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Beasley Broadcast Group (BBGI) – A Lot More Work To Do On The Digital Front

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Wednesday, May 11, 2022

Beasley Broadcast Group (BBGI)
A Lot More Work To Do On The Digital Front

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.

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

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

Exceeds Q1 expectations. The company reported Q1 revenue of $55.7 million, 5% above our expectation of $53 million. Adj. EBITDA of $1.88 million also our beat our expectation of a loss of $0.55 million.

Second quarter outlook. Q2 revenue is pacing up 7%, which is a little lighter than our original 9% growth estimate. Local advertising is pacing up a strong 17%, but national advertising is pacing down 23%. Digital advertising is expected to be up in the 20% plus range. As such, we are tweaking our Q2 revenue and adj. EBITDA estimate.  …

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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