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1. Company Snapshot

1.a. Company Description

Beasley Broadcast Group, Inc., a multi-platform media company, owns and operates radio stations in the United States.It also operates Houston Outlaws, an esports team that competes in the Overwatch League.The company was founded in 1961 and is headquartered in Naples, Florida.

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1.b. Last Insights on BBGI

Beasley Broadcast Group's recent performance was negatively impacted by a decline in revenue, with Q1 2025 revenue of $48.9 million, a 28% decrease from Q4 2024. The company's advertising revenue was particularly weak, with a 35% year-over-year decline. Additionally, Beasley's operating expenses increased by 12% year-over-year, driven by higher personnel costs and other expenses. The company's net income also declined, with a net loss of $1.4 million in Q1 2025, compared to a net income of $2.5 million in Q4 2024.

1.c. Company Highlights

2. Beasley Broadcast's Q3 2025 Earnings: A Mixed Bag

Beasley Broadcast Group's third-quarter 2025 revenue was approximately $51 million, a decline of 11% on a same-station basis or 7.5% year-over-year, excluding $2.7 million of political revenue in Q3 2024. The decline was somewhat offset by a 28% year-over-year growth in digital revenue on a same-station basis, which accounted for roughly 25% of total company revenue. Digital operating margin expanded significantly from 7% to 21% year-over-year. However, the actual EPS came out at $1.52, missing estimates of $2.2. The company's focus on efficiency and expense control was evident, with station operating expenses down 8% year-over-year and corporate expenses nearly 50% lower.

Publication Date: Dec -02

📋 Highlights
  • Revenue Decline:: Q3 2025 revenue fell to $51 million, reflecting an 11% same-station decline or 7.5% YoY excluding $2.7 million in political revenue.
  • Digital Growth:: Digital revenue surged 28% YoY, contributing 25% of total revenue with a 21% operating margin (up from 7% in 2024).
  • Expense Reductions:: Station operating expenses dropped 8% YoY, while corporate expenses fell nearly 50%, aiming for $25–$30 million in full-year 2025 savings.
  • Asset Sales:: Closed $18 million in Fort Myers transactions ($9 million each to Fort Myers Broadcasting and Sun Broadcasting), with WPBB in Tampa sold on September 29.
  • Outlook:: Q4 revenue expected down 20% YoY (high single digits ex-political), with 2026 targeting further cost savings and high-margin digital scaling.

Operational Highlights

The company closed on the sale of WPBB in Tampa on September 29 and is awaiting government approval for the Fort Myers closings, with two transactions totaling $18 million. Beasley Broadcast Group's CEO, Caroline Beasley, emphasized the company's strategy to scale higher-margin digital products, strengthen earnings quality, and pivot towards direct data-driven relationships. The company expects full-year 2025 station operating and corporate expenses to be down between $25 million and $30 million.

Outlook and Guidance

In terms of outlook, total company revenue for Q4 is pacing down roughly 20% year-over-year, or in the high single digits ex-political. The company is guided by the principles of integrity, creativity, and service to its communities, and remains committed to advancing its strategy of scaling high-margin digital products and improving margins. The company is looking at further savings in 2026 and is open to discussing accretive transactions that can help reduce debt and leverage.

Valuation and Estimates

Analysts estimate next year's revenue growth at -0.4%. The current valuation metrics show a P/E Ratio of -0.86, P/B Ratio of 0.05, and EV/EBITDA of 25.93, indicating a potentially challenging outlook for the stock. The company's ROE is -5.86%, and Net Debt / EBITDA is 25.23, highlighting the need for debt reduction. With a Free Cash Flow Yield of -148.52%, the market may be pricing in significant challenges for the company's cash generation capabilities.

3. NewsRoom

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Beasley Broadcast Group, Inc. (BBGI) Q3 2025 Earnings Call Transcript

Nov -10

Source: seekingalpha.com

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BEASLEY BROADCAST GROUP REPORTS THIRD QUARTER REVENUE OF $51.0 MILLION

Nov -10

Source: prnewswire.com

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BEASLEY BROADCAST GROUP TO REPORT 2025 THIRD QUARTER FINANCIAL RESULTS, HOST CONFERENCE CALL AND WEBCAST ON NOVEMBER 10

Nov -03

Source: prnewswire.com

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Beasley Broadcast Group, Inc. (BBGI) Q2 2025 Earnings Call Transcript

Aug -12

Source: seekingalpha.com

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BEASLEY BROADCAST GROUP REPORTS SECOND QUARTER REVENUE OF $53.0 MILLION

Aug -12

Source: prnewswire.com

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BEASLEY BROADCAST GROUP TO REPORT 2025 SECOND QUARTER FINANCIAL RESULTS, HOST CONFERENCE CALL AND WEBCAST ON AUGUST 12

Aug -05

Source: prnewswire.com

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Beasley Broadcast Group, Inc. (BBGI) Q1 2025 Earnings Call Transcript

May -09

Source: seekingalpha.com

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BEASLEY BROADCAST GROUP REPORTS FIRST QUARTER REVENUE OF $48.9 MILLION

May -07

Source: prnewswire.com

4. Business Breakdown

4.a. Revenues by Country

4.b. Revenues by Segment

5. Expected revenues mid-term growth (0.87%)

6. Segments

Audtio

Expected Growth: 0.8%

Audio segment's 0.8% growth is driven by increasing demand for digital audio advertising, expansion of podcasting, and strategic acquisitions. Additionally, Beasley Broadcast Group's focus on local radio stations and diverse revenue streams contribute to the segment's growth.

