Canada's Stingray Group Q3 revenue beats estimates after TuneIn acquisition

Overview

• Canada streaming media firm's Q3 revenue grew 15.4%, beating analyst expectations
• Adjusted EBITDA for Q3 beat analyst expectations
• Company repurchased and canceled 303,700 shares for C$3.8 million

Result Drivers

• TUNEIN ACQUISITION - Enhanced advertising revenues from TuneIn acquisition drove revenue growth
• FAST CHANNELS EXPANSION - Increased FAST channel revenues contributed to revenue growth
• FOREIGN EXCHANGE GAINS - Foreign exchange gains contributed to adjusted net income increase

Key Details

Analyst Coverage

• The current average analyst rating on the shares is "buy" and the breakdown of recommendations is 6 "strong buy" or "buy", no "hold" and no "sell" or "strong sell"
• The average consensus recommendation for the broadcasting peer group is "hold."
• Wall Street's median 12-month price target for Stingray Group Inc is C$18.25, about 3.9% above its February 10 closing price of C$17.57
• The stock recently traded at 10 times the next 12-month earnings vs. a P/E of 8 three months ago