.82 275.55 0.10
2015-09-30 206.02 281.86 0.19
2015-06-30 205.41 278.74 0.19
2015-03-31 203.21 275.18 0.18
2014-12-31 203.99 277.51 0.03
2014-09-30 205.13 286.38 0.31
2014-06-30 202.51 289.26 0.23
2014-03-31 201.91 290.88 0.28
2013-12-31 201.79 290.79 0.07
2013-09-30 198.15 293.96 1.43
2013-06-30 192.07 297.88 0.07
2013-03-31 187.19 306.66 0.12
2012-12-31 206.07 268.98 0.38
  • Salem Media Group's level of debt (112.2%) 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 (139.6% vs 112.2% today).
  • Debt is not well covered by operating cash flow (7.9%, less than 20% of total debt).
  • Salem Media Group is making a loss, therefore interest payments are not well covered by earnings.
X
Financial health checks
We assess Salem Media Group'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. Salem Media Group has a total score of 1/6, 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 Salem Media Group'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
17.93%
Current annual income from Salem Media Group dividends.
If you bought $2,000 of Salem Media Group shares you are expected to receive $359 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?
  • Salem Media Group's pays a higher dividend yield than the bottom 25% of dividend payers in United States of America (1.43%).
  • Salem Media Group's dividend is above the markets top 25% of dividend payers in United States of America (3.67%).
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:SALM 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 1 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:SALM Future Dividends Estimate Data
Date (Data in $) Dividend per Share (annual) Avg. No. Analysts
2020-12-31
2019-12-31
2019-11-13
NasdaqGM:SALM Past Annualized Dividends Data
Date (Data in $) Dividend per share (annual) Avg. Yield (%)
2019-09-11 0.260 16.760
2019-08-09 0.260 16.232
2019-08-08 0.260 12.720
2019-03-07 0.260 11.540
2018-11-26 0.260 9.835
2018-09-05 0.260 7.875
2018-08-09 0.260 6.783
2018-08-08 0.260 5.608
2018-02-28 0.260 6.474
2017-12-08 0.260 5.842
2017-09-12 0.260 4.586
2017-06-01 0.260 3.802
2017-03-09 0.260 3.598
2016-12-07 0.260 3.981
2016-11-09 0.260 4.407
2016-11-07 0.260 4.735
2016-06-02 0.260 4.055
2016-03-10 0.260 4.113
2015-12-01 0.260 5.731
2015-09-01 0.260 4.320
2015-06-02 0.260 4.299
2015-03-05 0.260 4.773
2014-09-02 0.250 3.309
2014-05-27 0.240 2.716
2014-03-06 0.230 2.512
2013-11-20 0.220 2.484
2013-09-12 0.210 2.504
2013-05-30 0.200 2.581
2013-03-18 0.200 2.418
2012-11-29 0.140 2.433
2012-08-30 0.140 2.632
2012-05-31 0.140 2.741
2012-03-08 0.140 3.004

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

  • Whilst dividend payments have been stable, Salem Media Group has been paying a dividend for less than 10 years.
  • Dividend payments have increased, but Salem Media Group only paid a dividend in the past 8 years.
Current Payout to shareholders
What portion of Salem Media Group's earnings are paid to the shareholders as a dividend.
  • The company is paying a dividend however it is incurring a loss.
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 Salem Media Group'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 Salem Media Group afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Salem Media Group has a total score of 2/6, 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 Salem Media Group'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
Edward Atsinger
COMPENSATION $1,293,622
AGE 79
TENURE AS CEO 33.8 years
CEO Bio

Mr. Edward G. Atsinger, III, founded Salem Media Group, Inc. (alternate name Salem Communications Corp) and has been its Chief Executive Officer since 1986. Mr. Atsinger has been the President and Chief Executive Officer at Salem Communications Holdings Corp. since May 2000. He served as the President of Salem Communications Corp. from 1986 to June 2007. Mr. Atsinger has been engaged in the ownership and operation of radio stations since 1969. He serves as co-chair of the board of directors of Americans of Faith and is a Member of the Director of the National Religious Broadcasters. He has been a Director of Salem Media Group, Inc. since 1986. He has been a Director of Salem Communications Holdings Corp. since May 2000. Mr. Atsinger has also been a Member of the Board Of Directors of Oaks Christian High School since 1999. Mr. Atsinger holds a BA/MA (Oxon) in Philosophy and Theology from Oxford University, England.

