Purchase Music Broadcast; goal of Rs 440: Anand Rathi

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Anand Rathi’s analysis report on Music Broadcast

Pushed by quantity progress in its new stations and pricing progress in legacy stations, Music Broadcast’s Q2 gross sales grew 6% y/y, to `801m. Advert-spends have been deferred to Q3 as a result of competition season (vs. the break up festive season between 2Q/3Q FY18; adjusting for this, progress was ~16% y/y). With prices secure, margins expanded 120bps y/y to 33.1%. As Q2 FY19 bellied our expectations, we now have minimize our FY19e/FY20e EBITDA by…

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