Hold Music Broadcast; target of Rs 15: ICICI Direct

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ICICI Direct's research report on Music Broadcast

Music Broadcast (MBL) reported disappointing results for Q1FY21. Revenues fell sharply by 79.4% YoY to Rs 14.4 crore as ad spend by corporates and government dried up during the Covid-19 led lockdown. Reduction in operating cost by Rs 17.8 crore (down 38% YoY), during the quarter, was a key positive. However, EBITDA was at -Rs 15.3 crore as it was impacted by the lower topline. Consequently, the company reported a net loss of Rs 13.9 crore against PAT of Rs 8.4 crore in Q4FY20.

Outlook

Hence, we maintain HOLD on the stock with a target price of Rs 15/share (average of 3x FY22E EV/EBITDA and 11x FY22 P/E).

For all recommendations report, click here

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