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Emmis Communications

Nasdaq:EMMS
Snowflake Description

Fair value with acceptable track record.

The Snowflake is generated from 30 checks in 5 different areas, read more below.
EMMS
Nasdaq
$49M
Market Cap
  1. Home
  2. US
  3. Media
Company description

Emmis Communications Corporation, a diversified media company, engages in radio broadcasting activities in the United States. The last earnings update was 68 days ago. More info.


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EMMS Share Price and Events
7 Day Returns
-3.6%
NasdaqGS:EMMS
1.6%
US Media
1.6%
US Market
1 Year Returns
-20.1%
NasdaqGS:EMMS
6.2%
US Media
3.2%
US Market
EMMS Shareholder Return
  7 Day 30 Day 90 Day 1 Year 3 Year 5 Year
Emmis Communications (EMMS) -3.6% -0.8% 4.8% -20.1% 58.1% -69.6%
US Media 1.6% 2.8% 13.7% 6.2% 12% 7.3%
US Market 1.6% 2.1% 12.8% 3.2% 38.6% 43.6%
1 Year Return vs Industry and Market
  • EMMS underperformed the Media industry which returned 6.2% over the past year.
  • EMMS underperformed the Market in United States of America which returned 3.2% over the past year.
Price Volatility
EMMS
Industry
5yr Volatility vs Market

EMMS Value

 Is Emmis Communications undervalued based on future cash flows and its price relative to the stock market?

Value is all about what a company is worth versus what price it is available for. If you went into a grocery store and all the bananas were on sale at half price, they could be considered undervalued.
INTRINSIC VALUE BASED ON FUTURE CASH FLOWS
Here we compare the current share price of Emmis Communications to its discounted cash flow analysis.value.

The discounted cash flow value is simply looking at what the company is worth today, based on estimates of how much money it is expected to make in the future.
Raw Data    Our intrinsic value calculation method has changed recently, learn more here.

Below are the data sources, inputs and calculation used to determine the intrinsic value for Emmis Communications.

NasdaqGS:EMMS Discounted Cash Flow Data Sources
Data Point Source Value
Valuation Model 2 Stage Free Cash Flow to Equity
Levered Free Cash Flow Extrapolated from most recent financials. See below
Discount Rate (Cost of Equity) See below 12.5%
Perpetual Growth Rate 10-Year US Government Bond Rate 2.7%

An important part of a discounted cash flow is the discount rate, below we explain how it has been calculated.

Calculation of Discount Rate/ Cost of Equity for NasdaqGS:EMMS
Data Point Calculation/ Source Result
Risk-Free Rate 10-Year US Govt Bond Rate 2.7%
Equity Risk Premium S&P Global 6%
Media Unlevered Beta Simply Wall St/ S&P Global 0.81
Re-levered Beta = Unlevered beta (1 + (1- tax rate) (Debt/Equity))
= 0.813 (1 + (1- 21%) (175.76%))
1.632
Levered Beta Levered Beta limited to 0.8 to 2.0
(practical range for a stable firm)
1.63
Discount Rate/ Cost of Equity = Cost of Equity = Risk Free Rate + (Levered Beta * Equity Risk Premium)
= 2.73% + (1.632 * 5.96%)
12.45%

Discounted Cash Flow Calculation for NasdaqGS:EMMS using 2 Stage Free Cash Flow to Equity Model

The calculations below outline how an intrinsic value for Emmis Communications is arrived at by discounting future cash flows to their present value using the 2 stage method. We try to start with analysts estimates of free cash flow, however if these are not available we use the most recent financial results. In the 1st stage we continue to grow the free cash flow over a 10 year period, with the growth rate trending towards the perpetual growth rate used in the 2nd stage. The 2nd stage assumes the company grows at a stable rate into perpetuity.

NasdaqGS:EMMS DCF 1st Stage: Next 10 year cash flow forecast
Levered FCF (USD, Millions) Source Present Value
Discounted (@ 12.45%)
2019 3.02 Est @ -42.49% 2.68
2020 2.15 Est @ -28.93% 1.70
2021 1.73 Est @ -19.43% 1.22
2022 1.51 Est @ -12.78% 0.94
2023 1.39 Est @ -8.13% 0.77
2024 1.32 Est @ -4.87% 0.65
2025 1.28 Est @ -2.59% 0.56
2026 1.27 Est @ -0.99% 0.50
2027 1.27 Est @ 0.12% 0.44
2028 1.28 Est @ 0.91% 0.40
Present value of next 10 years cash flows $9.86
NasdaqGS:EMMS DCF 2nd Stage: Terminal Value
Calculation Result
Terminal Value = FCF2028 × (1 + g) ÷ (Discount Rate – g)
= $1.28 × (1 + 2.73%) ÷ (12.45% – 2.73%)
$13.57
Present Value of Terminal Value = Terminal Value ÷ (1 + r)10
= $13.57 ÷ (1 + 12.45%)10
$4.19
NasdaqGS:EMMS Total Equity Value
Calculation Result
Total Equity Value = Present value of next 10 years cash flows + Terminal Value
= $9.86 + $4.19
$14.06
Equity Value per Share
(USD)
= Total value / Shares Outstanding
= $14.06 / 13.02
$1.08
NasdaqGS:EMMS Discount to Share Price
Calculation Result
Value per share (USD) From above. $1.08
Current discount Discount to share price of $3.73
= -1 x ($3.73 - $1.08) / $1.08
-245.5%

