NSE: RADIOCITY | BSE: 540366

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6.34 -0.28 (-4.23%)

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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: 5
Author: ICICI Securities Limited

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

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 has lost -32.62% in the last 6 Months

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 has lost -32.62% in the last 6 Months

Music Broadcast Ltd.

26 Oct 2018

Music Broadcast (2QFY19): In-line but muted. Maintain BUY

Buy: Music Broadcast Ltd.

HDFC Securities

Reiterate BUY with TP of Rs 387 (25x Sep-20E FCFE/sh). Music Broadcast Limited (MBL) 2QFY19 results were in-line but weak. Revenue/EBITDA/PAT grew by 5.7/9.7/5.1% YoY. PAT lagged EBITDA owing to higher tax expense (39% of PBT). Hope pinned on sharp revival in 2HFY19 led by festive season and elections. Mgmt reiterates its 12-14% YoY revenue growth guidance (1HFY19 7%).

Music Broadcast has lost -21.05% in the last 1 Month

Music Broadcast Ltd.

26 Oct 2018

Music Broadcast

Buy: Music Broadcast Ltd.

Target

Dolat Capital

Below par revenue growth; positive surprise on margin; Maintain BUY MBL reports revenue growth of 5.7% YoY led by rate hike in all 12 core stations and improving utilization in Legacy Markets & Phase III markets. EBITDA margin improved 120bps YoY to 33.2% as Yield & inventory improvement translating into operating leverage. In terms of operating efficiencies, margin for MBL continues to report a positive surprise led by traction in the new stations due to improved profitability. We maintain our BUY rating with a revised Sep'19 TP of ` 400 (` 450 earlier) based on 15x...

Music Broadcast has lost -21.05% in the last 1 Month

Music Broadcast Ltd.

26 Oct 2018

Festive season shift hurts performance; Healthy outlook

Buy: Music Broadcast Ltd.

Motilal Oswal

Revenue grew 6% YoY (6% QoQ; 3% miss) to INR801m primarily due to the festive season shifting to 3QFY19 and on sluggish retail advertiser spends. Both volume and yield improvement contributed equally to the overall growth. Higher contribution from new stations aided healthy 10% YoY growth in overall EBITDA to INR266m (in- 26 October 2018 line). Yet, PAT at INR134m grew by 5% YoY (in-line) at a slower pace than EBITDA growth due to high tax expenses. PAT grew 7%/13%/14% YoY in 1HFY19. Revenue contribution from new stations saw an uptick to 10% (INR80m, +66% YoY). (1) Shifting of festive season to 2H and boost from pre- election spends should drive mid-teens growth in 2HFY19, (2) maintain 12- 14% revenue growth guidance in FY19, outperforming radio industry (8-10%) growth, (3) expect Ministry of Information and Broadcasting (MIB) approval for acquisition of Friends 91.9 FM radio station by 3QFY19.

Music Broadcast has lost -49.60% in the last 1 Year

Music Broadcast Ltd.

17 Oct 2018

Music Broadcast : Operating leverage at play

Buy: Music Broadcast Ltd.

Motilal Oswal

As per management, the current low growth is largely due to weak retail/local, real estate and government advertisements, which is witnessing slow recovery post demonetization/GST. Management also reaffirmed that over the next three years, company should grow revenues at 13-15 % CAGR and PAT at 20-25 % led by steep operating leverage coming from 90 % fixed cost.b.)TV players have seen swift recovery from demonetization/GST due to FMCG companies, which contribute less than 10 % to the radio sector v/s over 50 % for the TV industry. However, radio has not lost its sheen in India where listenership remains steady at 54mins for 5.1days/week-radio is viable for advertisers due to its reach and also because it's a cost efficient medium.

Music Broadcast has lost -32.62% in the last 6 Months

Music Broadcast Ltd.

30 Jul 2018

Music Broadcast

Buy: Music Broadcast Ltd.

Dolat Capital

MBL reports revenue growth of 7.6% YoY led by rate hike in all 12 core stations and improving utilization in Phase III markets. EBITDA margin improved 290bps YoY to 34.4% as Phase III markets contribution to EBITDA came in earlier than anticipated and Yield & inventory improvement translating into operating leverage. EBITDA margin is estimated to move towards the upper end of the band (33%-35%) over the next three years due to lower marketing/promotion expenses as there is no new station slated for launch. We largely maintain our estimates and our BUY recommendation;...

Music Broadcast has lost -21.05% in the last 1 Month

Music Broadcast Ltd.

26 Jul 2018

Result Updates

Buy: Music Broadcast Ltd.

Target

Angel Broking

For 1QFY2019, Music Broadcast (MBL) posted mixed bag results. Top-line reported modest growth, however on the bottom-line front, the company registered healthy growth. Revenues grew by ~8% yoy. The company's operating margins improved by robust 290bps yoy. On the bottom-line front, MBL reported growth of ~25% yoy to `14cr on the back of s..

Music Broadcast has lost -32.62% in the last 6 Months

Music Broadcast Ltd.

25 Jul 2018

Music Broadcast (1QFY19): In-line but soft. Maintain BUY

Buy: Music Broadcast Ltd.

HDFC Securities

Reiterate BUY with revised TP of Rs 468 (vs. Rs 492 earlier) at 30x Jun-20E FCFE per share. Music Broadcast Limited (MBL) 1QFY19 was in-line with 8% revenue, 18% EBITDA and 25% PAT growth YoY. Revenue growth was bit soft. Stringent control on costs led to healthy EBITDA and PAT growth.

Music Broadcast has lost -49.60% in the last 1 Year

Is Music Broadcast Ltd. worth buying?

93 Votes:

Buy 82.8%

Sell 9.68%

Hold 7.53%