Intrinsic value of Gray Television - GTN

Previous Close

$18.84

  Intrinsic Value

$72.45

stock screener

  Rating & Target

str. buy

+285%

Previous close

$18.84

 
Intrinsic value

$72.45

 
Up/down potential

+285%

 
Rating

str. buy

We calculate the intrinsic value of GTN stock by summing up the current values of future distributable cash flows generated by the company and dividing the sum by the number of outstanding shares. As such, the intrinsic value calculation depends entirely on projections. The more accurate your projections of the company's performance are - the more reliable is the intrinsic value calculation result. Please make sure to check the stock valuation input data below and adjust it if necessary. The quality of the output (intrinsic valuation result) is only as good as the quality of the input. See also DISCLAIMERS.

STOCK VALUATION INPUT DATA

Revenue (in 0001), $M
Initial revenue growth rate, %
Terminal revenue growth rate, %
Revenue decline factor
Initial discount rate, %
Discount rate multiplier
Variable cost ratio, %
Fixed operating expenses, $M
Interest rate on debt, %
Effective corporate tax rate, %
Production assets / Revenue, %
Life of production assets, yrs
Working capital / Revenue, %
Revenue / Adjusted assets
Adjusted equity ratio
Cash flow adjustment, % of Revenue
Book value of equity, $M
Shares outstanding, mln
Market capitalization, $bln 1.5

 

FINANCIAL STATEMENTS FORECAST and PRESENT VALUE CALCULATION

Fiscal year
   2
   3
   4
   5
   6
   7
   8
   9
   10
   11
   12
   13
   14
   15
   16
   17
   18
   19
   20
   21
   22
   23
   24
   25
   26
   27
   28
   29
   30
   31

INCOME STATEMENT

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Revenue growth rate, %
  10.40
  9.86
  9.37
  8.94
  8.54
  8.19
  7.87
  7.58
  7.32
  7.09
  6.88
  6.69
  6.53
  6.37
  6.24
  6.11
  6.00
  5.90
  5.81
  5.73
  5.66
  5.59
  5.53
  5.48
  5.43
  5.39
  5.35
  5.31
  5.28
  5.25
Revenue, $m
  975
  1,071
  1,171
  1,276
  1,385
  1,498
  1,616
  1,738
  1,866
  1,998
  2,136
  2,279
  2,427
  2,582
  2,743
  2,911
  3,085
  3,267
  3,457
  3,655
  3,862
  4,078
  4,303
  4,539
  4,786
  5,043
  5,313
  5,596
  5,891
  6,201
Variable operating expenses, $m
  159
  153
  147
  140
  133
  126
  118
  110
  102
  94
  -137
  -146
  -155
  -165
  -176
  -186
  -197
  -209
  -221
  -234
  -247
  -261
  -275
  -290
  -306
  -323
  -340
  -358
  -377
  -397
Fixed operating expenses, $m
  445
  454
  464
  475
  485
  496
  507
  518
  529
  541
  553
  565
  577
  590
  603
  616
  630
  644
  658
  672
  687
  702
  718
  733
  749
  766
  783
  800
  818
  836
Total operating expenses, $m
  604
  607
  611
  615
  618
  622
  625
  628
  631
  635
  416
  419
  422
  425
  427
  430
  433
  435
  437
  438
  440
  441
  443
  443
  443
  443
  443
  442
  441
  439
Operating income, $m
  371
  463
  560
  661
  767
  877
  991
  1,110
  1,234
  1,364
  1,720
  1,860
  2,005
  2,157
  2,315
  2,481
  2,653
  2,833
  3,021
  3,217
  3,422
  3,637
  3,861
  4,096
  4,342
  4,600
  4,870
  5,154
  5,451
  5,762
EBITDA, $m
  642
  740
  842
  948
  1,059
  1,175
  1,296
  1,421
  1,552
  1,688
  1,829
  1,977
  2,130
  2,290
  2,457
  2,630
  2,812
  3,001
  3,198
  3,405
  3,621
  3,846
  4,083
  4,330
  4,589
  4,860
  5,144
  5,441
  5,754
  6,081
Interest expense (income), $m
  76
  99
  112
  125
  139
  154
  169
  184
  201
  218
  235
  254
  273
  292
  313
  334
  357
  380
  404
  429
  456
  483
  512
  541
  573
  605
  639
  675
  712
  752
  792
Earnings before tax, $m
  272
  351
  435
  522
  613
  708
  807
  910
  1,017
  1,128
  1,466
  1,587
  1,713
  1,844
  1,981
  2,124
  2,273
  2,429
  2,591
  2,761
  2,939
  3,125
  3,320
  3,524
  3,737
  3,961
  4,195
  4,441
  4,699
  4,969
Tax expense, $m
  73
  95
  117
  141
  166
  191
  218
  246
  275
  305
  396
  428
  462
  498
  535
  573
  614
  656
  700
  746
  794
  844
  896
  951
  1,009
  1,069
  1,133
  1,199
  1,269
  1,342
Net income, $m
  198
  256
  317
  381
  447
  517
  589
  664
  742
  824
  1,070
  1,158
  1,250
  1,346
  1,446
  1,550
  1,659
  1,773
  1,892
  2,016
  2,146
  2,281
  2,423
  2,572
  2,728
  2,891
  3,063
  3,242
  3,430
  3,628