Learn more about our DCF calculations in Simply Wall St’s analysis model .

  • The current share price of Emmis Communications is above its future cash flow value.
Often investors are willing to pay a premium for a company that has a high dividend or the potential for future growth.
PRICE RELATIVE TO MARKET
We can also value a company based on what the stock market is willing to pay for it. This is similar to the price of fruit (e.g. Mangoes or Avocados) increasing when they are out of season, or how much your home is worth.

The amount the stock market is willing to pay for Emmis Communications's earnings, growth and assets is considered below, and whether this is a fair price.
Price based on past earnings
Are Emmis Communications's earnings available for a low price, and how does this compare to other companies in the same industry?
Raw Data
NasdaqGS:EMMS PE (Price to Earnings) Ratio Data Sources
Data Point Source Value
Earnings Per Share * Company Filings (2018-11-30) in USD $2.92
NasdaqGS:EMMS Share Price ** NasdaqGS (2019-03-19) in USD $3.73
United States of America Media Industry PE Ratio Median Figure of 39 Publicly-Listed Media Companies 15.6x
United States of America Market PE Ratio Median Figure of 3,056 Publicly-Listed Companies 17.77x

* Trailing twelve months (TTM) annual GAAP earnings per share excluding extraordinary items.

** Primary Listing of Emmis Communications.

NasdaqGS:EMMS PE (Price to Earnings) Ratio Calculation
Calculation Outcome
PE Ratio

= NasdaqGS:EMMS Share Price ÷ EPS (both in USD)

= 3.73 ÷ 2.92

1.28x

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Emmis Communications is good value based on earnings compared to the US Media industry average.
  • Emmis Communications is good value based on earnings compared to the United States of America market.
Price based on expected Growth
Does Emmis Communications's expected growth come at a high price?
Raw Data
NasdaqGS:EMMS PEG (Price to Earnings to Growth) Ratio Data Sources
Data Point Source Value
PE Ratio See PE Ratio Section 1.28x
Net Income Annual Growth Rate See Future Growth Section.
Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts
-0.1%per year
United States of America Media Industry PEG Ratio Median Figure of 28 Publicly-Listed Media Companies 1.52x
United States of America Market PEG Ratio Median Figure of 2,107 Publicly-Listed Companies 1.49x

*Line of best fit is calculated by linear regression .

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to calculate PEG ratio for Emmis Communications, we can't assess if its growth is good value.
Price based on value of assets
What value do investors place on Emmis Communications's assets?
Raw Data
NasdaqGS:EMMS PB (Price to Book) Ratio Data Sources
Data Point Source Value
Book Value per Share Company Filings (2018-11-30) in USD $5.58
NasdaqGS:EMMS Share Price * NasdaqGS (2019-03-19) in USD $3.73
United States of America Media Industry PB Ratio Median Figure of 71 Publicly-Listed Media Companies 1.81x
United States of America Market PB Ratio Median Figure of 5,154 Publicly-Listed Companies 1.89x
NasdaqGS:EMMS PB (Price to Book) Ratio Calculation
Calculation Outcome
PB Ratio

= NasdaqGS:EMMS Share Price ÷ Book Value per Share (both in USD)

= 3.73 ÷ 5.58

0.67x

* Primary Listing of Emmis Communications.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Emmis Communications is good value based on assets compared to the US Media industry average.
X
Value checks
We assess Emmis Communications's value by looking at:
  1. Is the discounted cash flow value less than 20%, or 40% of the share price? (2 checks) ( Click here or on bar chart for details of DCF calculation. )
  2. Is the PE ratio less than the market average, and/ or less than the Media industry average (and greater than 0)? (2 checks)
  3. Is the PEG ratio within a reasonable range (0 to 1)? (1 check)
  4. Is the PB ratio less than the Media industry average (and greater than 0)? (1 check)
  5. Emmis Communications has a total score of 3/6, see the detailed checks below.

    Note: We use GAAP Earnings per Share in all our calculations including PE and PEG Ratio.

    Full details on the Value part of the Simply Wall St company analysis model.

