Nexstar Media Group Inc

NXST: XNAS (USA)

Morningstar Rating for Stocks	Fair Value	Economic Moat	Capital Allocation
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Nexstar Earnings: Strong Political and Distribution Revenue Delivers Despite Core Ad Struggles

Matthew Dolgin

Nov 7, 2024

No-moat Nexstar Media Group’s third-quarter results were broadly in line with our expectations. Strong political advertising and distribution revenue drove record third-quarter sales. The potential for positive regulatory changes and slight slowing of pay-TV subscriber attrition rates paint a less volatile picture than Nexstar has experienced recently. After adjusting our model for more positive short-term distribution revenue growth and worse core advertising, we are raising our fair value estimate to $175 per share from $170.

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Nexstar Media Group Inc

Nexstar Earnings: Strong Political and Distribution Revenue Delivers Despite Core Ad Struggles

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