BALANCE SHEET

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Cash and short-term investments, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Total assets, $m
  3,227
  3,545
  3,877
  4,224
  4,585
  4,960
  5,351
  5,756
  6,178
  6,616
  7,071
  7,545
  8,037
  8,549
  9,082
  9,637
  10,216
  10,819
  11,447
  12,103
  12,788
  13,503
  14,250
  15,030
  15,846
  16,700
  17,594
  18,528
  19,507
  20,532
Adjusted assets (=assets-cash), $m
  3,227
  3,545
  3,877
  4,224
  4,585
  4,960
  5,351
  5,756
  6,178
  6,616
  7,071
  7,545
  8,037
  8,549
  9,082
  9,637
  10,216
  10,819
  11,447
  12,103
  12,788
  13,503
  14,250
  15,030
  15,846
  16,700
  17,594
  18,528
  19,507
  20,532
Revenue / Adjusted assets
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
  0.302
Average production assets, $m
  1,504
  1,652
  1,807
  1,968
  2,136
  2,311
  2,493
  2,682
  2,879
  3,083
  3,295
  3,516
  3,745
  3,984
  4,232
  4,491
  4,760
  5,041
  5,334
  5,640
  5,959
  6,292
  6,640
  7,004
  7,384
  7,782
  8,198
  8,634
  9,090
  9,568
Working capital, $m
  88
  96
  105
  115
  125
  135
  145
  156
  168
  180
  192
  205
  218
  232
  247
  262
  278
  294
  311
  329
  348
  367
  387
  409
  431
  454
  478
  504
  530
  558
Total debt, $m
  2,074
  2,320
  2,577
  2,845
  3,125
  3,415
  3,717
  4,031
  4,358
  4,697
  5,049
  5,416
  5,797
  6,193
  6,606
  7,035
  7,483
  7,949
  8,436
  8,944
  9,474
  10,027
  10,605
  11,209
  11,841
  12,502
  13,193
  13,917
  14,674
  15,468
Total liabilities, $m
  2,498
  2,744
  3,001
  3,269
  3,549
  3,839
  4,141
  4,455
  4,782
  5,121
  5,473
  5,840
  6,221
  6,617
  7,030
  7,459
  7,907
  8,374
  8,860
  9,368
  9,898
  10,451
  11,029
  11,633
  12,265
  12,926
  13,617
  14,341
  15,099
  15,892
Total equity, $m
  729
  801
  876
  955
  1,036
  1,121
  1,209
  1,301
  1,396
  1,495
  1,598
  1,705
  1,816
  1,932
  2,053
  2,178
  2,309
  2,445
  2,587
  2,735
  2,890
  3,052
  3,220
  3,397
  3,581
  3,774
  3,976
  4,187
  4,409
  4,640
Total liabilities and equity, $m
  3,227
  3,545
  3,877
  4,224
  4,585
  4,960
  5,350
  5,756
  6,178
  6,616
  7,071
  7,545
  8,037
  8,549
  9,083
  9,637
  10,216
  10,819
  11,447
  12,103
  12,788
  13,503
  14,249
  15,030
  15,846
  16,700
  17,593
  18,528
  19,508
  20,532
Debt-to-equity ratio
  2.840
  2.900
  2.940
  2.980
  3.020
  3.050
  3.070
  3.100
  3.120
  3.140
  3.160
  3.180
  3.190
  3.210
  3.220
  3.230
  3.240
  3.250
  3.260
  3.270
  3.280
  3.290
  3.290
  3.300
  3.310
  3.310
  3.320
  3.320
  3.330
  3.330
Adjusted equity ratio
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226
  0.226

