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EntertainmentOne：基于 IP 价值估值的精品 内容公司 EntertainmentOne 公司深度研究报告｜2019.1.31 中信证券研究部 核心观点 通过分析 Entertainment One，我们发现：1）秉持正向价值观、专注用户群 方能打造长期 IP。小猪佩奇历经 10 年，始终专注少儿内容才形成今天特色鲜 明的 IP；2）管理能力不足会导致较大的经营风险。虽然衍生业务盈利能力极 强，但是 eOne 因为大额内容投资以及直接参与商品流通导致亏损；3）基于 IP 的长期运营有利于稳定公司的估值。eOne 的估值主要依托其旗下众多 IP 价 唐思思 值的评估，其市值和 IP 估值基本相同约为 20 亿英镑。我们认为，内容公司的 首席传媒分析师 核心竞争力在于 IP 培育和运营，贸然跨界、随意投资会大幅增加经营风险。当 S1010517080007 前 A 股内容类公司主要以项目制为主，缺乏长期 IP，业绩持续性较差。能够具 备 IP 孵化和长期运营能力的 A 股公司，未来有望获得更高的估值溢价。 ▍Entertainment One 是什么公司？Entertainment One（以下简称 eOne）是《小 猪佩奇》动画的母公司，旗下业务主要包括家庭娱乐、电视及电影的全球发行。 eOne 的家庭娱乐业务主要依托《小猪佩奇》及《神奇蒙面侠》两部儿童动画的 版权销售及衍生业务授权；电影及电视业务主要向奈飞、Amazon、HBO 等平 台销售版权业务，其拥有的较知名 IP 如《实习医生格蕾（Grey's Anatomy）》、 《指定幸存者（Designated Survivor）》及真人秀综艺《原始生活 21 天（ Naked and Afraid）》等。 ▍家庭娱乐业务为 eOne 贡献主要利润。FY2015-FY2019H1，公司实现营收 785.8/802.7/1082.7/1044.5/404.9 百 万 英 镑 ， 同 比 增 长 -4.5%/2.2%/34.9%/-3.53%/-1.9% 。公司归母净利分别为 41.8/36.5/11.7/64.5/-45.9 百 万 英 镑 ， FY2015-FY2018 同 比 增 长 112.2%/-12.7%/-67.9%/451.3%。从营收结构上看，电影及电视业务在 FY2019 H1 占比达 81%，但是盈利结构上，家庭娱乐业务在公司总体 EBITDA 占比达 73.4%。对公司整体 EBITDA 增长贡献达 156.1%。 ▍以 IP 估值作为公司估值基础，估值并不随业绩波动。公司当前市值 18.7 亿英镑， 内容估值约 20 亿英镑。eOne 每年都通过现金流贴现模型对公司旗下电视、家 庭、电影及音乐内容资产进行分部估值，并扣除授权费用、少数股东权益及未来 开发费用等成本，得出公司内容资产净值。 传媒行业 ▍风险因素：国家对海外引进动画加大审核；内容投资失败；衍生品业务库存减值。 评级 中性（维持） ▍投资建议：我们认为，国内内容类公司应积极向强 IP、强运营类公司转型。资 本市场不应给予项目制为主的内容类公司高估值，焦点应从追求短期业绩弹性标 的转向长期可持续贡献稳定现金的公司。当前，A 股尚缺乏此类标的，未来具备 长期运营能力的公司有望获得估值溢价。 证券研究报告 请务必阅读正文之后的免责条款 EntertainmentOne：基于 IP 价值估值的精品内容公司｜2019.1.31 目录 公司简介：全球化的娱乐内容提供商 ................................................................................ 1 财务分析：家庭业务贡献主要利润 ................................................................................... 3 行业概览：全球电视电影产业向数字化转移，动画衍生品蓬勃发展................................. 7 业务拆解：家庭业务贡献主要利润 ................................................................................... 8 家庭娱乐：优质 IP 长期运营，依托衍生授权业务货币化 ................................................. 9 电视业务：营收增长受益于视频平台扩大采购................................................................ 13 电影发行：逐步缩减，与电视业务合并 .......................................................................... 17 估值逻辑：以 IP 价值作为估值基础 ................................................................................ 19 eOne 的启示 ................................................................................................................... 21 正向价值观、专注内容、坚守品质方能打造头部 IP ........................................................ 21 即使拥有头部 IP，管理能力不足依然会面临较大经营风险 ............................................. 22 基于 IP 的长效运营有利于估值稳定 ................................................................................ 22 请务必阅读正文之后的免责条款部分 EntertainmentOne：基于 IP 价值估值的精品内容公司｜2019.1.31 插图目录 图 1：Entertainment One Ltd 业务体系一览 ..................................................................... 1 图 2：Entertainment One Ltd 业务结构 ............................................................................ 1 图 3：eOne 历史沿革........................................................................................................ 2 图 4：eOne FY2013- FY2019H1 主营收入情况 ............................................................... 3 图 5：eOne FY2013- FY2019H1 归母净利 ...................................................................... 