Buy Music Broadcast; target of Rs 450: ICICI Direct

ICICI Direct’s research report on Music Broadcast

Music Broadcast has announced the acquisition of Kolkata based radio station Friends 91.9 FM for a cash consideration of | 35 crore from Ananda Offset Pvt Ltd (AOPL). The transaction is also subject to adjustments with respect to any external debt as on date of acquisition and differential in working capital over and above normalised levels of | 9.2 crore.

Outlook

Therefore, MBL remains our preferred pick in the radio space. We maintain our BUY rating on the stock with a target price of | 450/share, based on triangulated approach (DCF, P/E and EV/EBITDA).

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