CASH FLOW

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Net income, $m
  198
  256
  317
  381
  447
  517
  589
  664
  742
  824
  1,070
  1,158
  1,250
  1,346
  1,446
  1,550
  1,659
  1,773
  1,892
  2,016
  2,146
  2,281
  2,423
  2,572
  2,728
  2,891
  3,063
  3,242
  3,430
  3,628
Depreciation, amort., depletion, $m
  272
  277
  282
  287
  293
  299
  305
  311
  318
  324
  110
  117
  125
  133
  141
  150
  159
  168
  178
  188
  199
  210
  221
  233
  246
  259
  273
  288
  303
  319
Funds from operations, $m
  470
  533
  599
  668
  740
  815
  894
  975
  1,060
  1,148
  1,180
  1,276
  1,375
  1,479
  1,587
  1,700
  1,818
  1,941
  2,069
  2,204
  2,344
  2,491
  2,645
  2,806
  2,974
  3,151
  3,336
  3,530
  3,733
  3,947
Change in working capital, $m
  8
  9
  9
  9
  10
  10
  11
  11
  11
  12
  12
  13
  13
  14
  14
  15
  16
  16
  17
  18
  19
  19
  20
  21
  22
  23
  24
  25
  27
  28
Cash from operations, $m
  462
  524
  590
  659
  730
  805
  883
  964
  1,048
  1,136
  1,168
  1,263
  1,362
  1,465
  1,573
  1,685
  1,802
  1,925
  2,052
  2,186
  2,326
  2,472
  2,624
  2,784
  2,952
  3,128
  3,312
  3,504
  3,707
  3,919
Maintenance CAPEX, $m
  -45
  -50
  -55
  -60
  -66
  -71
  -77
  -83
  -89
  -96
  -103
  -110
  -117
  -125
  -133
  -141
  -150
  -159
  -168
  -178
  -188
  -199
  -210
  -221
  -233
  -246
  -259
  -273
  -288
  -303
New CAPEX, $m
  -141
  -148
  -155
  -161
  -168
  -175
  -182
  -189
  -196
  -204
  -212
  -221
  -229
  -239
  -248
  -259
  -269
  -281
  -293
  -306
  -319
  -333
  -348
  -364
  -380
  -398
  -416
  -436
  -456
  -478
Cash from investing activities, $m
  -186
  -198
  -210
  -221
  -234
  -246
  -259
  -272
  -285
  -300
  -315
  -331
  -346
  -364
  -381
  -400
  -419
  -440
  -461
  -484
  -507
  -532
  -558
  -585
  -613
  -644
  -675
  -709
  -744
  -781
Free cash flow, $m
  275
  326
  380
  437
  497
  559
  624
  692
  762
  836
  853
  932
  1,015
  1,102
  1,192
  1,285
  1,383
  1,485
  1,591
  1,702
  1,819
  1,940
  2,067
  2,199
  2,338
  2,484
  2,636
  2,796
  2,963
  3,138
Issuance/(repayment) of debt, $m
  236
  246
  257
  268
  279
  291
  302
  314
  326
  339
  352
  366
  381
  396
  413
  430
  448
  467
  487
  508
  530
  553
  578
  604
  632
  661
  691
  724
  758
  793
Issuance/(repurchase) of shares, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash from financing (excl. dividends), $m  
  236
  246
  257
  268
  279
  291
  302
  314
  326
  339
  352
  366
  381
  396
  413
  430
  448
  467
  487
  508
  530
  553
  578
  604
  632
  661
  691
  724
  758
  793
Total cash flow (excl. dividends), $m
  511
  572
  637
  705
  776
  850
  926
  1,006
  1,089
  1,175
  1,205
  1,299
  1,396
  1,498
  1,604
  1,715
  1,831
  1,952
  2,078
  2,210
  2,348
  2,493
  2,645
  2,804
  2,970
  3,144
  3,327
  3,519
  3,720
  3,931
Retained Cash Flow (-), $m
  -67
  -72
  -75
  -78
  -82
  -85
  -88
  -92
  -95
  -99
  -103
  -107
  -111
  -116
  -120
  -125
  -131
  -136
  -142
  -148
  -155
  -162
  -169
  -176
  -184
  -193
  -202
  -211
  -221
  -232
Prev. year cash balance distribution, $m
  331
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash flow adjustment, $m
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
  0
Cash available for distribution, $m
  775
  500
  562
  627
  694
  765
  838
  914
  993
  1,076
  1,102
  1,192
  1,285
  1,382
  1,484
  1,590
  1,700
  1,815
  1,936
  2,062
  2,194
  2,332
  2,476
  2,627
  2,786
  2,951
  3,125
  3,308
  3,499
  3,700
Discount rate, %
  8.20
  8.61
  9.04
  9.49
  9.97
  10.47
  10.99
  11.54
  12.12
  12.72
  13.36
  14.02
  14.73
  15.46
  16.24
  17.05
  17.90
  18.79
  19.73
  20.72
  21.76
  22.84
  23.99
  25.19
  26.45
  27.77
  29.16
  30.61
  32.15
  33.75
PV of cash for distribution, $m
  716
  424
  434
  436
  432
  421
  404
  382
  355
  325
  278
  247
  215
  185
  155
  128
  103
  82
  63
  48
  35
  25
  18
  12
  8
  5
  3
  2
  1
  1
Current shareholders' claim on cash, %
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0
  100.0

