Music Broadcast Ltd. share price target and research reports

Name: Latest research reports of Music Broadcast Ltd. authored by ICICI Securities Limited and published by - Trendlyne research reports.
Item: Music Broadcast Ltd.
Rating: 3
Author: ICICI Securities Limited

Latest analyst research reports with target prices and PDF download for RADIOCITY, BSE:540366 Music Broadcast Ltd.

Music Broadcast Ltd.

11 Nov 2019

Music Broadcast

Hold: Music Broadcast Ltd.

Target

ICICI Securities Limited

Music Broadcast (MBL) reported a weak set of numbers impacted by a steep decline in government & event segment. Revenues came in | 62.5 crore (decline of 22.5% YoY), much below our estimate of 10% decline as government and radio led events witnessed a steep decline of ~55% while non-government segment declined 6%. EBITDA came in at | 18.5 crore, down 30% YoY, with margin of 29.6%, down 350 bps, due to lower revenues. PBT at | 12.2 crore, witnessed a steep decline of 45% YoY. However, it reported profit of | 18.5 crore vs. our expectation of | 11.2 crore,...

Music Broadcast Ltd. is trading below all available SMAs

Music Broadcast Ltd.

30 Jul 2019

Music Broadcast

Hold: Music Broadcast Ltd.

ICICI Securities Limited

Revenues came in at | 69.8 crore (decline of 7.8% YoY), lower than our expectation of 1% YoY growth at | 76.5 crore. The underperformance was on account of the company's emphasis on yield improvement (they reported 4% yield improvement). Subsequently, the company let go a few low cost opportunities, which resulted in ~12% volume decline for the quarter. EBITDA for the quarter came in at | 22.4 crore (vs. our expectation of | 25.3 crore) on account of negative operating leverage while margins came in at 32.1%, lower than our expectation of 33%. PAT came in at | 8.4 crore (vs....

Music Broadcast Ltd. has lost -15.52% in the last 1 Month

Music Broadcast Ltd.

30 Jul 2019

Music Broadcast Ltd

Music Broadcast Ltd.

Angel Broking

For 1QFY2020, Music Broadcast Limited (MBL) posted below expectation results both on top-line and bottom-line fronts. MBL's top-line registered a decline of ~8% yoy to `70cr on the back of volume de-growth of 14%. Moreover, the company's operating margins contracted by 238bps yoy. On the bottom-line front, MBL reported de-growth of ~38% yoy to `8cr

Music Broadcast Ltd. is trading below all available SMAs

Music Broadcast Ltd.

29 Jul 2019

Weak ad market drags revenue - a first in many quarters

Buy: Music Broadcast Ltd.

Target

Motilal Oswal

Lower revenue weighs down EBITDA and PAT: Revenue decline of 8% YoY to INR698m (15% below est.) was a first in many quarters. Delayed national campaigns, decreasing low-yield local ads, and muted government/political advertisements led the revenue decline. Yield rose 4% in the top-12 markets. EBITDA declined 21% YoY to INR205m (22% miss) on pre Ind-AS 116 basis (EBITDA was INR18m on reported basis, down 14% YoY). EBITDA margins were down 500bp to 29.4%, (260bp miss), as opex remained flat QoQ. Subsequently, PAT declined 36% YoY to INR87m on pre Ind-AS 116...

Music Broadcast Ltd. has lost -15.52% in the last 1 Month

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 -15.52% in the last 1 Month

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 -15.52% in the last 1 Month

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 -15.52% in the last 1 Month

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. has lost -26.63% in the last 6 Months

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. has lost -26.63% in the last 6 Months

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. has lost -26.63% in the last 6 Months

Is Music Broadcast Ltd. worth buying?

93 Votes:

Buy 82.8%

Sell 9.68%

Hold 7.53%