EMMS Future Performance

 How is Emmis Communications expected to perform in the next 1 to 3 years based on estimates from 0 analysts?

  • No analysts cover Emmis Communications, future earnings growth has been estimated based on fundamentals.
The future performance of a company is measured in the same way as past performance, by looking at estimated growth and how much profit it is expected to make.

Future estimates come from professional analysts. Just like forecasting the weather, they don’t always get it right!
Annual Growth Rate
-0.1%
Expected annual growth in earnings.
Earnings growth vs Low Risk Savings
Is Emmis Communications expected to grow at an attractive rate?
  • Emmis Communications's earnings are expected to decrease over the next 1-3 years, this is below the low risk savings rate of 2.7%.
Growth vs Market Checks
  • Emmis Communications's earnings are expected to decrease over the next 1-3 years, this is below the United States of America market average.
  • Unable to compare Emmis Communications's revenue growth to the United States of America market average as no estimate data is available.
Annual Growth Rates Comparison
Raw Data
NasdaqGS:EMMS Future Growth Rates Data Sources
Data Point Source Value (per year)
NasdaqGS:EMMS Future Earnings Growth Rate Line of Best Fit* through Consensus Estimate Earnings of 0 Analysts -0.1%
United States of America Media Industry Earnings Growth Rate Market Cap Weighted Average 19.4%
United States of America Media Industry Revenue Growth Rate Market Cap Weighted Average 4.8%
United States of America Market Earnings Growth Rate Market Cap Weighted Average 14.3%
United States of America Market Revenue Growth Rate Market Cap Weighted Average 7.1%

*Line of best fit is calculated by linear regression .

Industry and Market average data is calculated daily.

Learn more about our growth rate calculations in Simply Wall St’s analysis model.

Analysts growth expectations
Raw Data
NasdaqGS:EMMS Analysts Growth Expectations Data Sources
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
All numbers in USD Millions and using Trailing twelve months (TTM) annual period rather than quarterly.
NasdaqGS:EMMS Past Financials Data
Date (Data in USD Millions) Revenue Cash Flow Net Income *
2018-11-30 121 7 37
2018-08-31 126 6 36
2018-05-31 136 10 106
2018-02-28 148 0 82
2017-11-30 162 6 62
2017-08-31 183 6 80
2017-05-31 199 7 10
2017-02-28 215 19 13
2016-11-30 222 18 11
2016-08-31 225 19 -1
2016-05-31 229 25 3
2016-02-29 231 25 2

*GAAP earnings excluding extraordinary items.

Super high growth metrics
High Growth Checks
  • Emmis Communications's earnings are expected to decrease over the next 1-3 years, this is not considered high growth.
  • Unable to determine if Emmis Communications is high growth as no revenue estimate data is available.
Past and Future Earnings per Share
The accuracy of the analysts who estimate the future performance data can be gauged below. We look back 3 years and see if they were any good at predicting what actually occurred. We also show the highest and lowest estimates looking forward to see if there is a wide range.
Raw Data
NasdaqGS:EMMS Past and Future Earnings per Share
Data Point Source Value
Past Financials Company Filings (3 months ago) See Below
Future Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below

All data from Emmis Communications Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:EMMS Past Financials Data
Date (Data in USD Millions) EPS *
2018-11-30 2.92
2018-08-31 2.85
2018-05-31 8.54
2018-02-28 6.65
2017-11-30 5.03
2017-08-31 6.53
2017-05-31 0.84
2017-02-28 1.09
2016-11-30 0.95
2016-08-31 -0.08
2016-05-31 0.28
2016-02-29 0.18

*GAAP earnings excluding extraordinary items.

Performance in 3 years
In the same way as past performance we look at the future estimated return (profit) compared to the available funds. We do this looking forward 3 years.
  • Unable to establish if Emmis Communications will efficiently use shareholders’ funds in the future without estimates of Return on Equity.
X
Future performance checks
We assess Emmis Communications's future performance by looking at:
  1. Is the annual earnings growth rate expected to beat the low risk savings rate, plus a premium to keep pace with inflation?
  2. Is the annual earnings growth rate expected to beat the average growth rate in earnings of the United States of America market? (1 check)
  3. Is the annual revenue growth rate expected to beat the average growth rate in revenue of the United States of America market? (1 check)
  4. Is the annual earnings growth rate expected to be above 20%? (1 check)
  5. Is the annual revenue growth rate expected to be above 20%? (1 check)
  6. Is the Return on Equity in 3 years expected to be over 20%? (1 check)
Some of the above checks will fail if the company is expected to be loss making in the relevant year.
Emmis Communications has a total score of 0/6, see the detailed checks below.

Note 1: We use GAAP Net Income Excluding Exceptional Items for our Earnings in all our calculations.

