Thursday, November 02, 2023
Beasley Broadcast Group, Inc. owns and operates 61 stations (47 FM and 14 AM) in 15 large- and mid-size markets in the United States. Approximately 20 million consumers listen to the Company’s radio stations weekly over-the-air, online and on smartphones and tablets, and millions regularly engage with the Company’s brands and personalities through digital platforms such as Facebook, Twitter, text messaging, digital and web applications and email. The Overwatch League’s Houston Outlaws esports team is a wholly owned subsidiary. The Company also owns BeasleyXP, a national esports content hub, and AXLR-R8, a Rocket League Championship Series team, in its esports portfolio. For more information, please visit www.bbgi.com.
Michael Kupinski, Director of Research, Equity Research Analyst, Digital, Media & Technology , Noble Capital Markets, Inc.
Jacob Mutchler, Research Associate, Noble Capital Markets, Inc.
Refer to the full report for the price target, fundamental analysis, and rating.
A noisy quarter. Q3 total revenues were $60.1 million, slightly less than our $61.3 million estimate. Adj. EBITDA was $5.5 million, 13% below our $6.3 million estimate. The company had non cash charges in the quarter which created a lot of noise in its earnings.
Some green shoots. The company indicated that September revenue increased 2.1% excluding Political revenues. In addition, national advertising appears to be moderating, down 8%, ex Political, versus down 20% in the first half 2023. Furthermore, the company generated a significant $8 million in new direct business in the quarter.
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