Hold Entertainment Network (India); target of Rs 201: Prabhudas Lilladher

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26 Aug, 2025 12:21

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Prabhudas Lilladher's research report on Entertainment Network (India)

We cut our FY23/FY24 EBITDA estimates by 5%/6% respectively as yields which are at ~33% discount to pre-COVID levels may take time to recover. However, ad-volumes have shown signs of improvement (capacity utilization in legacy/batch-1/batch-2 stations stood at 99.4%/40.5%/30.9% respectively) which is encouraging. While there are headwinds in radio segment as price recovery is a long drawn process, management sounded upbeat on the core solutions & digital business which is expected to form ~50% of the top-line in FY25. As a step to diversify, Mirchi digital app debuted in international markets and India launch is on the anvil soon. While ENIL’s effort to diversify out of core radio business (low growth market) is commendable we await green shoots on delivery front.

Outlook

Consequently, we maintain HOLD rating on the stock with a TP of Rs201 (earlier Rs197). Our TP is based on 50% weight to EV/EBITDA methodology with per share value of Rs105 (5x FY24E EBITDA) and 50% weight to DCF approach with per share value of Rs96.

More Info

At 17:30 Entertainment Network India was quoting at Rs 179.55, down Rs 8.30, or 4.42 percent.

It has touched an intraday high of Rs 193.15 and an intraday low of Rs 177.00.

It was trading with volumes of 6,999 shares, compared to its thirty day average of 4,761 shares, an increase of 47.02 percent.

In the previous trading session, the share closed up 3.24 percent or Rs 5.90 at Rs 187.85.

The share touched its 52-week high Rs 226.95 and 52-week low Rs 140.00 on 02 August, 2021 and 15 April, 2021, respectively.

Currently, it is trading 21.57 percent below its 52-week high and 27.14 percent above its 52-week low.

Market capitalisation stands at Rs 855.92 crore.

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