Dolat Capital's research report on Music Broadcast
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.
Outlook
We maintain our BUY rating with a revised Sep’19 TP of ` 400 (` 450 earlier) based on 15x (16x earlier) one-year fwd. EV/EBITDA.
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