Gray Television, Inc. is a television broadcast company. The Company owns and operates television stations and digital assets in various markets across the United States. As of February 21, 2017, the Company owned and/or operated television stations in 54 television markets broadcasting over 200 separate programming streams, including 37 affiliates of the CBS Network (CBS), 29 affiliates of the NBC Network (NBC), 20 affiliates of the ABC Network (ABC) and 15 affiliates of the FOX Network (FOX). In addition to a primary broadcast channel, each of its stations can also broadcast additional secondary digital channels within a market by utilizing the same bandwidth, but with different programming from the primary channel. The Company also broadcasts local news/weather channels in certain of its existing markets. Along with affiliations with ABC, CBS and FOX, the Company's secondary channels are affiliated with various smaller networks and program services.

FINANCIAL RATIOS  of  Gray Television (GTN)

Valuation Ratios
P/E Ratio 22
Price to Sales 1.7
Price to Book 2.8
Price to Tangible Book
Price to Cash Flow 6.6
Price to Free Cash Flow 8.4
Growth Rates
Sales Growth Rate 36%
Sales - 3 Yr. Growth Rate %
EPS Growth Rate %
EPS - 3 Yr. Growth Rate %
Capital Spending Gr. Rate 83.3%
Cap. Spend. - 3 Yr. Gr. Rate 12.9%
Financial Strength
Quick Ratio NaN
Current Ratio 0.1
LT Debt to Equity 356.4%
Total Debt to Equity 356.4%
Interest Coverage 2
Management Effectiveness
Return On Assets 4.3%
Ret/ On Assets - 3 Yr. Avg. 4.6%
Return On Total Capital 3.2%
Ret/ On T. Cap. - 3 Yr. Avg. 3.2%
Return On Equity 13.4%
Return On Equity - 3 Yr. Avg. 16.7%
Asset Turnover 0.3
Profitability Ratios
Gross Margin 41.5%
Gross Margin - 3 Yr. Avg. 40.9%
EBITDA Margin 32.5%
EBITDA Margin - 3 Yr. Avg. 35.1%
Operating Margin 24.9%
Oper. Margin - 3 Yr. Avg. 25.9%
Pre-Tax Margin 13.1%
Pre-Tax Margin - 3 Yr. Avg. 13.3%
Net Profit Margin 7.6%
Net Profit Margin - 3 Yr. Avg. 7.9%
Effective Tax Rate 41.5%
Eff/ Tax Rate - 3 Yr. Avg. 40.8%
Payout Ratio 0%

GTN stock valuation input parameters

Revenue. Company's revenue (or sales) is always the starting point of any cash flow forecast. In the GTN stock intrinsic value calculation we used $882.728 million for the last fiscal year's total revenue generated by Gray Television. The default revenue input number comes from 0001 income statement of Gray Television. You may change it if you feel that it should be adjusted for some unusual circumstances that are not expected to be repeated in the future or if you already know (from interim financial statements, for example) that this year's revenue is going to be quite different.

Revenue growth rate. Forecasted future revenue growth rate is the most important input parameter for the intrinsic value calculation. Unlike other input parameters that are reasonably expected to be in line with their historic averages or their historic trends, the revenue growth rate by and large is a wild card: nobody really knows what the company's revenue will be in the future. Of course, the level of unpredictability is different for different industries (utility companies being the most predictable and, thus, less risky).