Full details on the Future part of the Simply Wall St company analysis model.

EMMS Past Performance

  How has Emmis Communications performed over the past 5 years?

The past performance of a company can be measured by how much growth it has experienced and how much profit it makes relative to the funds and assets it has available.
Past earnings growth
Below we compare Emmis Communications's growth in the last year to its industry (Media).
Past Earnings growth analysis
We also check if the company has grown in the past 5 years, and whether it has maintained that growth in the year.
  • Emmis Communications has delivered over 20% year on year earnings growth in the past 5 years.
  • Emmis Communications's 1-year earnings growth is negative, it can't be compared to the 5-year average.
  • Emmis Communications's 1-year earnings growth is negative, it can't be compared to the US Media industry average.
Earnings and Revenue History
Emmis Communications's revenue and profit over the past 5 years is shown below, any years where they have experienced a loss will show up in red.
Raw Data

All data from Emmis Communications Company Filings, last reported 3 months ago, and in Trailing twelve months (TTM) annual period rather than quarterly.

NasdaqGS:EMMS Past Revenue, Cash Flow and Net Income Data
Date (Data in USD Millions) Revenue Net Income * G+A Expenses R&D Expenses
2018-11-30 120.52 36.54 10.54
2018-08-31 125.54 35.55 10.74
2018-05-31 136.33 105.88 10.48
2018-02-28 148.49 82.13 10.71
2017-11-30 161.85 61.83 11.15
2017-08-31 182.80 79.79 11.44
2017-05-31 198.73 10.17 11.06
2017-02-28 214.57 13.12 11.36
2016-11-30 221.96 11.18 10.90
2016-08-31 225.27 -0.95 10.91
2016-05-31 228.98 3.11 12.25
2016-02-29 231.43 1.95 13.02
2015-11-30 233.98 -94.33 13.27
2015-08-31 237.33 -97.06 13.70
2015-05-31 236.67 -98.69 13.55
2015-02-28 237.94 -99.26 14.62
2014-11-30 231.48 39.70 14.17
2014-08-31 221.14 41.15 14.59
2014-05-31 214.28 41.04 16.31
2014-02-28 205.15 43.81 16.12
2013-11-30 201.48 5.01 14.39
2013-08-31 199.74 1.63 14.46
2013-05-31 197.70 -1.72 13.55
2013-02-28 196.08 -8.11 17.82
2012-11-30 185.29 -16.60 10.67
2012-08-31 187.97 93.48 11.93
2012-05-31 194.06 89.65 11.43

*GAAP earnings excluding extraordinary items.

Performance last year
We want to ensure a company is making the most of what it has available. This is done by comparing the return (profit) to a company's available funds, assets and capital.
  • Emmis Communications has efficiently used shareholders’ funds last year (Return on Equity greater than 20%).
  • Emmis Communications used its assets more efficiently than the US Media industry average last year based on Return on Assets.
  • Emmis Communications's use of capital deteriorated last year versus 3 years ago (Return on Capital Employed).
X
Past performance checks
We assess Emmis Communications's performance over the past 5 years by checking for:
  1. Has earnings increased in past 5 years? (1 check)
  2. Has the earnings growth in the last year exceeded that of the Media industry? (1 check)
  3. Is the recent earnings growth over the last year higher than the average annual growth over the past 5 years? (1 check)
  4. Is the Return on Equity (ROE) higher than 20%? (1 check)
  5. Is the Return on Assets (ROA) above industry average? (1 check)
  6. Has the Return on Capital Employed (ROCE) increased from 3 years ago? (1 check)
The above checks will fail if the company has reported a loss in the most recent earnings report. Some checks require at least 3 or 5 years worth of data.
Emmis Communications has a total score of 3/6, see the detailed checks below.

Note: We use GAAP Net Income excluding extraordinary items in all our calculations.

Full details on the Past part of the Simply Wall St company analysis model.

EMMS Health

 How is Emmis Communications's financial health and their level of debt?

A company's financial position is much like your own financial position, it includes everything you own (assets) and owe (liabilities).

The boxes below represent the relative size of what makes up Emmis Communications's finances.

The net worth of a company is the difference between its assets and liabilities.
Net Worth
  • Emmis Communications's short term (1 year) commitments are greater than its holdings of cash and other short term assets.
  • Emmis Communications's long term commitments exceed its cash and other short term assets.
Balance sheet
This treemap shows a more detailed breakdown of Emmis Communications's finances. If any of them are yellow this indicates they may be out of proportion and red means they relate to one of the checks below.
Assets
Liabilities and shares
The 'shares' portion represents any funds contributed by the owners (shareholders) and any profits.
  • Low level of unsold assets.
  • Debt is not covered by short term assets, assets are 0.4x debt.
Historical Debt
Nearly all companies have debt. Debt in itself isn’t bad, however if the debt is too high, or the company can’t afford to pay the interest on its debts this may have impacts in the future.