CEO Compensation
  • Edward's compensation has been consistent with company performance over the past year, both up more than 20%.
  • Edward'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 Salem Media Group management team in years:

9.8
Average Tenure
56
Average Age
  • The average tenure for the Salem Media Group management team is over 5 years, this suggests they are a seasoned and experienced team.
Management Team

Edward Atsinger

TITLE
CEO & Director
COMPENSATION
$1M
AGE
79
TENURE
33.8 yrs

David A. Evans

TITLE
President of New Media
COMPENSATION
$615K
AGE
56

Dave Santrella

TITLE
President of Broadcast Media
COMPENSATION
$594K
AGE
57

Evan Masyr

TITLE
Executive VP & CFO
COMPENSATION
$417K
AGE
47
TENURE
12.3 yrs

Mike Moran

TITLE
Vice President of Operations

Christopher Henderson

TITLE
Executive VP of Legal & HR
COMPENSATION
$351K
AGE
55
TENURE
11.7 yrs

Allen Power

TITLE
Senior Vice President of Radio Division
TENURE
9.8 yrs

Ron Walters

TITLE
Senior Vice President of Ministry Relations
TENURE
8.1 yrs

Linnae Young

TITLE
Senior Vice President of Broadcast Operations
TENURE
5 yrs

Chris Gould

TITLE
Senior Vice President of National Programming
TENURE
0.8 yrs
Board of Directors Tenure

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

22.2
Average Tenure
74
Average Age
  • The average tenure for the Salem Media Group board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Stuart Epperson

TITLE
Chairman of the Board
AGE
82
TENURE
33.8 yrs

Edward Atsinger

TITLE
CEO & Director
COMPENSATION
$1M
AGE
79
TENURE
33.8 yrs

Rich Riddle

TITLE
Independent Director
COMPENSATION
$77K
AGE
74
TENURE
22.2 yrs

Eric Halvorson

TITLE
Independent Director
COMPENSATION
$82K
AGE
70
TENURE
4.5 yrs

Heather Grizzle

TITLE
Independent Director
AGE
37
TENURE
0.7 yrs
Who owns this company?
Recent Insider Trading
  • More shares have been bought than sold by Salem Media Group individual insiders in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
12. Nov 19 Buy Edward Atsinger Individual 08. Nov 19 08. Nov 19 6,838 $1.45 $9,915
04. Sep 19 Buy Edward Atsinger Individual 29. Aug 19 30. Aug 19 31,443 $1.48 $46,589
14. Aug 19 Sell Teton Advisors, Inc Company 20. Jun 19 12. Aug 19 -84,450 $2.46 $-183,336
14. Aug 19 Buy Teton Advisors, Inc Company 24. Jun 19 12. Aug 19 26,725 $2.46 $56,478
14. Aug 19 Sell GAMCO Investors, Inc. Company 26. Jun 19 13. Aug 19 -66,033 $2.36 $-129,802
14. Aug 19 Buy GAMCO Investors, Inc. Company 26. Jun 19 26. Jun 19 2,000 $2.36 $4,712
30. May 19 Sell Christopher Henderson Individual 24. May 19 24. May 19 -4,825 $2.10 $-10,133
30. May 19 Sell Evan Masyr Individual 24. May 19 24. May 19 -3,334 $2.10 $-7,002
30. May 19 Sell David Santrella Individual 24. May 19 24. May 19 -10,837 $2.10 $-22,759
29. May 19 Sell Christopher Henderson Individual 23. May 19 28. May 19 -2,248 $2.17 $-4,723
24. May 19 Sell Christopher Henderson Individual 21. May 19 23. May 19 -6,094 $2.45 $-14,564
23. May 19 Sell Evan Masyr Individual 21. May 19 23. May 19 -6,986 $2.45 $-16,270
23. May 19 Sell David Santrella Individual 21. May 19 23. May 19 -3,473 $2.45 $-8,088
08. May 19 Sell Teton Advisors, Inc Company 30. Apr 19 30. Apr 19 -340,000 $2.21 $-681,446
08. May 19 Buy Teton Advisors, Inc Company 30. Apr 19 30. Apr 19 160,000 $2.13 $318,598
08. May 19 Sell GAMCO Investors, Inc. Company 16. Apr 19 07. May 19 -29,715 $2.20 $-60,010
08. May 19 Buy GAMCO Investors, Inc. Company 15. Apr 19 15. Apr 19 500 $2.21 $1,104
16. Apr 19 Sell Teton Advisors, Inc Company 15. Apr 19 15. Apr 19 -20,000 $2.19 $-43,812
16. Apr 19 Sell GAMCO Investors, Inc. Company 19. Feb 19 15. Apr 19 -61,467 $3.01 $-164,744
X
Management checks
We assess Salem Media Group'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. Salem Media Group 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

Could Salem Media Group, Inc.'s (NASDAQ:SALM) Investor Composition Influence The Stock Price?

As Charlie Munger said 'Show me the incentive and I will show you the outcome.' Salem Media Group is a smaller company with a market capitalization of US$45m, so it may still be flying under the radar of many institutional investors. … See our latest analysis for Salem Media Group NasdaqGM:SALM Ownership Summary, August 19th 2019 What Does The Institutional Ownership Tell Us About Salem Media Group? … Insider Ownership Of Salem Media Group While the precise definition of an insider can be subjective, almost everyone considers board members to be insiders.

Simply Wall St -

What Investors Should Know About Salem Media Group, Inc.'s (NASDAQ:SALM) Financial Strength

Looking at SALM’s US$66m in current liabilities, the company may not be able to easily meet these obligations given the level of current assets of US$40m, with a current ratio of 0.6x. … The current ratio is calculated by dividing current assets by current liabilities. … But since SALM is currently unprofitable, sustainability of its current state of operations becomes a concern.

