reports
Music Broadcast Ltd: 1 director
A director at Music Broadcast Ltd bought 2,915,512 shares at 22.710INR and the significance rating of the trade was 67/100. Is that information sufficient for you to make an investment decision? This report gives details of those trades and adds context and analysis to them such that you can judge whether these trading decisions are ones worth following. Included in the report is a detailed share price chart which plots discretionary trades by all the company's directors over the last two year...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Weak ad market drags revenue — a first i...
MUSIC BROADCAST: Weak ad market drags revenue — a first in many quarters (RADIOCIT IN, Mkt Cap USD0.2b, CMP INR47, TP INR65, 38% Upside, Buy) Lower revenue weighs down EBITDA and PAT: Revenue decline of 8% YoY to INR698m (15% below est.) was a first in many quarters. Delayed national campaigns, decreasing low-yield local ads, and muted government/political advertisements led the revenue decline. Yield rose 4% in the top-12 markets. EBITDA declined 21% YoY to INR205m (22% miss) on pre Ind-...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Leading industry consolidation as growth m...
Music Broadcast: Leading industry consolidation as growth moderates (RADIOCIT IN, Mkt Cap USD0.2b, CMP INR59, TP INR70, 19% Upside, Buy) Operating leverage drives margins: Despite modest 8% YoY revenue growth at INR819m (5% miss) led by higher utilization/yield improvement, RADIOCIT reported healthy earnings growth, driven by 300bp margin expansion to 39.0% (on the back of inherent operating leverage). EBITDA grew 17% YoY to INR320m (4% beat). PAT at INR184m, grew 13% YoY (7% miss) mainly...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Adspends trending well-more benefits to co...
Music Broadcast: Adspends trending well; more benefits to come from op. leverage/new station contribution (RADIOCIT IN, Mkt Cap USD0.2b, CMP INR284, TP INR380, 34% Upside, Buy) Healthy ad yields, volumes drive growth: Revenue grew by a healthy 14% YoY (+9% QoQ) to INR870m (in-line), driven by (i) contribution from the festive season, (ii) an 11% (v/s average of 8%) yield improvement at legacy stations and (iii) higher utilization at phase III stations (53% v/s average of 49%). EBITDA grew...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Festive season shift hurts performance; He...
Music Broadcast: Festive season shift hurts performance; Healthy outlook (RADIOCIT IN, Mkt Cap USD0.3b, CMP INR332, TP INR420, 26% Upside, Buy) Muted earnings growth: Revenue grew 6% YoY (6% QoQ; 3% miss) to INR801m primarily due to the festive season shifting to 3QFY19 and on sluggish retail advertiser spends. Both volume and yield improvement contributed equally to the overall growth. Higher contribution from new stations aided healthy 10% YoY growth in overall EBITDA to INR266m (in-lin...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Operating leverage at play-EBITDA to grow ...
MUSIC BROADCAST: Operating leverage at play; EBITDA to grow 21% over FY18-21E (RADIOCIT IN, Mkt Cap USD0.3b, CMP INR325, TP INR420, 29% Upside, Buy) The Music Broadcast Ltd (MBL) stock is down ~30% from its peak YTD—partly due to concerns over growth visibility for the radio medium at large, and MBL in particular. Also, MBL posted weak 10% revenue growth in FY18 and 8% revenue CAGR in 1HFY19, which is much lower than our expectation. In this context, we hosted MBL management for an investor...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Stellar performance-robust outlook
Music Broadcast: Stellar performance; robust outlook (RADIOCIT IN, Mkt Cap USD0.3b, CMP INR342, TP INR469, 37% Upside, Buy) Ad revival drives earnings: Revenue grew 14% YoY (flat QoQ) to INR759m, in line with our expectation, led by (1) volume growth at new (Phase III) stations, and (2) volume and yield growth at legacy stations. This coupled with 3% decline in opex (including write-backs) led to 65% YoY (17% QoQ) jump in EBITDA to INR274m, an 8% beat. EBITDA margin expanded 11pp YoY to 3...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Expect strong revival ahead
Music Broadcast: Expect strong revival ahead (RADIOCIT IN, Mkt Cap USD0.3b, CMP INR397, TP INR469, 18% Upside, Buy) SG&A expenses drag down margins: Revenue grew 5% YoY (flat QoQ; in-line) to INR762m, led by volume growth (mainly at new stations). While October 2017 saw an impact of a higher revenue base (Diwali was in October 2016), November and December 2017 witnessed ~20% revenue growth, partly attributed to a low base (November and December 2016 suffered due to demonetization). EBITDA de...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Breakeven at new stations to drive earning...
​Music Broadcast: Breakeven at new stations to drive earnings(RADIOCIT IN, Mkt Cap USD0.3b, CMP INR378, TP INR469, 24% Upside, Buy)We recently hosted Music Broadcast’s (MBL) management at our ‘Mid-cap Conference’. Local advertisers – one of the key drivers of growth – continue to feel the heat of GST. Momentum in real estate and government ads too remains weak. However, national FMCG advertisers have started increasing ad spend, which provides some comfort. We estimate FY18 revenue/E...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)- Asset monetization phase to drive growth
​Music Broadcast:Asset monetization phase to drive growth(RADIOCIT IN, Mkt Cap USD0.3b, CMP INR387, TP INR469, 21% Upside, Buy)Weak market conditions: Revenue increased 9.5% YoY to INR758m. Growth could have been better if not for the impact of GST, demonetization and RERA. EBITDA plunged 16% YoY (+9% QoQ) to INR242m (in-line) as the base quarter had a favorable impact of INR37m due to provision reversal. Adjusted for the same, EBITDA declined 3% YoY due to higher opex in new stations. Adj. ma...
- Aliasgar Shakir
MOSL: MUSIC BROADCAST (Buy)-Healthy growth trajectory in sight
​Music Broadcast: Healthy growth trajectory in sight(RADIOCIT IN, Mkt Cap USD0.3b, CMP INR360, TP INR469, 30% Upside, Buy)Well-carved revenues: RADIOCIT reported a spectacular set of numbers, with revenues growing 12% YoY (+6% QoQ) to INR703m (12% beat). Like-to-like growth for the 28 legacy stations stood at 6% with revenue of INR666m; the balance INR40m was contributed by the new stations. Growth in the legacy stations was driven by price rise at the top 12 stations and higher utilization le...
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