The graphic below shows equity (available funds) and debt, we ideally want to see the red area (debt) decreasing.

If there is any debt we look at the companies capability to repay it, and whether the level has increased over the past 5 years.
Raw Data

All data from Emmis Communications Company Filings, last reported 3 months ago.

NasdaqGS:EMMS Past Debt and Equity Data
Date (Data in USD Millions) Total Equity Total Debt Cash & Short Term Investments
2018-11-30 101.89 85.37 8.62
2018-08-31 100.86 86.82 7.15
2018-05-31 101.29 88.11 10.46
2018-02-28 78.26 138.89 4.11
2017-11-30 66.07 139.89 3.90
2017-08-31 66.31 141.61 4.72
2017-05-31 -3.83 217.38 2.19
2017-02-28 -4.02 213.97 11.35
2016-11-30 4.66 218.01 2.06
2016-08-31 -12.04 244.66 5.69
2016-05-31 -11.35 245.72 4.28
2016-02-29 -14.15 245.60 4.46
2015-11-30 -0.12 253.32 4.82
2015-08-31 -5.16 257.01 7.25
2015-05-31 -10.45 261.67 3.77
2015-02-28 -12.15 257.55 3.67
2014-11-30 94.74 263.71 4.22
2014-08-31 92.32 270.54 6.40
2014-05-31 87.08 130.56 2.87
2014-02-28 83.37 127.47 5.30
2013-11-30 50.08 133.43 5.32
2013-08-31 45.41 137.86 6.82
2013-05-31 41.81 141.77 4.96
2013-02-28 37.10 143.62 8.74
2012-11-30 33.95 160.56 11.18
2012-08-31 28.94 167.95 9.53
2012-05-31 -9.57 256.83 10.49
  • Emmis Communications's level of debt (83.8%) compared to net worth is high (greater than 40%).
  • The level of debt compared to net worth has been reduced over the past 5 years (264.3% vs 83.8% today).
  • Debt is not well covered by operating cash flow (7.9%, less than 20% of total debt).
  • Interest payments on debt are not well covered by earnings (EBIT is 1x annual interest expense, ideally 3x coverage).
X
Financial health checks
We assess Emmis Communications's financial health by checking for:
  1. Are short term assets greater than short term liabilities? (1 check)
  2. Are short term assets greater than long term liabilities? (1 check)
  3. Has the debt to equity ratio increased in the past 5 years? (1 check)
  4. Is the debt to equity ratio over 40%? (1 check)
  5. Is the debt covered by operating cash flow? (1 check)
  6. Are earnings greater than 5x the interest on debt (if company pays interest at all)? (1 check)
  7. Emmis Communications has a total score of 1/6, see the detailed checks below.
For companies that are loss making and have been so on average in the past we replace the last 2 checks with:
  1. Does cash and short term investments cover stable operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)
  2. Does cash and short term investments cover growing operating expenses (recurring G&A and R&D) for more than 3 years? (1 check)


Full details on the Health part of the Simply Wall St company analysis model.

EMMS Dividends

 What is Emmis Communications's current dividend yield, its reliability and sustainability?

Dividends are regular cash payments to you from the company, similar to a bank paying you interest on a savings account.
Annual Dividend Income
Dividend payments
0%
Current annual income from Emmis Communications dividends.
If you bought $2,000 of Emmis Communications shares you are expected to receive $0 in your first year as a dividend.
Dividend Amount
Here we look how much dividend is being paid, if any. Is it above what you can get in a savings account? It is up there with the best dividend paying companies?
  • Unable to evaluate Emmis Communications's dividend yield against the bottom 25% of dividend payers as the company has not reported any payouts.
  • Unable to evaluate Emmis Communications's dividend against the top 25% market benchmark as the company has not reported any payouts.
Annualized Historical and Future Dividends
It is important to see if the dividend for a company is stable, and not wildly increasing/decreasing each year. This graph shows you the historical rate to count toward your assessment of the stock.

We also check to see if the dividend has increased in the past 10 years.
Raw Data
NasdaqGS:EMMS Annualized Past and Future Dividends
Data Point Source Value
Past Annualized Dividend Yield S&P Global Market Data See Below
Past Dividends per Share Company Filings/ Annualized Dividend Payments See Below
Future Dividends per Share Estimates Average of up to 0 Analyst Estimates (S&P Global) See Below
United States of America Media Industry Average Dividend Yield Market Cap Weighted Average of 28 Stocks 2.1%
United States of America Market Average Dividend Yield Market Cap Weighted Average of 2004 Stocks 2.5%
United States of America Minimum Threshold Dividend Yield 10th Percentile 0.8%
United States of America Bottom 25% Dividend Yield 25th Percentile 1.4%
United States of America Top 25% Dividend Yield 75th Percentile 3.6%

Industry and Market average data is calculated daily.

