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Hold Saregama India; target of Rs 4890: ICICI Direct

ICICI Direct recommended hold rating on Saregama India with a target price of Rs 4890 in its research report dated March 30, 2022.

March 31, 2022 / 12:12 PM IST
 
 
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ICICI Direct's research report on Saregama India

Saregama India (Saregama) is India’s oldest music label with ~1.3 lakh songs across various languages, which is monetised over various formats such as digitals (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 value Saregama at a revised target price of Rs 4890, at 40x FY24 P/E, as we roll over, bake in QIP and higher growth guidance.


Outlook

We value Saregama at a revised target price of Rs 4890, at 40x FY24 P/E, as we roll over, bake in QIP and higher growth guidance.