144.20
-2.57%
ICICI Securities Limited
The radio business continued to report revenue de-growth in Q1FY21 following a disappointing FY20. Ad volume took a big hit due to reduced spend by corporate/government during Covid-19 induced lockdown. We note that ENIL's core radio revenue decline in Q1FY21 was higher than competitor in the industry who reported ~79% decline (total revenue trend better for ENIL owing to solutions business). Radio revenue decline was mainly owing to weakness in education (81% down YoY), M&E; (77% down), FMCG (72% down) and other sectors that de-grew 87% while health &...
Entertainment Network (India) Ltd. is trading below all available SMAs
144.20
-2.57%
Prabhudas Lilladhar
ENIL's performance was better than our expectations (EBITDA loss of Rs260mn versus our estimate of Rs644mn) on the back of better cost control. While targeted savings of Rs1bn in FY21E is noteworthy, we believe fixed cost absorption will continue to remain a challenge in a weak demand environment (inventory utilization for 35 legacy/17 batch 1/21batch 2 stations...
Entertainment Network (India) Ltd. has lost -42.02% in the last 1 Year
144.20
-2.57%
ICICI Securities Limited
The radio business stayed weak throughout FY20 following macroeconomic slowdown and was further accentuated by Covid-19 outbreak in March. We note that ENIL's core radio revenue decline during Q4FY20 was lower than other players in the industry who reported over 40% decline. Radio revenue decline was mainly owing to weakness in government advertisements (~42% down YoY). M&E; and auto sectors' ad spend de-grew 56% and 37%, respectively, while pharma sector ad spend was up 18% YoY. The company indicated ad volumes during lockdown were down 70-80% YoY. Revenues...
Entertainment Networ.. has an average target of 151.00 from 2 brokers.
144.20
-2.57%
Prabhudas Lilladhar
We have drastically cut our EBITDA estimates for FY21/FY22 as 1) fixed cost absorption will be a challenge in a weak demand environment (inventory utilization for 35 legacy/17 batch 1/21batch 2 stations is expected to be 55%/15%/10% in FY21E) 2) recovery in non-FCT business will be back ended...
default
Number of FIIs/FPIs holding stock fell by 10 to 16 in Sep 2020 qtr.
144.20
-2.57%
Prabhudas Lilladhar
Single screens to battle for survival post-COVID Single screens have been facing existential crisis since long. Already fraught with hygiene & maintenance challenges which was hurting footfalls, COVID-...
Entertainment Network (India) Ltd. is trading below all available SMAs
144.20
-2.57%
ICICI Securities Limited
ENIL's revenues came in at | 115.6 crore, down 5.7% YoY, impacted by core radio revenues that de-grew ~17% YoY while solutions business grew ~34% YoY. Reported EBITDA came in at | 28 crore while margins came in at 24.2%. Adjusted for Ind-AS, EBITDA was at | 17.9 crore, down 34.5% YoY while adjusted margins came in at 15.5%, down 680 bps YoY on account of negative operating leverage. Reported PAT came in lower at | 0.2 crore, impacted by a weak operating performance, lower other income and Ind-AS...
Entertainment Networ.. has an average target of 151.00 from 2 brokers.
144.20
-2.57%
ICICI Securities Limited
ENIL's Q1FY20 revenue growth of 8.9% YoY was largely led by solutions business (forming 28% of revenues) which grew 42.4% YoY. Radio revenues, on the other hand, were muted with 1.4% YoY growth. EBITDA (excluding Ind-AS 116) came in at | 23.7 crore, a drop of 16.6% YoY, while adjusted margins came in at 17.9%, lower than our expectation of 21.3% given the weakness in the core radio segment. Reported PAT came in lower at | 3.8 crore, impacted by the weak operating performance as well as...
Entertainment Network (India) Ltd. is trading below all available SMAs
144.20
-2.57%
Motilal Oswal
Solution biz safeguards revenue growth albeit at lower profitability: For 1QFY20, ENIL echoed the dismal performance of the media industry in general and the radio industry in particular. Revenue growth of 8.2% YoY (to INR1.4b) garnered crucial support from Non-FCT (Solutions) business (+42% YoY) at a time when Radio segment growth was flattish at 1% YoY. In Radio, increasing cost along with the low 11.6% margin in the 21 new stations of Phase III pushed the segmental EBITDA margin lower to 19% from the historical levels of 25-30%. Moreover, Non-FCT margin remained inherently...
Entertainment Networ.. has an average target of 151.00 from 2 brokers.
144.20
-2.57%
ICICI Securities Limited
ENIL reported 10.3% YoY revenue growth to | 175.8 crore in Q4FY19. Overall revenue growth for the quarter, was largely aided by non-radio business (grew 26% YoY to | 75.8 crore) while radio revenues were flat at | 100 crore vs. high single digit growth recorded by peers during the quarter). EBITDA growth of 21.8% YoY for the quarter was aided by ~15.8% YoY decline in employee expenses (reversal of provisions pertaining to variable pay, on non-achievement of certain internal targets). EBITDA margins improved 231 bps YoY to 24.5%. PAT increased 64% YoY to | 19.4...
Entertainment Network (India) Ltd. is trading below all available SMAs
144.20
-2.57%
HDFC Securities
Weak macros (GST, demon, RERA etc), mgmt focus on price hikes during this tough times and excessive emphasis on non-FCT business (in our view) has led to failure in delivery over FY17-19. This has led to sharp 50% price correction from peak. However, with moderately supportive macros ENIL can deliver healthy growth in all segments of business viz. established 35 stations, new stations (Phase III, batch I & II) and growth plus margin improvement in non-FCT business. FCF generation can thus improve materially from ~Rs 0.8bn to Rs 1.3bn by FY21E and gradually to ~Rs 1.8-2bn. Maintain faith. Entertainment Network (ENIL) 4QFY19 was in-line but weak with flat advertising revenue in core radio business (MBL 7.8%). Maintain faith. BUY with TP of Rs 696 (+37%) @ 25x FY21E P/FCFE.
Entertainment Network (India) Ltd. has lost -42.02% in the last 1 Year