(TVL) LIN TV Corp, Thank You for 78% in 2012, We Prefer Belo at Current Valuation. Finjitsu Research
Finjitsu Research - Associated Analysts
CHICAGO, IL - Jan. 9, 2013
TVL shares rose 78% in 2012 to close the year at $7.53 per share and hit $9.15 in yesterday's trading. On a relative valuation basis to Belo Corp (BLC: NYSE) and other peers, we have become less optimistic on TVL. That said, we think that over-delivery of political advertising, and opportunities resident in the New Vision acquisition (among other things) are contributing to the stock price appreciation.
On November 8, LIN reported third quarter results. Net revenues up 36% with local increasing 17% and national rising 11%. Core time sales, ex political, rose 6%. Auto was up 23%, helped by the return of Japanese nameplates versus last year's tsunami-affected period. While upbeat about 4Q, LIN was more cautious about 2013 and the potential for an economic slowdown.
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