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Buy Music Broadcast; target of Rs 27: ICICI Direct

ICICI Direct is bullish on Music Broadcast has recommended buy rating on the stock with a target price of Rs 27 in its research report dated January 25, 2021.

January 28, 2021 / 05:00 PM IST
 
 
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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


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Broker Research
first published: Jan 28, 2021 05:00 pm

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