Wednesday, April 05, 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, 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.
Non-deal roadshow highlights. CEO Caroline Beasley and CFO Marie Tedesco were in South Florida on April 4th to hold investor meetings. They provided a surprising positive update on Q1 and indicated favorable trends on its digital strategy.
Beating its peers. Management updated its Q1 outlook indicating that net revenue will grow in the range of 1% to 2.5% and EBITDA growth in the range of 40% to 50%, significantly better than our estimate. We believe that these results will be much better than the industry Q1 revenue, expected to be down 2% to 5% and with EBITDA lower. We raised our Q1 estimates, illustrated in Figure #1 Revisions.
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