NobleCon18 highlights. Evan Masyr, CFO, updated the company's presentation to highlight its compelling digital businesses, which represent a solid 29% of total company revenues. These businesses have grown revenues at a 17% compound annual growth rate over the past 3 years. To watch a full replay of the presentation, please click here.A durable broadcast business. Block programming, in which non-profits purchase ad-free air time and fund it through contributions from their audiences, is the largest component of the Radio segment, at 47% of Radio revenue and 28% of total company revenue. There are very high renewal rates of over 95% annually for the format, which tends to be very recession resilient. In 2022, the Block programming division is expected to grow 8%, exceeding the average 2.0-3.5% annual increases. Diversified digital revenue. The digital segment is expected to surpass the 30% of total company revenues this year. The growth will be bolstered by the Salem Podcast Network and Salem Surround. Strengthen financial profile. Management has focused on improving the company's balance sheet, with a goal to bring down the net leverage ratio to 4 times from the current 4.4 times. In Q1, generated $2.5 million from sales of non-strategic assets and is expected to close on a land sale in Denver for $8.2 million. Outperform rating: Near current levels, the SALM shares trade at an attractive 7.0 times enterprise value to our 2023 cash flow estimate. We apply a target multiple of 8.4 times, which would represent a stock valuation in the middle of its historic 10-year, trading range. The shares are rated Outperform with a price target of $5.25. Read More >>