ICICIdirect is bullish on Music Broadcast Ltd Ltd has recommended buy rating on the stock with a target price of Rs 450 in its research report dated February 27, 2018.
ICICIdirect's research report on Music Broadcast Ltd
Music Broadcast ( MBL ), one of the leading FM radio players in India, is in a sweet spot to capitalise on the growth of the Indian FM radio sector , aided by expansion into new cities as well as prudent investment approach vis - à - vis its peers. The company is in a leadership position in terms of listenership across India and has been reporting industry leading revenue growth in the past four years.
OutlookGiven the robust growth potential (topline and EBITDA CAGR of 13.9 % and 17. 0 %, respectively, in FY17 - 20 E), we assign a target price of RS 45 0 /share, based on triangulated approach (DCF, P/E and EV/EBITDA). We initiate coverage on the company with a BUY recommendation.
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