ICICI Direct's research report on Music Broadcast
Music Broadcast (MBL) reported subdued set of numbers for Q3FY21. Revenues dipped sharply by 41.6% YoY to Rs 40.7 crore on the back of lower ad yield. Reduction in operating costs during the quarter was again a positive. EBITDA was at Rs 4.2 crore, down 80.7% YoY as operating performance was impacted by lower topline. Consequently, the company reported PAT of Rs 7.3 lakh, down ~99% YoY
Outlook
We roll over our valuations to FY23E and maintain BUY rating on the stock with a target price of Rs 27/share (vs. earlier TP of Rs 25/share). We value the stock at an average of 7x FY23E EV/EBITDA and 17x FY23E EPS.
For all recommendations report, click here
Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.