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Reduce ENIL, target of Rs 154: Prabhudas Lilladher
Prabhudas Lilladher has recommended a reduce rating on Entertainment Networks India (ENIL), with price target of Rs 154. Optimism for H2FY10 is expected to revive ad markets. However, the same would be short-lived for the radio industry.
Prabhudas Lilladher has recommended a reduce rating on Entertainment Networks India (ENIL) , with price target of Rs 154, in its report dated August 3, 2009.
"Optimism for H2FY10 is expected to revive ad markets. However, the same would be short-lived for the radio industry, as we believe that there will be an increasing pressure on the realisations of radio companies with supply of excess inventory coming in under Phase III. Further, with no visibility on renewal of MIAL and DIAL contracts, there is a risk of a sharp scale-down in the OOH business. As losses mount up and competition intensifies, we see increasing pressure on the company's operating cash flows. We reiterate our 'Reduce' rating on the stock, with price target of Rs 154," says Prabhudas Lilladher's report.
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To read the full report click on the attachment.....
