Tuesday, February 13, 2024
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.
Solid Q4 results. The company reported Q4 revenue of $65.7 million, in-line with our estimate of $66.1 million, and adj. EBITDA of $5.0 million, which was slightly below our estimate of $6.1 million. Notably, the company’s high growth digital businesses performed strongly in the quarter, and accounted for 18.4% of full year 2023 revenue.
Favorable digital outlook. 2023 was a solid year for the company’s digital initiatives. Digital revenue increased a solid 11.4% year-over-year and accounted for 18.4% of total revenue for the year. Notably, we expect the company’s favorable digital revenue growth to continue in 2024, and account for 20% of total revenue.
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