Highlights from a recent management interview. This report highlights a recent interview with Bill Wilson, the CEO of Townsquare Media. The video of the interview can be viewed here. Some of the key highlights of the video include: the CEO’s background and experience which prepared him for this role, in a rapidly changing business; a digital transformation, the path, and key milestones in the near and medium term in order to boost those new verticals in Townsquare; and, as well, a unique touch on management’s view on their future opportunities to expand operations.Management with a unique ability. Bill Wilson already had the vision to transform the radio business over a decade ago when he joined Townsquare, before even taking over as CEO. The management team had worked together in the past, and worked to step up their differentiation from a traditional radio company by organically innovating in all their verticals.Additional offices on the horizon. Management recently announced plans to open another Digital Media office on the West Coast early in 2022. This new office will replicate its Charlotte office and is expected to accelerate the company's Digital revenue growth. Management indicated further plans to expand offices in coming years.Strong second quarter expected. We believe there is favorable revenue momentum in the second quarter and that the company will likely exceed our revenue and cash flow expectations. Q2 will be reported on August 3. The quarter is expected to benefit from a rebounding advertising environment from the depths of the pandemic a year earlier and strong, double-digit Digital revenue growth. Trading well below its peers. Near current levels, the TSQ shares trade well under the peers' multiples at 6.9 times Enterprise Value to our 2022 EBITDA estimates versus 7.9 times for the industry. Notably, the company is currently trading at its average 6 year low valuation at a time when we believe the revenue and cash flow growth has not been as visible. Should the shares trade near current industry multiples, the shares would offer 56% upside from current levels. Read More >>