ICICI Direct has given Hold recommendation for Saregama India with a target price of Rs. 480 in its research report issued on May 04, 2022

ICICI Direct’s research report on Saregama India

Saregama India (Saregama) is India’s oldest music label with ~1.42 lakh songs across various languages, which is monetised over various formats such as digitals (streaming, YouTube), physical (Carvaan) and television. Apart from music, it is also into TV serials /(Tamil) and creates low budget films as well as web series for OTT platforms through Yoodlee Films.


We expect digital monetisation to provide sustained growth. However, given the demanding valuations, we maintain HOLD rating on the stock. We value Saregama at revised target price Rs 480, at 40x FY24 P/E, after marginally tweaking our earnings estimates.

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