Nexstar Media Group Inc

NXST: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
	$245.00	Mxr	Wpmmxcxkz

Nexstar Earnings: Weak 2023 Ad Demand and Margins Should Rebound With 2024 Political Revenue

Matthew Dolgin

Feb 28, 2024

Nexstar’s fourth-quarter results and 2024 guidance were consistent with our expectations. Strong distribution growth in the quarter offset a continued year-over-year decline in core advertising. While the adjusted EBITDA margin fell in 2023, we expect a bounce back with political revenue in 2024. Despite this, we are lowering our fair value estimate to $170 from $205 to reflect a steeper contraction in advertising and distribution growth than we previously assumed amid uncertainty about the future of linear TV.

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