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Music Broadcast Limited - IPO Note - Sushil Finance

Posted On: 2017-03-05 00:24:59

Radio City is the first private FM radio broadcaster in India. It operates its radio stations under the brand "Radio City". It has grown its presence from 4 cities in 2001 to 37 cities as on February 2017. It is present in 12 out of the top 15 cities in India by population (Source: Census 2011). As on March 31, 2016, its radio stat ions reached out to over 49.60 million listeners in 23 cities covered by AZ Research. (Source: AZ Research Report).

Under the Phase III Policy, new cit ies were opened up for auction, pursuant to which the company acquired 11 additional radio stations i.e. the New Radio City Stations. Out of these 11, 9 are operational and remaining 2 are expected to start in March/April 2017. The company also operates its online web radio on web portal www.planetradiocity.com (" Planet Radio City"), which was launched in 2010. In addition, Music Broadcast Limited operates 'Planet Radio City' mobile app that plays various stations, such as 'Radio City Freedom', 'Radio City Electronica', 'Radio City Metal', and 'Radio City Smaran' in various languages on mobile and other smart devices.

HIGHLIGHTS

- Strong leadership posit ion and pan-India presence in the radio industry which is poised for growth

- Experienced and qualified management team and is part of the Jagran group, a leading media group in India.

- Expanding on new markets with a focus on Profitability.

- Popular content coupled with strong sales capability

Objects of the issue

1. Redemption of Listed NCDs
2. Early redemption of the JPL NCDs and repayment/pre-payment of JPL ICDs and
3. General corporate purposes

OUR VIEW

It is the first and oldest private FM radio broadcaster in India with over 15 years of expertise in the radio industry. The company benefits as it is the subsidiary of Jagran group which is one of the leading media and communications group in India with its interests spanning across print, radio, out of home, brand activations and digital.

Amongst the private radio stations, it has consistently been the number one radio station in terms of average listenership share (in percentage) in Bengaluru and Mumbai with 24.1% and 17.2% respectively. During the period of Fiscal 2013 to 2016, its revenue and PAT grew at a CAGR of 20.45% and 54.09%

There is only one listed competition namely Entertainment Network (India) ltd, which is owned by Times group and is known as Radio Mirchi. The EPS of ENIL is Rs. 21 based on which the P/E is around 38.7. Compared to this, Music broadcast has a P/E of around 36 and on FY2016 basis. The Proceeds from the IPO will be used to clear the Debt of the company which is a positive aspect that can be considered as post issue the company will be a Debt free firm. Thus investors can invest for short term.

Shares of JAGRAN PRAKASHAN LTD. was last trading in BSE at Rs.190.2 as compared to the previous close of Rs. 188.6. The total number of shares traded during the day was 8714 in over 202 trades.

The stock hit an intraday high of Rs. 192 and intraday low of 188.1. The net turnover during the day was Rs. 1660099.


Source: Equity Bulls

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