    We use three input parameters to forecast the revenue growth rate in our GTN stock valuation model: a) initial revenue growth rate of 10.4% whose default value is the revenue growth rate in the most recent quarter compared to the quarterly revenue a year ago; b) terminal revenue growth rate of 5% whose default value is chosen to be close to the average nominal (i.e. not adjusted for inflation) GDP growth rate; and c) revenue decline factor of 0.9, which stipulates that revenue growth rate in each forecasted year will be equal to the difference of the revenue growth rate in the preceding year and the terminal revenue growth rate multiplied by this revenue decline factor (with the passage of time the revenue growth rate will be approaching the terminal revenue growth rate, but not quite reaching it - though the difference could be infinitesimally small).
    At the revenue decline factor of 1, the future revenue growth rate is forecasted to be constant and equal to the initial revenue growth rate. The smaller the revenue decline factor, the faster the revenue growth rate will approach the terminal revenue growth.

Discount rate. The discount rate is used for determining the present value of future cash flows: future cash flows are "discounted" as at normal conditions (that translate into positive expected return on investment) one dollar today is worth more than the same dollar in the future. Unlike all other valuation models, we use variable discount rate, i.e. it increases for each consecutive year. This is done to account for higher risk of cash flows coming in further in the future.
    The initial discount rate of 8.2%, whose default value for GTN is calculated based on our internal credit rating of Gray Television, is applied to the cash flow expected to be received a year from now (well, actually, to be precise, in the financial year following the base year - the last year for which we have financial statements). For each consecutive year the discount rate is multiplied by the discount rate multiplier of 1.05, e.i. each year it increases by 5%. Feel free to change this number to correspond to your level of risk assessment of Gray Television.
    By the way, it is easy to set the discount rate to be constant (this would make comparison with other valuation models easier): just set the discount rate multiplier equal to 1 and chose the magnitude of the initial discount rate to your liking.

Variable cost ratio is the ratio of variable costs (i.e. costs that fluctuate with fluctuation of the volume of production) to the revenue expressed as a percentage. In the calculation of intrinsic value of GTN stock the variable cost ratio is equal to 18.7%.

Fixed operating expenses is just that - expenses that are not dependant on the volume of production. They are set to $435 million in the base year in the intrinsic value calculation for GTN stock. These expenses increase with the level of inflation in subsequent years.

