Entercom: The Dividend Cut Is Good [Seeking Alpha]
ENTERCOM COMMUNICATIONS (ETM)
Last entercom communications earnings: 2/25 08:00 am
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US:NYSE Investor Relations:
entercom.com/investors
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Source: Seeking Alpha
Entercom: The Dividend Cut Is Good Summary The impact of the dividend cut will be positive for shareholders. Debt worries are unfounded and debt repayments will help to reduce leverage. Although ETM could still fall significantly, this risk could be mitigated. Entercom ( slashed reporting Impact Cutting this dividend will save around $30mil in 2019 and around $40mil per year thereafter. Although it may seem insignificant compared to adjusted EBITDA of over $300mil per year, it actually makes a lot of difference. Company filings and press releases This is a table of ETM's cash flow information in 2018 (data is approximate as small cash uses were not included). As you can see, nearly all of 2018's cash flow was made up from asset sales, and without those cash flow would be negative. And if you cut the dividend and stop share repurchases, cash flow would be boosted by around $70mil to positive $49mil. Even with our 2019 estimated data, ETM can still boost remaining cash flow by over 20%
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