Hold Music Broadcast; target of Rs 39: Prabhudas Lilladher

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Prabhudas Lilladher's research report on Music Broadcast

We keep our estimates broadly unchanged (results were in-line with our estimates) as national advertisers continue to remain apprehensive due to weak macro-economic environment and government, the largest category, is continuing to witness unprecedented cut/delay in ad spends with no signs of revival at least in the near term. In the top 15 markets, all categories except for auto have reported a de-growth in ad volumes during 9MFY20. Given aggravating growth concerns we now expect sales & PAT to grow at a CAGR of 1.2% and 2.1% over FY19-22E. We maintain our target EV/EBITDA multiple to 7.5x and arrive at per share value of Rs39 per share. Our DCF enabled per share value now stands at Rs40.

Outlook

We arrive at blended TP (50% weight to each methodology) of Rs39 per share. Maintain HOLD.

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