ICICI Direct's research report on Saregama India
Saregama India (Saregama) is India’s oldest music label with ~1.42 lakh songs across various languages, which is monetised over various formats such as digital (streaming, YouTube), physical (Carvaan) and television. Apart from music, it is also into TV serials/(Tamil) and creates low budget films as well as web series for OTT platforms through Yoodlee Films.
We expect digital monetisation to provide sustained growth. However, given the demanding valuations, we maintain HOLD rating on the stock as we await a better price point to turn buyers. We value Saregama at a revised target price of Rs 465, at 38x FY24 P/E.
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