Note all dividend per share amounts are annualized and not quarterly or other period.

Learn more about our ratios and growth rates in Simply Wall St’s analysis model >

  • Unable to perform a dividend volatility check as Emmis Communications has not reported any payouts.
  • Unable to verify if Emmis Communications's dividend has been increasing as the company has not reported any payouts.
Current Payout to shareholders
What portion of Emmis Communications's earnings are paid to the shareholders as a dividend.
  • Unable to calculate sustainability of dividends as Emmis Communications has not reported any payouts.
Future Payout to shareholders
  • Insufficient estimate data to determine if a dividend will be paid in 3 years and that it will be sustainable.
X
Income/ dividend checks
We assess Emmis Communications's dividend by checking for:
  1. Firstly is the company paying a notable dividend (greater than 0.8%) - if not then the rest of the checks are ignored.
  2. Is current dividend yield above the bottom 25% of dividend payers? (1 check)
  3. Is current dividend yield above the top 25% of dividend payers? (1 check)
  4. Have they paid a dividend for 10 years, and during this period has the dividend been volatile (drop of more than 25%)? (1 check)
  5. If they have paid a dividend for 10 years has it increased in this time? (1 check)
  6. How sustainable is the dividend, can Emmis Communications afford to pay it from its earnings today and in 3 years (Payout ratio less than 90%)? (2 checks)
  7. Emmis Communications has a total score of 0/6, see the detailed checks below.


Full details on the Dividends part of the Simply Wall St company analysis model.

EMMS Management

 What is the CEO of Emmis Communications's salary, the management and board of directors tenure and is there insider trading?

Management is one of the most important areas of a company. We look at unreasonable CEO compensation, how long the team and board of directors have been around for and insider trading.
CEO
Jeff Smulyan
COMPENSATION $1,080,039
AGE 71
TENURE AS CEO 38.2 years
CEO Bio

Mr. Jeffrey H. Smulyan, also known as Jeff, J.D., serves as an Operating Partner at Catalyst Investors. Mr. Smulyan founded Emmis Communications Corporation in 1979 and has been its Executive Chairman and Chief Executive Officer since 1981. He serves as the President and Chief Executive Officer of Emmis Operating Company. He is an Industry Advisor at BIA Digital Partners LP. He began working in radio in 1973 and has owned one or more radio stations since then. He was the owner and Chief Executive Officer of the Seattle Mariners baseball team. He has been an Executive Director of Emmis Communications Corp. since 1979. He served as President at Emmis Communications Corp from 1994 to August 2015. Mr. Smulyan serves as the Chairman of Emmis Operating Company. He serves as a Member of the Advisory Board at BIA Digital Partners II, L.P. He served as a Director of Finish Line Inc. from June 1992 to July 17, 2008. He sits on the Board of Trustees of Ball State University. He serves as a Trustee of University of Southern California. He was Note and Comment Editor of the USC Law Review at USC School of Law. He was the Chairman of the Board of Directors of the Radio Advertising Bureau. Mr. Smulyan was a Director of the National Association of Broadcasters. In 2000, he was honored with the American Women in Radio and Television's Silver Satellite Award, the National Association of Broadcasters' National Radio Award and as Radio Ink's “Radio Executive of the Year“ by a radio industry group. Mr. Smulyan was voted one of the Ten Most Influential Radio Executives in the past 20 Years in a poll in Radio and Records magazine. Mr. Smulyan is a cum laude graduate of the University of Southern California with a BA in History and Telecommunications. He earned a Juris Doctor degree from USC School of Law.

CEO Compensation
  • Jeff's compensation has been consistent with company performance over the past year.
  • Jeff's remuneration is higher than average for companies of similar size in United States of America.
Management Team Tenure

Average tenure and age of the Emmis Communications management team in years:

3.6
Average Tenure
53
Average Age
  • The tenure for the Emmis Communications management team is about average.
Management Team

Jeff Smulyan

TITLE
Chairman & CEO
COMPENSATION
$1M
AGE
71
TENURE
38.2 yrs

Pat Walsh

TITLE
President
COMPENSATION
$1M
AGE
51
TENURE
3.6 yrs

J. Enright

TITLE
Executive VP
COMPENSATION
$593K
AGE
55
TENURE
10 yrs

Ryan Hornaday

TITLE
Executive VP
COMPENSATION
$737K
AGE
44
TENURE
3.6 yrs

Kate Snedeker

TITLE
Media & Investor Relations Contact

Traci Thomson

TITLE
Vice President of Human Resources

Charlie Morgan

TITLE
New York Market Manager & Senior VP
AGE
57
TENURE
1.3 yrs

Greg Loewen

TITLE
President of Publishing Division & Chief Strategy Officer
COMPENSATION
$678K
AGE
46
TENURE
9 yrs

