TSQ - Townsquare Media: Value Play Or Value Trap?

2024-04-04 22:38:11 ET

Summary

• Townsquare Media stock has rallied more than 40% since I last covered the stock in October.
• The company has been navigating a net revenue decline from subscriber churn and a soft advertising market.
• While forward guidance for 2024 is a big underwhelming for an ad-based business in a political year, TSQ pays a solid dividend at a cheap valuation.

I last covered Townsquare Media ( TSQ ) for Seeking Alpha in early October 2023. At that time, I called the stock a hold but noted what I felt were interesting elements in the company's long term strategy. Namely, the company has been shifting from a traditional terrestrial radio station group to more of a digital-focused business. We now have two additional quarters of corporate performance that we can assess to determine if TSQ shares are a buy at this juncture....

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