Interest rate on debt is the average all-in rate of interest paid by the company on its debt. It is set at 5.4% for Gray Television.

Corporate tax rate of 27% is the nominal tax rate for Gray Television. In reality, companies find ways to pay much less taxes than that or not to pay them at all.

Cash flow adjustment could be used for any adjustment the investor deems necessary. Most commonly we use this field to account for stock options-related effects in excess of what is reported on the company's income statement. The cash flow adjustment is expressed as a percentage of the revenue, and in the current valuation of the GTN stock is equal to 0%.

Production assets are the company's assets used for manufacturing products or provision of services. In the valuation model input table they are expressed as a percentage of revenue and for GTN are equal to 154.3%.

Life of production assets of 31 years is the average useful life of capital assets used in Gray Television operations. It is used to calculate yearly capital expenditures needed to keep these assets in good order - we call it the maintenance CAPEX.

Working capital is the difference between the company's current assets and liabilities. In the model we use the ratio of working capital to revenue, which for GTN is equal to 9%. A negative number means that the company is apt at using financial resources of its suppliers and customers; a large positive number, on the other hand, means that it either provides in-kind financing to others or is not good at managing its inventories.

Book value of equity - $992.897 million for Gray Television - is used in calculation of the "floor" for intrinsic valuation based on the discounted cash flow (DCF) method. Even if the prospects are very bad for a company, its assets could always be sold now for their current fair market value.

Shares outstanding of 82.023 million for Gray Television is needed to calculate the intrinsic value of one share.

Market capitalization is used here only for reference purposes and as a quick check that the share price and the number of shares outstanding numbers are correct - something especially to be cognizant about at stock splits. So, the market capitalization of Gray Television at the current share price and the inputted number of shares is $1.5 billion.

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COMPANY NEWS

▶ 5 Cheap GARP Picks With Discounted PEG   [Nov-13-18 09:31AM  Zacks]
▶ Gray Television: 3Q Earnings Snapshot   [07:05AM  Associated Press]
▶ Gray Television shedding CBS affiliate alongside $3.6B Raycom purchase   [Aug-16-18 10:24AM  American City Business Journals]
▶ 8 Favorite Media Stocks Investors Should Tune Into Now   [Aug-09-18 03:43PM  TheStreet.com]
▶ Gray Television: 2Q Earnings Snapshot   [07:27AM  Associated Press]
▶ Gray Television's Earnings Preview   [Aug-06-18 03:17PM  Benzinga]
▶ Harry Boxers four momentum stocks breaking out   [Jun-27-18 12:03PM  MarketWatch]
▶ Parent company of FOX19 sold for $3.6 billion   [Jun-26-18 11:48AM  American City Business Journals]
▶ Company News For Jun 26, 2018   [10:21AM  Zacks]
▶ [$$] Gray TV to Buy Raycom in $3.65 Billion Deal   [Jun-25-18 07:54PM  The Wall Street Journal]
▶ [$$] Gray TV to Buy Raycom in $3.65 Billion Deal   [09:47AM  The Wall Street Journal]
▶ Gray Television to buy Raycom for $3.6B, shuffle C-Suite   [07:35AM  American City Business Journals]
▶ Gray Television: 1Q Earnings Snapshot   [May-08-18 06:59AM  Associated Press]
▶ Gray Television beats Street 4Q forecasts   [10:25AM  Associated Press]
▶ Gray Reports Record Operating Results   [06:55AM  PR Newswire]
▶ Gray Announces Record-Setting Audience Rankings   [Jan-18-18 03:15PM  PR Newswire]
▶ What CBS Stands to Gain by Settling Its Dispute with DISH   [Jan-15-18 09:00AM  Market Realist]
▶ Gray Television Meets 80-Plus Relative Strength Rating Benchmark   [Jan-12-18 03:00AM  Investor's Business Daily]
▶ Gray Television Earns Technical Rating Upgrade   [Jan-10-18 03:00AM  Investor's Business Daily]

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