Noble Capital Markets –Strong Q3. Total company revenues of $111.3 million beat our estimate of $107.8 million. The largest variance from our estimate was in its Local Marketing Solutions segment, driven by strong growth in its programmatic, Ignite business, and advertising on its own websites and apps, called Amped. Adj. EBITDA increased a strong 66.5% to $29.1 million, above our $27.5 million estimate. In addition, the company's Townsquare Interactive segment increased revenues a strong 16.5%. Digital accounted for 47% of total company revenues in the quarter.Fast paced recovery. The recent results were extraordinary given that the company has virtually recovered to pre-Covid levels. In the latest quarter, the company's revenues were 99% of Q3 2019 levels. Notably, in the latest quarter, adj. EBITDA was 101% of Q3 2019 levels. For the full year, the company expects that adj. EBITDA will be as much as 103% of pre-Covid levels.Raises guidance, again. Revenue guidance was raised from $410 million to $415 million for the full year 2021, which would represent 96% of 2019 revenue. Digital revenue guidance was raised from $190.0 million to $193.0 million, which would represent 19% year over year growth. Adjusted EBITDA guidance was raised from $102.0 million to a range of $104.0 million to $105.0 million. 2022 estimates adjusted higher. We are raising our full year 2022 adj. EBITDA estimate from $111.1 million to $114.2 million. Our upward revision reflects margin improvement in 2022 from the higher than expected margins in 2021. Adj. EBITDA margins are expected to increase to 25.6% for the full year 2022, up from 25.0% in 2021. Moving price target higher. Based on our upwardly revised 2022 adj. EBITDA estimate, we are adjusting our price target upward from $27 to $29. Near current levels, the TSQ shares trade at 6.9 times EV to our 2022 adj. EBITDA estimate, well below the company's anticipated adj. EBITDA growth rate and historic trading averages (discussed later in this report). We reiterate our Outperform rating and view the shares among our favorites in the industry.Director of Research: Michael KupinskiContact at: mkupinski@nobleresearch.comREPORT ATTACHED – if you experience difficulties obtaining the report, please, contact Director of Research at: mkupinski@noblecapitalmarkets.com Read More >>