Music Broadcast Ltd (MBL) - First Cut

Music Broadcast Ltd (MBL) | 4QFY22 First Cut | Result below our estimates | Hold |

 Revenue increased 8.3% YoY to Rs460mn (PLe of Rs426mn) while it declined 23% sequentially.

 EBITDA declined 34.8% YoY to Rs19mn (PLe of Rs57mn) with an EBITDA margin of 4.1% (PLe of 13.4%) as compared to 6.8% margin in 4QFY21. EBITDA was lower than our estimate as other expenses at Rs250mn were higher than our estimate of Rs191mn.

 PAT loss stood at Rs21mn (PLe loss of Rs3mn) versus a loss of Rs39mn in 4QFY21.

 We currently have a HOLD rating on the stock with TP of Rs24. We shall come out with more details post con-call scheduled tomorrow at 4 pm.