SALM:EURONEXT OSLOSalMar ASA Analysis

Salem Media Group (SALM) trades at $0.96, just above its 20‑day SMA (0.956) and comfortably over the 50‑day SMA (0.783), indicating a short‑term bullish bias. The RSI sits at 64.8, still below overbought levels, while the MACD histogram is negative and the signal line is bearish, suggesting momentum may be softening as the price approaches the near‑term resistance of $0.98. Fundamentally, the company is loss‑making with a trailing EPS of -$0.95, a negative operating margin (-7.3%), and a PE ratio of -96, yet it boasts an extremely low price‑to‑book of 0.174 and a DCF‑derived fair value of $24.84, implying a massive valuation gap. The balance sheet shows $52.9 M of debt against negligible cash, yielding a debt‑to‑equity of over 30, and free cash flow is positive at $63 M despite negative operating cash flow, highlighting a mixed cash situation. Recent material news includes the retirement of long‑time President of Broadcast Media Allen Power and the launch of a new faith‑based podcast, both of which could affect operational focus but are unlikely to offset the broader financial challenges.