Digital

Expected Growth: 1.2%

Beasley Broadcast Group's Digital segment growth of 1.2% is driven by increasing online advertising revenue, fueled by rising demand for digital marketing solutions. Additionally, the company's strategic investments in digital platforms, such as esports and podcasting, are contributing to growth. Furthermore, the shift towards online content consumption and the company's efforts to expand its digital footprint are also supporting this growth.

Other

Expected Growth: 0.9%

Beasley Broadcast Group's 0.9% growth in 'Other' segment is driven by increasing demand for digital marketing services, expansion of esports initiatives, and growth in non-traditional revenue streams such as events and entertainment.

7. Detailed Products

Radio Broadcasting

Beasley Broadcast Group operates a portfolio of radio stations across the United States, offering a diverse range of formats and genres to cater to various audience demographics.

Digital Media

Beasley Broadcast Group provides digital media solutions, including online advertising, content creation, and digital marketing services to help businesses reach their target audiences.

Esports and Gaming

Beasley Broadcast Group has a growing presence in the esports and gaming industry, with investments in teams, events, and media platforms.

Events and Experiences

Beasley Broadcast Group produces and promotes live events, concerts, and festivals, offering unique experiences to audiences across the United States.

Podcasting

Beasley Broadcast Group creates and distributes engaging podcasts across various genres, including news, entertainment, and lifestyle content.

8. Beasley Broadcast Group, Inc.'s Porter Forces

Forces Ranking

Threat Of Substitutes

The threat of substitutes for Beasley Broadcast Group, Inc. is medium due to the availability of alternative media platforms such as streaming services and social media.

Bargaining Power Of Customers

The bargaining power of customers for Beasley Broadcast Group, Inc. is low due to the company's strong brand presence and limited switching costs for advertisers.

Bargaining Power Of Suppliers

The bargaining power of suppliers for Beasley Broadcast Group, Inc. is medium due to the company's dependence on a few major suppliers for broadcasting equipment and services.

Threat Of New Entrants

The threat of new entrants for Beasley Broadcast Group, Inc. is high due to the low barriers to entry in the broadcasting industry and the increasing popularity of digital media.

Intensity Of Rivalry

The intensity of rivalry for Beasley Broadcast Group, Inc. is high due to the competitive nature of the broadcasting industry and the presence of several established players.

9. SWOT Analysis

Strength

Weaknesses

Opportunities

Threats

10. Capital Structure

10.a. Balance Sheet

10.b. Weighted Average Cost of capital

Value
Debt Weight 64.64%
Debt Cost 9.16%
Equity Weight 35.36%
Equity Cost 9.16%
WACC 9.16%
Leverage 182.77%

11. Quality Control: Beasley Broadcast Group, Inc. passed 2 out of 9 key points

12.a Historical Valuation

12.b Price/Earnings Ratio

12.c Margin Valuation

12.d Peers Valuation

Peers Group Analysis

Stock-Card
Scripps

A-Score: 4.8/10

Value: 9.8

Growth: 7.1

Quality: 6.8

Yield: 0.0

Momentum: 4.0

Volatility: 1.3

1-Year Total Return ->

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fuboTV

A-Score: 4.5/10

Value: 6.0

Growth: 5.2

Quality: 5.6

Yield: 0.0

Momentum: 9.5

Volatility: 0.7

1-Year Total Return ->

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Stock-Card
Urban One

A-Score: 3.6/10

Value: 9.6

Growth: 1.6

Quality: 3.2

Yield: 0.0

Momentum: 4.0

Volatility: 3.0

1-Year Total Return ->

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Stock-Card
MediaCo Holding

A-Score: 3.2/10

Value: 7.5

Growth: 2.8

Quality: 4.9

Yield: 0.0

Momentum: 3.5

Volatility: 0.7

1-Year Total Return ->

View Full Report
Stock-Card
Beasley Broadcast Group

A-Score: 2.7/10

Value: 8.2

Growth: 2.7

Quality: 3.4

Yield: 0.0

Momentum: 0.0

Volatility: 2.0

1-Year Total Return ->

View Full Report
Stock-Card
Cumulus Media

A-Score: 2.0/10

Value: 9.0

Growth: 1.0

Quality: 2.2

Yield: 0.0

Momentum: 0.0

Volatility: 0.0

1-Year Total Return ->

View Full Report

Peers Metrics

12.e Scoring Insights

12.f DCF BETA

Parameters

Short Term Growth

Short term Time

Long-Term Growth

WACC

Target Price

4.6$

Current Price

4.6$

Potential

-0.00%

Expected Cash-Flows