Simply Wall St -

What Kind Of Shareholders Own Salem Media Group, Inc. (NASDAQ:SALM)?

See our latest analysis for Salem Media Group NasdaqGM:SALM Ownership Summary, May 17th 2019 What Does The Institutional Ownership Tell Us About Salem Media Group? … We can see that Salem Media Group does have institutional investors; and they hold 24% of the stock. … Insider Ownership Of Salem Media Group The definition of company insiders can be subjective, and does vary between jurisdictions.

Simply Wall St -

One Thing To Remember About The Salem Media Group, Inc. (NASDAQ:SALM) Share Price

(NASDAQ:SALM), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Is Salem Media Group, Inc. (NASDAQ:SALM) Excessively Paying Its CEO?

How Does Edward Atsinger's Compensation Compare With Similar Sized Companies. … has a market cap of US$63m, and is paying total annual CEO compensation of US$1.3m. … We looked at a group of companies with market capitalizations under US$200m, and the median CEO total compensation was US$424k.

Simply Wall St -

When Should You Buy Salem Media Group, Inc. (NASDAQ:SALM)?

Salem Media Group, Inc. … (NASDAQ:SALM), which is in the media business, and is based in United States,. … Let’s examine Salem Media Group’s valuation and outlook in more detail to determine if there’s still a bargain opportunity

Simply Wall St -

Should Salem Media Group, Inc.’s (NASDAQ:SALM) Weak Investment Returns Worry You?

Specifically, we're going to calculate its Return On Capital Employed (ROCE), in the hopes of getting some insight into the business. … Return On Capital Employed (ROCE): What is it? … ROCE measures the 'return' (pre-tax profit) a company generates from capital employed in its business.

Simply Wall St -

Is Salem Media Group, Inc.'s (NASDAQ:SALM) Balance Sheet A Threat To Its Future?

While small-cap stocks, such as Salem Media Group, Inc. … (NASDAQ:SALM) with its market cap of US$76m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn.

Simply Wall St -

How Much Of Salem Media Group, Inc. (NASDAQ:SALM) Do Insiders Own?

Every investor in Salem Media Group, Inc. … Salem Media Group is a smaller company with a market capitalization of US$69m, so it may still be flying under the radar of many institutional investors. … See our latest analysis for Salem Media Group

Simply Wall St -

Is Salem Media Group, Inc. (NASDAQ:SALM) A Volatile Stock?

(NASDAQ:SALM), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Some investors use beta as a measure of how much a certain stock is impacted by market risk (volatility). … A stock with a beta greater than one is more sensitive to broader market movements than a stock with a beta of less than one.

Simply Wall St -

Company Info

Description

Salem Media Group, Inc. operates as a multimedia company in the United States. It operates through three segments: Broadcast, Digital Media, and Publishing. The company owns and operates radio networks, which produce and distribute talk, news, and music programming to radio stations, as well as sells commercial airtime. It also provides Christian and conservative content, investing and health-themed content, e-commerce, audio and video streaming, and other resources digitally through Christian content Websites, including BibleStudyTools.com, Crosswalk.com, GodVine.com, iBelieve.com, GodTube.com, OnePlace.com, Christianity.com, GodUpdates.com, CrossCards.com, ChristianHeadlines.com, LightSource.com, AllCreated.com, ChristianRadio.com, CCMmagazine.com, SingingNews.com, and SouthernGospel.com; and conservative opinion Websites, such as Townhall.com, HotAir.com, Twitchy.com, RedState.com, BearingArms.com, and ConservativeRadio.com. In addition, the company publishes digital newsletters that provide market analysis and non-individualized investment strategies; and operates Church product Websites comprising SermonSearch.com, ChurchStaffing.com, WorshipHouseMedia.com, SermonSpice.com, WorshipHouseKids.com, Preaching.com, ChristianJobs.com, and Youthworker.com that offer digital resources to pastors and Church leaders, as well as operates Eagle Wellness, an e-commerce site that sells nutritional supplements. Further, it offers publication of conservative, Christian, and history books; Xulon Press, a print-on-demand self-publishing service; and Mill City Press that publishes books, as well as Singing News print magazine. The company was formerly known as Salem Communications Corporation and changed its name to Salem Media Group, Inc. in February 2015. Salem Media Group, Inc. was founded in 1986 and is headquartered in Camarillo, California.

Details
Name: Salem Media Group, Inc.
SALM
Exchange: NasdaqGM
Founded: 1986
$38,594,209
26,616,696
Website: http://www.salemmedia.com
Address: Salem Media Group, Inc.
4880 Santa Rosa Road,
Camarillo,
California, 93012,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGM SALM Class A Common Stock Nasdaq Global Market US USD 01. Jul 1999
Number of employees
Current staff
Staff numbers
1,363
Salem Media Group employees.
Industry
Broadcasting
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/11/13 23:48
End of day share price update: 2019/11/13 00:00
Last estimates confirmation: 2019/08/13
Last earnings filing: 2019/11/12
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.