4 图 6：FY2013- FY2019H1 主营业务 EBITDA .................................................................. 4 图 7：eOne FY 2013- FY 2019H1 归母净利率 ................................................................. 4 图 8：eOne FY2013- FY2019H1 毛利率情况 ................................................................... 4 图 9：eOne FY 2013- FY 2019H1 主营收入地区分布 ...................................................... 5 图 10：FY2013- FY2019H1 分业务营收占比 ................................................................... 5 图 11：分业务营收增长率及增长贡献 ............................................................................... 5 图 12：FY2013- FY2019H1 分业务 EBITDA .................................................................... 6 图 13：FY2013- FY2019H1 分业务 EBITDA 增长率及增长贡献 ...................................... 6 图 14：FY2013-FY2019H1 费用情况 ............................................................................... 6 图 15：FY2013-FY2019H1 费用率情况............................................................................ 6 图 16：2012-2022 全球电视、视频及广告收入 ................................................................ 7 图 17：2016-2021 全球订阅视频人数............................................................................... 7 图 18：2004-2017 全球票房收入 ...................................................................................... 8 图 19：2013-2017 全球电影及家庭娱乐总支出 ................................................................ 8 图 20：2014-2017 全球授权商品按类别分销售额 ............................................................ 8 图 21：2014-2017 全球授权商品及特权商品销售额 ......................................................... 8 图 22：FY2013-FY2018 家庭业务营收............................................................................. 9 图 23：FY2013-FY2018 家庭业务 EBITDA ...................................................................... 9 图 24：《小猪佩奇（Peppa Pig）》授权产品全球零售额 ................................................. 10 图 25：FY2017-18 家庭业务营收结构（按品牌） ......................................................... 10 图 26：FY2017-18 家庭业务营收结构（业务） ............................................................. 10 图 27：eOne 授权合同数量 ............................................................................................ 10 图 28：《小猪佩奇（Peppa Pig）》 IP 演进史 .................................................................. 11 图 29：《小猪佩奇（Peppa Pig）》封面图片 ................................................................... 11 图 30：“小猪佩奇”主要玩具类型 ..................................................................................... 12 图 31：《蒙面睡衣侠（PJ Masks）》封面图片 ................................................................. 12 图 32：eOne 电视业务情况 ............................................................................................ 13 图 33：FY2013-FY2018 电视业务营收........................................................................... 14 图 34：FY2013-FY2018 电视业务 EBITDA .................................................................... 14 图 35：FY2013-FY2018 电影发行数量........................................................................... 17 图 36：FY2013-FY2018 电影营收情况........................................................................... 17 图 37：电视电影与数字板块 FY2018 收入构成 .............................................................. 