Entertainment Network (India) Ltd. share price target and research reports

Name: Latest research reports of Entertainment Network (India) Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Entertainment Network (India) Ltd.
Rating: 3
Author: ICICI Securities Limited

Latest analyst research reports with target prices and PDF download for ENIL, BSE:532700 Entertainment Network (India) Ltd.

Entertainment Network (India) Ltd.

06 Nov 2020

130.02

-0.76%

Entertainment Network

Hold: Entertainment Network (Ind...

ICICI Securities Limited

Sequential improvement; festive season pick up key The radio business continued to report revenue de-growth in Q2FY21 as ad volume as well as pricing remained low. We note that ENIL's core radio revenue decline of 57.1% during Q2FY21 was higher than competitor in the industry. Radio revenue decline was mainly owing to weakness in IT, ecommerce, auto, government, real estate while ad spend from health & pharma, BFI, FMCG sector was better. The management said ad volume trend was varied across the country and states, metros most affected by Covid-19 spread reported sharper de-growth. Ad pricing was down 30% as...

Entertainment Network (India) Ltd. is trading below all available SMAs

Entertainment Network (India) Ltd.

11 Aug 2020

130.02

-0.76%

Entertainment Network

Hold: Entertainment Network (Ind...

Target

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. has lost -21.92% in the last 3 Months

Entertainment Network (India) Ltd.

10 Aug 2020

130.02

-0.76%

Q1FY21 Result Update - Growth concerns persists; cost control is key - HOLD

Hold: Entertainment Network (Ind...

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 -29.52% in the last 1 Year

Entertainment Network (India) Ltd.

23 Jun 2020

130.02

-0.76%

Entertainment Network

Hold: Entertainment Network (Ind...

Target

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 Network (India) Ltd. has lost -21.92% in the last 3 Months

Entertainment Network (India) Ltd.

23 Jun 2020

130.02

-0.76%

Q4YF20 Result Update - COVID-19 has aggravated growth concerns - HOLD

Hold: Entertainment Network (Ind...

Target

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...

Entertainment Network (India) Ltd. has lost -21.92% in the last 3 Months

Entertainment Network (India) Ltd.

23 Apr 2020

130.02

-0.76%

Sector Update - Single screens to battle for survival post-COVID

Hold: Entertainment Network (Ind...

Recommendation Target

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

Entertainment Network (India) Ltd.

14 Nov 2019

130.02

-0.76%

Entertainment Network

Hold: Entertainment Network (Ind...

Target

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 Network (India) Ltd. has lost -21.92% in the last 3 Months

Entertainment Network (India) Ltd.

08 Aug 2019

130.02

-0.76%

Earnings pressure evident; expect Non-FCT to bring solace

Buy: Entertainment Network (Ind...

Target

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 Network (India) Ltd. has lost -21.92% in the last 3 Months

Entertainment Network (India) Ltd.

08 Aug 2019

130.02

-0.76%

Entertainment Network

Hold: Entertainment Network (Ind...

Target

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

Entertainment Network (India) Ltd.

03 Jun 2019

130.02

-0.76%

Entertainment Network

Hold: Entertainment Network (Ind...

Recommendation Target

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

Is Entertainment Network (India) Ltd. worth buying?

35 Votes:

Buy 88.57%

Sell 5.71%

Hold 5.71%