2008-07-21 23:06:12 -
NOTE TO EDITORS: The following is an investment opinion issued
by Dutton Associates - Dutton Associates updates its coverage of Debut Broadcasting (OTCBB:DBTB) with a Strong Speculative Buy rating and a $2.70 price target. The 11-page report by Dutton senior analyst Randy Wilson is
available at www.jmdutton.com as well as from First Call, Bloomberg, Capital IQ, FactSet, Zacks, Reuters, Knobias, and other leading financial portals.
Debut Broadcasting is a Nashville-based radio broadcasting company that produces and distributes syndicated radio programs and services to radio stations across the United States and Canada. The Company currently owns and operates seven radio stations. The Company's business plan emphasizes the creation of unique synergies between syndicated programming and station ownership. These unique synergies are created by focusing on acquisition of undervalued and under-utilized media properties in small to mid-sized radio markets in the United States and by rapid expansion of programming and content offerings. Debut has ongoing plans to acquire additional radio stations in attractive target markets as acquisition opportunities arise. The Company is currently focusing on targeted turnaround opportunities in the southeastern United States. Debut Broadcasting's entertainment division, Impact Radio Networks, produces and distributes approximately 20 radio programs, which are broadcast by approximately 1,400 radio station affiliates in the United States and Canada, reaching an audience of over 45 million listeners each week, making it one of the leading syndicators in the industry. Revenues for 2008 are estimated at $10.1 million with EPS of $.03, and growing to $29 million and $.15 respectively for 2009. Shares sell currently at 1.5x 2009 estimated EPS.
Dutton Associates
Dutton Associates is one of the largest independent investment research firms in the U.S. Its 30 analysts are primarily CFAs and have expertise in many industries. Dutton Associates provides continuing analyst coverage of over 140 enrolled companies, and its research, estimates, and ratings are carried in all the major databases serving institutions and online investors.
The cost of enrollment in our one-year continuing research program is US $35,000 prepaid for 4 Research Reports, typically published quarterly, and requisite Research Notes. We received $35,000 from the Company for 4 quarterly Research Reports with coverage commencing on 2/28/2008. The Firm does not accept any equity compensation. Our principals and analysts are prohibited from owning or trading in securities of covered companies. The views expressed in this research report accurately reflect the analyst's personal views about the subject securities or issuer. Neither the analyst's compensation nor the compensation received by us is in any way related to the specific ratings or views contained in this research report or note. Please read full disclosures and analyst background at www.jmdutton.com before investing.
Dutton Associates
John Dutton, 916-960-0623