19 图 38：FY2015-FY2018 按新业务划分收入 ................................................................... 19 图 39：FY2015-FY2018 按新业务划分利润 ................................................................... 19 图 40：eOne 上市以来股价变动情况 ............................................................................. 20 图 41：eOne 2016- 2019 PE 估值区间 .......................................................................... 20 图 42：eOne 2016 - 2019 估值变化 ............................................................................... 21 请务必阅读正文之后的免责条款部分 EntertainmentOne：基于 IP 价值估值的精品内容公司｜2019.1.31 图 43：FY2013- FY2018 公司内容估值.......................................................................... 21 表格目录 表 1：eOne 主要参控股公司情况 ..................................................................................... 2 表 2：eOne TV 于 FY2018 主要电视剧及真人秀 ............................................................ 14 表 3：The Mark Gordon Co. FY2018 主要电视剧及电影 ............................................... 15 表 4：eOne TV（包括 MGC）FY2019 剧集/节目储备 .................................................. 15 表 5：eOne FY2018 主要专辑、单曲 ............................................................................. 16 表 6：eOne FY2019 音乐作品 Pipeline ......................................................................... 16 表 7：eOne Film FY2018 主要发行电影 ......................................................................... 17 表 8：eOne FY2019 电影储备 ........................................................................................ 18 表 9：eOne 计提减值金额统计 ....................................................................................... 22 表 10：eOne 旗下的主要 IP 列表 ................................................................................... 23 请务必阅读正文之后的免责条款部分 EntertainmentOne：基于 IP 价值估值的精品内容公司｜2019.1.31 ▍ 公司简介：全球化的娱乐内容提供商 Intertainment One Ltd. (LSE：ETO, 简称 eOne) 是全球领先的综合性娱乐公司，在 电影发行、电视和音乐制作与发行、家庭节目编排、销售和授权及数字内容方面具有广泛 经验和优秀的专业技能。公司在全球拥有庞大的综合网络，旨在为全球提供最好的娱乐信 息内容。 按照公司财务划分口径，公司业务主要分为电视、家庭及电影业务。在 FY2019H1， 公司将电视及电影业务合并披露。其中电视业务主要划分 eOne Television、Mark Gordon Co.、音乐业务及 Secret Location(Digital content)，旗下知名作品包括电视剧《实习医生 格蕾（Grey's Anatomy）》、《指定幸存者（Designated Survivor）》及真人秀综艺《原始生 活 21 天（Naked and Afraid）》等；家庭业务主要包含《小猪佩奇（Peppa Pig）》、《蒙面 睡衣侠（PJ Masks）》等动画节目制作、发行及授权；电影业务主要涉及电影发行，覆盖 院线、家庭娱乐、广电数字等主要领域；FY2018 公司主要参与《茉莉的牌局（Molly’s game）》、 《华盛顿邮报（The post）》等多部知名电影的发行。（注：按照 FY2019 H1 口径，电影及 电视业务合并） 图 1：Entertainment One Ltd 业务体系一览 图 2：Entertainment One Ltd 业务结构 资料来源：公司公告 资料来源：公司公告、中信证券研究部 Entertainment One 前身为 Records on Wheels (ROW) Limited，于 1973 年加拿大安 大略(Ontario)成立，主营业务为唱片发行。随着不断的并购及业务拓展，eOne 逐步涉入 电影发行、电视制作、家庭娱乐节目等领域。2007 年公司于伦敦二板市场（Alternative Investment Market）上市，改名为 Entertainment One。随后，公司完成了对 MGC、Astley Baker Davies 等重要子公司的收购，进一步巩固公司内容储备。 请务必阅读正文之后的免责条款部分 1 EntertainmentOne：基于 IP 价值估值的精品内容公司｜2019.1.31 图 3：eOne 历史沿革 资料来源：公司官网、中信证券研究部 eOne 子公司主要分布在北美、英国、澳大利亚等地区，其中影视制作中心集中在美 国、加拿大，家庭业务核心位于英国，剩余公司主要业务大多为电影发行、内容版权及发 行。 表 1：eOne 主要参控股公司情况 序号 名称 持股比例 国家 主营业务 1 Entertainment One Films 100% 加拿大 内容版权与发行 Canada Inc. 2 Entertainment One Limited 100% 加拿大 内容版权与发行 Partnership 3 Entertainment One 100% 加拿大 电影电视节目销售与发行 请务必阅读正文之后的免责条款部分 2 EntertainmentOne：基于 IP 价值估值的精品内容公司｜2019.1.31 序号 名称 持股比例 国家 主营业务 Television International Ltd.
