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Buy Music Broadcast; target of Rs 402: HDFC Securities

HDFC Securities is bullish on Music Broadcast has recommended buy rating on the stock with a target price of Rs 402 in its research report dated January 29, 2019.


HDFC Securities' research report on  Music Broadcast


Music Broadcast Ltd’s (MBL) 3QFY19’s revenue /EBITDA/PAT grew by 14/22.6/38% YoY on a low base, in-line with our estimates. The growth recovery was driven by an 11% rate hike in the legacy markets, festive advertising, and contribution from the Govt, ECom & Auto sectors. Revenue growth guidance of 12- 14% remains intact on the back of recovering the economy and political spends.
Outlook
We like MBL owing to its superior execution, focus on geographic than multi-frequency expansion, healthy balance sheet (~Rs 2bn net cash), return ratios and cash flows. Reiterate BUY with a revised TP of Rs 402 (25x Dec-20E FCFE/sh).
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