Cook Yarusso

TITLE
Senior Vice President of Emmis Digital
TENURE
2.1 yrs

Scott Gillmore

TITLE
Austin Market Manager & Senior VP
TENURE
1.3 yrs
Board of Directors Tenure

Average tenure and age of the Emmis Communications board of directors in years:

21.2
Average Tenure
71
Average Age
  • The average tenure for the Emmis Communications board of directors is over 10 years, this suggests they are a seasoned and experienced board.
Board of Directors

Jeff Smulyan

TITLE
Chairman & CEO
COMPENSATION
$1M
AGE
71
TENURE
38.2 yrs

Pat Walsh

TITLE
President
COMPENSATION
$1M
AGE
51
TENURE
10.3 yrs

Susan Bayh

TITLE
Director
COMPENSATION
$85K
AGE
58
TENURE
25.2 yrs

Richard Leventhal

TITLE
Lead Director
COMPENSATION
$95K
AGE
71
TENURE
8 yrs

Peter Lund

TITLE
Director
COMPENSATION
$87K
AGE
77
TENURE
17.2 yrs

Greg Nathanson

TITLE
Director
COMPENSATION
$72K
AGE
71
TENURE
21.2 yrs

Gary Kaseff

TITLE
Director
COMPENSATION
$62K
AGE
70
TENURE
25.2 yrs

Larry Sorrel

TITLE
Director
COMPENSATION
$82K
AGE
59
TENURE
26.2 yrs

James Dubin

TITLE
Director
COMPENSATION
$92K
AGE
71
TENURE
6.3 yrs
Who owns this company?
Recent Insider Trading
  • Emmis Communications insiders have only sold shares in the past 3 months.
Recent Insider Transactions
Announced Type Name Entity Role Start End Shares Max Price ($) Value ($)
14. Jan 19 Sell Patrick Walsh Individual 11. Jan 19 11. Jan 19 -15,000 $3.71 $-55,695
22. Oct 18 Sell Jeffrey Smulyan Individual 18. Oct 18 19. Oct 18 -63,000 $4.34 $-268,592
16. Oct 18 Sell Patrick Walsh Individual 12. Oct 18 12. Oct 18 -25,000 $4.60 $-114,905
X
Management checks
We assess Emmis Communications's management by checking for:
  1. Is the CEO's compensation unreasonable compared to market cap? (1 check)
  2. Has the CEO's compensation increased more than 20% whilst the EPS is down more then 20%? (1 check)
  3. Is the average tenure of the management team less than 2 years? (1 check)
  4. Is the average tenure of the board of directors team less than 3 years? (1 check)
  5. Emmis Communications has a total score of 0/6, this is not included on the snowflake, see the detailed checks below.


Note: We use the top 6 management executives and board members in our calculations.

Note 2: Insider trading include any internal stakeholders and these transactions .

Full details on the Management part of the Simply Wall St company analysis model.

EMMS News

Simply Wall St News

Emmis Communications Corporation (NASDAQ:EMMS): Time For A Financial Health Check

While small-cap stocks, such as Emmis Communications Corporation (NASDAQ:EMMS) with its market cap of US$49m, are popular for their explosive growth, investors should also be aware of their balance sheet to judge whether the company can survive a downturn. … Evaluating financial health as part of your investment thesis is. … Here are a few basic checks that are good enough to have a broad overview of the company’s financial strength.

Simply Wall St -

Easy Come, Easy Go: How Emmis Communications Shareholders Got Unlucky And Saw 71% Of Their Cash Evaporate

For example, we sympathize with anyone who was caught holding Emmis Communications Corporation (NASDAQ:EMMS) during the five years that saw its share price drop a whopping 71%. … One imperfect but simple way to consider how the market perception of a company has shifted is to compare the change in the earnings per share (EPS) with the share price movement. … Over five years Emmis Communications improved its earnings per share from a loss-making position.

Simply Wall St -

How Does Investing In Emmis Communications Corporation (NASDAQ:EMMS) Impact The Volatility Of Your Portfolio?

If you're interested in Emmis Communications Corporation (NASDAQ:EMMS), then you might want to consider its beta (a measure of share price volatility) in order to understand how the stock could impact your portfolio. … Beta is a widely used metric to measure a stock's exposure to market risk (volatility). … Any stock with a beta of greater than one is considered more volatile than the market, while those with a beta below one are either less volatile or poorly correlated with the market.

