Beasley Broadcast Group (BBGI) – Solid Quarter Favorable Revenue Momentum

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Wednesday, February 09, 2022

Beasley Broadcast Group (BBGI)
Solid Quarter; Favorable Revenue Momentum

Beasley Broadcast Group Inc is a radio broadcasting company, engaged in operating radio stations throughout the United States. It operates radio stations including FM and AM radio stations located in large and mid-sized markets in the United States. The company owns and operates radio stations in the following radio markets: Atlanta, GA, Augusta, GA, Boston, MA, Charlotte, NC, Detroit, MI, Fayetteville, NC, Fort Myers-Naples, FL, Las Vegas, NV, Middlesex, NJ, Monmouth, NJ, Morristown, NJ, Philadelphia, PA, Tampa-Saint Petersburg, FL, West Palm Beach-Boca Raton, FL, and Wilmington, DE. It is also a multi-platform, marketing solutions provider that offers on-air, online, and mobile and social media applications. The main source of revenue is the sale of advertising.

Michael Kupinski, Director of Research, Noble Capital Markets, Inc.

Patrick McCann, Research Associate, Noble Capital Markets, Inc.

Refer to the full report for the price target, fundamental analysis, and rating.

    Finishing strong. Fourth quarter 2021 revenues of $70.7 million was 2% above our forecast of $69.3 million. The revenues were better than the company’s guidance and reflected strong local spot revenue, up 14.4%, and national, up 9.2%, excluding Political. Digital revenues were up a strong 47%, accounting for 15% of total revenues, up from 13% in Q3. Adj. EBITDA of $9.4 million for the quarter beat our estimate of $8.7 million.

    Nearly recovered.  Q4 revenue was less than 2% below 2019 revenue, representing a nearly full recovery to pre-pandemic levels. One of the key factors that have helped drive revenue recovery has been the emergence of the sports betting advertising category ($4.3 million in the quarter) …



This Company Sponsored Research is provided by Noble Capital Markets, Inc., a FINRA and S.E.C. registered broker-dealer (B/D).

*Analyst certification and important disclosures included in the full report. NOTE: investment decisions should not be based upon the content of this research summary.  Proper due diligence is required before making any investment decision. 

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