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    Bulletin YOUR DAILY ENTERTAINMENT NEWS UPDATE JUNE 7, 2021 Page 1 of 41 INSIDE BTS’ ‘Butter’ on a Roll, • Taylor Swift’s Spends Second Week at No. 1 ‘Evermore’ Returns to No. 1 on Billboard 200 Chart on Billboard Hot 100 • Revealed: BY GARY TRUST Billboard’s 2021 Indie Power Players TS’ “Butter” adds a second week at No. 1 on Sales chart, drops 4-10 on Streaming Songs and rises • Bill Ackman’s UMG the Billboard Hot 100 songs chart, a week 39-32 on Radio Songs. Play: A Bad Deal or after it soared in at the summit, becoming First two weeks at No. 1: “Butter” is the 23rd title Just Too Confusing the South Korean superstar group’s fourth to debut at No. 1 on the Hot 100 and post a second for Investors? Bleader on the list. consecutive week on top, among 54 total No. 1 ar- • Apple Music The song again fends off Olivia Rodrigo’s “Good 4 rivals, making for a 43% second-week success rate. Releases Spatial U,” which holds at No. 2 on the Hot 100, two weeks It’s the third among seven such songs this year, after Audio and Lossless after it launched at No. 1. Olivia Rodrigo’s “Drivers License” spent its first eight Streaming The Hot 100 blends all-genre U.S. streaming (of- weeks at No. 1 (encompassing its entire reign) and • How Premier’s ficial audio and official video), radio airplay and sales Polo G’s “Rapstar” ruled in its first two frames (also Josh Deutsch Is data.
  • Appointment of CFO I

    Appointment of CFO I

    28 November 2017 IG Design Group PLC (the "Company", the “Group” or "Design Group") Appointment of CFO IG Design Group plc, one of the world's leading designers, innovators and manufacturers of celebration, gifting, stationery and creative play products, is pleased to announce the appointment of Giles Willits as Chief Financial Officer. Giles will replace Anthony Lawrinson, who is stepping down from the board as previously announced, effective from 2nd January 2018. Giles, aged 51, has more than 20 years’ experience in senior leadership and financial roles in multiple household name businesses. He was most recently the Chief Financial Officer of Entertainment One Ltd. (LSE: ETO), having joined prior to its IPO on AIM in 2007. Giles was pivotal in the Group’s transition from AIM into a leading global FTSE 250 entertainment company and a household name, with properties such as Peppa Pig, The BFG and 12 Years a Slave in its portfolio. During his tenure the Group grew revenues to over £1bn and completed a number of strategic acquisitions including Alliance Films, The Mark Gordon Company and Peppa Pig. Giles was also formerly Director of Group Finance at J Sainsbury plc and Woolworths Group plc and qualified as a chartered accountant at Price Waterhouse Coopers. John Charlton, Non-Executive Chairman, commented: “We are delighted to welcome Giles to the Group and the Board. Giles has a wealth of experience working with major retail and media brands that we can draw upon and he will be an invaluable asset for the Group now and as we grow. Giles
  • Hal Blaine Remembered the Pros Weigh in on the Original Studio King

    Hal Blaine Remembered the Pros Weigh in on the Original Studio King

    COLLECTOR’S EDITION WIN A $12,000+ DW PACKAGE THE WORLD’S #1 DRUM MAGAZINE THE SHOCK 1969: OF THE NEW SANTANA’S MICHAEL SHRIEVE • MOUNTAIN’S CORKY LAING TONY WILLIAMS • BONZO ON LED ZEPPELIN II • RINGO’S MAPLE KIT CREEDENCE’S DOUG CLIFFORD • JOE COCKER’S BRUCE ROWLAND HAL BLAINE REMEMBERED THE PROS WEIGH IN ON THE ORIGINAL STUDIO KING OCTOBER 2019 GO LONG. Our popular XF extended footboard is now available on 5000 series pedals. Same unmistakable feel, road-worthy performance and adjustability with extra length for increased power. The longest running pedal in the industry just went long. www.dwdrums.com PEDALS AND ©2019 Drum Workshop, Inc. All Rights Reserved. HARDWARE 12 Modern Drummer June 2014 TRUST THE MICROPHONES THE LEGENDS TRUST Legendary soul supergroup Tower of Power relies on drummer David Garibaldi to lay down their infectious groove, night after night. And David relies on Audix microphones. DAVID GARIBALDI Tower of Power Drummer AUDIX D6, D4, i5, SCX1, MicroD, and SCX25A “I’ve used Auuddix for yeaars. Thee sound is connssisttennttly faat and our scchheddulle is the ultimmate test of duurraabiilitty. We do 150 to 2000 shows a year – all over thhe worlld – andd notthing breeakks. Audix is the best.” Check out their latest release “Soul Side of Town” on Mack Avenue Records. AudixUSA.com | 800.966.8261 CONTENTS Volume 43 • Number 10 CONTENTS Cover photo of Michael Shrieve/Santana by Baron Wolman Hal Blaine photo courtesy Hal Blaine Collection 46 HAL BLAINE REMEMBERED He helped pave the way for every great studio musician who came out of L.A., and his infl uence extends to this very day.
