Sony (SONY): SONY had improved results after a couple quarters of modest downward revisions. 2Q22 earnings came in ahead of consensus, and the company raised its guidance for FY22 which ends on 3/31/23. Importantly, SONY’s games segment showed signs of stability as the post-pandemic shift in behavior that has reduced engagement appears to have runs […]
Activision Blizzard (ATVI): ATVI and Microsoft (MSFT) continue to await a regulatory ruling on the proposed acquisition of ATVI for $95 per share. The companies expect to close the deal in 2023, and Northlake continues to expect approval despite the large discount to the deal price at which ATVI trades. Recently, the discount has narrowed […]
VICI Properties (VICI): VICI reported its typically boring quarter with results in line to slightly better than street expectations. Boring is exactly what we like about VICI. As a landlord to the nation’s two leading gaming companies, Caesars and MGM, VICI’s business model is highly predictable. The company collects rents with built-in escalators. Beyond the […]
Nexstar Media Group (NXST) has been of the best stocks in Northlake’s portfolio, up over 3 times from initial purchases in 2017. The company’s latest earnings report for 4Q21 showed exactly why. The company exceeded consensus earnings estimates for revenue, EBITDA, and free cash flow. Management also rolled forward free cash flow guidance to a […]
The title of this blog post is similar to when we last discussed Nexstar Media Group (NXST). This is no coincidence as the company’s 3Q21 earnings report was more of the same good news. NXST has built nationwide scale of local TV stations, a business than has always generated large free cash flow (TV stations […]
Nexstar Media Group (NXST) reported another in a string of excellent quarterly earnings reports. Revenue and EBITDA exceeded management guidance and the company raised the all-important annual free cash flow guidance. NXST has always benefitted from having one of the best management teams across all the industries we follow in terms of operating execution and […]
Nexstar Media Group (NXST) reported strong 1Q21 earnings highlighted by a faster than expected improvement in core advertising, continued upside in profit margins, and a big beat on EBITDA. Management reaffirmed its key guidance metric based on the average of 2021 and 2022 free cash flow. The cyclical nature of political spending requires use of […]
Nexstar Media Group (NXST) reported better than expected 4Q20 results despite elevated expectations. More importantly, guidance for free cash flow in the 2021/2022 cycle came in way above estimates. The 21/22 outlook validates the strategy that NXST has followed since we first became familiar with the company back in 2013. NXST management has steadily built […]
There are no changes to Northlake’s favored themes for December. We remain neutral on growth versus value and continue to favor mid caps. As a result, current client positions following the models in the Russell 1000 Growth (IWF), the Russell 1000 Value (IWD), and the S&P 400 Mid Cap (MDY) will be held for at […]
Nexstar Media Group (NXST) reported another great quarter driven by political advertising and tight management of operating expenses. Results easily exceeded recently raised consensus estimates. Throughout 2020, this has been a consistent pattern for NXST, a testament to the strength of the management team and the strategic and financial success of the acquisition of Tribune […]
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