Music Broadcast Ltd. News and Updates

Name: Latest research reports of Music Broadcast Ltd. authored by HDFC Securities and published by - Trendlyne research reports.
Item: Music Broadcast Ltd.
Rating: 5
Author: HDFC Securities

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Music Broadcast Ltd.

29 May 2019

Music Broadcast (4QFY19): 1 + 1 > 2 Maintain BUY

Buy: Music Broadcast Ltd.

Target

HDFC Securities

We like MBL owing to its superior execution, capital allocation, return ratios and cash flows. Acquisition of Big FM has the potential to add feather in the cap. Music Broadcast (MBLs) 4QFY19 was in-line. Key highlight is MBLs audacious acquisition of Reliance Broadcast Network (RBNLs) for Rs 10.5bn viz. 12.3x FY19E EBITDA. The multiple is in-line with MBLs current valuation; fair in our view. MBLs current EV is Rs 14bn (Mcap Rs 16.2bn). It would tantamount to acquisition of RBNLs brand Big FMs 40 radio stations vs. 39 of MBL. We foresee the acquisition to be positive from both strategic and financial perspective. It could potentially boost MBLs EPS by -4/+25/+46% in FY21/22/23E. We arent building the upside from acquisition. BUY with a TP of Rs 78 (25x FY21E FCFE).

Music Broadcast Ltd. has lost -47.81% in the last 1 Year

Music Broadcast Ltd.

28 May 2019

Anil Ambani to sell BIG FM for Rs 1,050 cr to Jagran's Music Broadcast

Business Standard

MBL will initially acquire a 24% equity stake of RBNL through a preferential allotment for a total consideration of Rs 202 crore

Music Broadcast Ltd. has lost -47.81% in the last 1 Year

Music Broadcast Ltd.

28 May 2019

Leading industry consolidation as growth moderates

Buy: Music Broadcast Ltd.

Target

Motilal Oswal

EBITDA growth and partly offset by higher taxes. For FY19, revenue/EBITDA/PAT grew 9%/17%/19% YoY. Concall highlights: (1) Opportunity from the MBL-RBNL deal is not in crossselling' to advertisers, but in increasing utilization for RBNL acquisition (currently at 50-60%). (2) Cost synergies to be in the range of 2-3% of revenue. (3) Dividend policy will not change due to the acquisition. Moderation in revenue yet strong growth: Given the moderation in revenue growth seen in the last two years, we have reduced our revenue estimates by 2-3%. Yet, the inherent operating leverage should ensure steady PAT CAGR of...

Music Broadcast Ltd. has lost -47.81% in the last 1 Year

Music Broadcast Ltd.

20 Feb 2019

Music Broadcast

Buy: Music Broadcast Ltd.

Target

ICICI Securities Limited

ICICI Securities Ltd | Retail Equity Research Music Broadcast Ltd board in its meeting on 31st Dec 2018 approved subdivision of equity shares. The Board approved the sub-division of equity shares of face value of | 10 each into five equity shares of face value | 2 each fully paid. The record date for the same is February 21, 2019 while the ex-date for the same is today i.e. February 20, 2019. Consequently, Music Broadcast's share price, as per yesterday's closing price, has adjusted to | 55.6/ share from | 278/share. Currently, the stock is trading at | 59/share. Our target price has also been revised to...

Music Broadcast Ltd. has lost -47.81% in the last 1 Year

Music Broadcast Ltd.

31 Jan 2019

Music Broadcast Ltd

Buy: Music Broadcast Ltd.

Angel Broking

For 3QFY2019, Music Broadcast (MBL) posted in-line with expectation results both on top-line and bottom-line fronts. Revenues grew by ~14% yoy to `87cr on the back of price hike. The company's operating margins improved by robust 225bps yoy. On the bottom-line front, MBL reported lower growth of ~38% yoy to `16cr on the back of

Music Broadcast Ltd. is trading below all available SMAs

Music Broadcast Ltd.

29 Jan 2019

Music Broadcast (3QFY19): Healthy growth, sustainability key. Maintain BUY

Buy: Music Broadcast Ltd.

HDFC Securities

Reiterate BUY with a revised TP of Rs 402 (25x Dec-20E FCFE/sh). Music Broadcast Ltds (MBL) 3QFY19 revenue /EBITDA/PAT grew by 14/22.6/38% YoY on a low base, in-line with our estimates. The growth recovery was driven by 11% rate hike in the legacy markets, festive advertising and contribution from the Govt, E-Com & Auto sectors. Revenue growth guidance of 12-14% remains intact on the back of recovering economy and political spends.

Music Broadcast Ltd. is trading below all available SMAs

Music Broadcast Ltd.

29 Jan 2019

Q3FY19 Result Update - Best ever quarter of revenue performance

Buy: Music Broadcast Ltd.

Prabhudas Lilladhar

Music Broadcast Ltd (MBL) reported healthy performance with revenues increasing 14.2% YoY to Rs870mn (PLe of Rs853 mn) due to rising inventory utilization in batch 1 stations (45% in 1QFY19, 50% in 2QFY19 and 53% in 3QFY19) and price hike of 11% taken in top 12 markets during the quarter. EBITDA margin expanded 230 bps YoY to 32.9% due to incremental...

Music Broadcast Ltd. is trading below all available SMAs

Music Broadcast Ltd.

29 Jan 2019

Music Broadcast

Buy: Music Broadcast Ltd.

ICICI Securities Limited

EBITDA came in at | 28.6 crore (margin of 32.9%, slightly higher than estimates of 32%), up 22.6% YoY, better than our estimate of | 27.6 crore, owing to healthy revenue growth and lower-than-expected employee expenses. EBITDA margins for new stations were at 8%, while that of 28 stations were at 38% The company reported a profit of | 16.4 crore, above our estimate of | 15.4 crore, owing to a healthy performance at the EBITDA level Election related tailwinds to boost FY20E ad growth...

Music Broadcast Ltd. is trading below all available SMAs

Music Broadcast Ltd.

24 Dec 2018

Radio City to offer customised content across 21 Noida and Greater Noida metro stations

livemint

Radio City will provide customised music, entertainment and trivia focused content across all the 21 stations of the NMRC Aqua Line around Noida and Greater Noida

Music Broadcast Ltd. has lost -47.81% in the last 1 Year

Music Broadcast Ltd.

30 Oct 2018

Result Updates

Buy: Music Broadcast Ltd.

Angel Broking

For 2QFY2019, Music Broadcast (MBL) posted muted results both on top-line and bottom-line fronts. Revenues grew by ~5% yoy to `80cr on the back of equal contribution of volume and price hike. The companys operating margins improved by robust 120bps yoy. On the bottom-line front, MBL reported lower growth of ~5% yoy to`13cr on the back of..

Music Broadcast Ltd. has lost -47.81% in the last 1 Year

Is Music Broadcast Ltd. worth buying?

93 Votes:

Buy 82.8%

Sell 9.68%

Hold 7.53%