  • CMPA (Formerly CFTPA) Signatory Producers 2015 to 2017 (Extended to June 30, 2019) Live Action up to April 9, 2019

    CMPA (Formerly CFTPA) Signatory Producers 2015 to 2017 (Extended to June 30, 2019) Live Action up to April 9, 2019

    CMPA (formerly CFTPA) Signatory Producers 2015 to 2017 (extended to June 30, 2019) Live Action up to April 9, 2019 #REF! Production Ltd. 0744770 B.C. Ltd. 0897624 B.C. Ltd. 0897624 B.C. Ltd. For ""Prison MD"" 0978603 B.C. Ltd for ""Year of the Rat"" 101117088 Saskatchewan Ltd 10237981 Pelee Entertainment 10283690 Canada Inc. for ""Trump's Left Behind America"" 10564141 Canada Inc. 1106126 BC Ltd. for ""Angel's Flight"" 1162831 B.C. Ltd. 1181106 Alberta Inc (o/a) Draw Your Cat 1259534 Alberta Inc. 1380099 Ont. Inc. Heroic Films Co. for ""Ladies Killing Circle"" 1380099 Ont. Inc.as Heroic Film Cpy for ""First Things First"" 1380099 Ontario Inc. o/a Heroic Film Company 1514373 Ontario Inc. 1555135 Alberta Inc 16 Lighthouse Road Productions, Ltd. for "Cedar Cove" - TV Series - Season 1 1664121 Ontario Ltd for ""Ganesh Boy Wonder"" 1743722 Ontario, Inc. 1746020 Ontario, Inc. 1760451 Ontario, Inc. 1900333 Ontario Limited for ""Asset"" 1921391 Ontario Inc 1972 Productions Inc. 1972 Productions Inc. 1st Person Media Inc. for ""My Wife's Affair is Kind of A Funny Story"" 2005519 Ontario Limited 2006376 Ontario Inc. 2033162 Ontario Inc c.o.b.a Floating Island Entertainment for ""Untitled AI Television Series"" 2051657 Alberta Ltd. 2075382 Ontario Limited 2104023 Ontario Inc. 2108602 Ontario Ltd 22 Minutes (Nye) IV Incorporated 22 Minutes XI Incorporated 22 Minutes XIV Limited 2215190 Ontario, Inc. 2215190 Ontario, Inc. for "The Backpackers" 2218373 Ontario Inc for ""Splashings"" 2218373 Ontario Inc for ""Upstaged"" 2223702 Ontario, Inc. 2255478 Ont. Ltd. 2282131 Ontario Inc for ""Hardy Boys"" 2289543 Ontario Ltd 229543 Ontario, Inc for "URL" 2296613 Ontario Inc.
  • Hasbro Announces Sale of Eone's Music Business

    Hasbro Announces Sale of Eone's Music Business

    Hasbro Announces Sale of eOne’s Music Business April 26, 2021 PAWTUCKET, R.I.--(BUSINESS WIRE)--Apr. 26, 2021-- Hasbro, Inc. (NASDAQ:HAS) announced today that it has entered into a definitive agreement to sell Entertainment One Music (“eOne Music”) for an aggregate price of US$385 million in cash. The transaction has been approved by the Board of Directors of Hasbro and Entertainment One Canada Limited, and is subject to customary closing conditions and receipt of regulatory approvals. eOne Music will be acquired by entities controlled by Blackstone, which also owns SESAC, a leading music rights organization. Subsequent to the closing of the transaction, eOne Music will operate as a separate business unit headed by its current Global President, music industry veteran Chris Taylor, and will focus on building a creator-first music brand with global scale and expertise. Purchased by Hasbro in 2019 as part of its acquisition of Entertainment One (“eOne”), eOne Music is a leading independent music business. “This transaction will ensure that eOne Music is well positioned to unlock great opportunities for its many talented artists and partners, as Hasbro continues to focus on the core strategic elements of our Brand Blueprint to further strengthen our position as a purpose-led play and entertainment company. On behalf of the Board and Hasbro management, I want to recognize the strong leadership of Chris Taylor and the entire eOne Music organization,” said Brian Goldner, Hasbro’s Chairman and CEO. “I’m excited to continue to lead and grow this exceptional business. We want the creative community to know that we are focused on making sure that this only benefits them and the work we do together.