Simply Wall St -

Why You Should Care About Emmis Communications Corporation’s (NASDAQ:EMMS) Low Return On Capital

In particular, we'll consider its Return On Capital Employed (ROCE), as that can give us insight into how profitably the company is able to employ capital in its business. … What is Return On Capital Employed (ROCE)? … ROCE is a measure of a company's yearly pre-tax profit (its return), relative to the capital employed in the business.

Simply Wall St -

Does Emmis Communications Corporation's (NASDAQ:EMMS) P/E Ratio Signal A Buying Opportunity?

We'll look at Emmis Communications Corporation's (NASDAQ:EMMS) P/E ratio and reflect on what it tells us about the company's share price. … Based on the last twelve months, Emmis Communications's P/E ratio is 1.27. … Price to Earnings Ratio = Price per Share ÷ Earnings per Share (EPS)

Simply Wall St -

How Many Insiders Sold Emmis Communications Corporation (NASDAQ:EMMS) Shares?

So before you buy or sell Emmis Communications Corporation (NASDAQ:EMMS), you may well want to know whether insiders have been buying or selling. … That means that an insider was selling shares at around the current price of US$3.74. … It's not particularly great to see insiders were selling shares around current prices

Simply Wall St -

How Should Investors React To Emmis Communications Corporation's (NASDAQ:EMMS) CEO Pay?

First, this article will compare CEO compensation with compensation at similar sized companies. … How Does Jeff Smulyan's Compensation Compare With Similar Sized Companies. … Our data indicates that Emmis Communications Corporation is worth US$49m, and total annual CEO compensation is US$1.1m.

Simply Wall St -

What Kind Of Shareholders Own Emmis Communications Corporation (NASDAQ:EMMS)?

The big shareholder groups in Emmis Communications Corporation (NASDAQ:EMMS) have power over the company. … Large companies usually have institutions as shareholders, and we usually see insiders owning shares in smaller companies. … Emmis Communications is a smaller company with a market capitalization of US$53m, so it may still be flying under the radar of many institutional investors.

Simply Wall St -

How Much Did Emmis Communications Corporation's (NASDAQ:EMMS) CEO Pocket Last Year?

Understanding how CEOs are incentivised to run and grow their company is an important aspect of investing in a stock. … This is because, if incentives are aligned, more value is created for shareholders which directly impacts your returns as an investor. … CEOs leading companies of similar size and profitability

Simply Wall St -

Did Emmis Communications Corporation (NASDAQ:EMMS) Create Value For Shareholders?

If EMMS borrows debt to invest in its business, its profits will be higher. … But ROE does not capture any debt, so we only see high profits and low equity, which is great on the surface. … View our latest analysis for Emmis Communications

Simply Wall St -

EMMS Company Info

Description

Emmis Communications Corporation, a diversified media company, engages in radio broadcasting activities in the United States. The company operates in three segments: Radio, Publishing, and Corporate & Emerging Technologies. It operates 11 FM and 3 AM radio stations in New York, Los Angeles, Indianapolis, and Austin, as well as publishes Indianapolis monthly magazine. The company also develops and licenses TagStation, a cloud-based software platform that allows a broadcaster to manage album art, meta data, and enhanced advertising on its various broadcasts; and develops NextRadio, a smartphone application that marries over-the-air FM radio broadcasts with visual and interactive features on smartphones. In addition, it provides Dial Report that offers radio advertising buyers and sellers big data analytics derived from radio station network, smartphone usage, location-based data, listening data, and demographic and behavioral attributes; and engages in dynamic pricing business. Emmis Communications Corporation was founded in 1981 and is based in Indianapolis, Indiana.

Details
Name: Emmis Communications Corporation
EMMS
Exchange: NasdaqGS
Founded: 1981
$48,571,608
13,021,879
Website: http://www.emmis.com
Address: Emmis Communications Corporation
One Emmis Plaza,
Suite 700,
Indianapolis,
Indiana, 46204,
United States
Listings
Exchange Symbol Ticker Symbol Security Exchange Country Currency Listed on
NasdaqGS EMMS Class A Common Stock Nasdaq Global Select US USD 23. Feb 1994
DB EC21 Class A Common Stock Deutsche Boerse AG DE EUR 23. Feb 1994
Number of employees
Current staff
Staff numbers
500
Emmis Communications employees.
Industry
Broadcasting
Media
Company Analysis and Financial Data Status
Area Date (UTC time)
Company Analysis updated: 2019/03/19 23:35
End of day share price update: 2019/03/19 00:00
Last earnings filing: 2019/01/10
Last earnings reported: 2018/11/30
Last annual earnings reported: 2018/02/28


All dates and times in UTC. All financial data provided by Standard & Poor’s Capital IQ.

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.