DOCSLIB.ORG

Sun TV Network Estimate Changes CMP: INR443 TP: INR530(+20% ) Buy TP Change Rating Change EBITDA Supported by Lower Opex; Subscription

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
Sun TV Network Estimate Changes CMP: INR443 TP: INR530(+20% ) Buy TP Change Rating Change EBITDA Supported by Lower Opex; Subscription 13 November 2020 2QFY21 Results Update | Sector: Media Sun TV Network Estimate changes CMP: INR443 TP: INR530(+20% ) Buy TP change Rating change EBITDA supported by lower opex; Subscription Bloomberg SUNTV IN revenues trend higher Equity Shares (m) 394 Sun TV’s 2QFY21 revenue recovered with 2% YoY decline (in-line) v/s 45% M.Cap.(INRb)/(USDb) 174.6 / 2.3 decline in 1QFY21. This was attributed to stronger ad revenues and resilient 52-Week Range (INR) 520 / 260 1, 6, 12 Rel. Per (%) -8/-30/-24 subscription revenues. EBITDA grew 7% (5% above est.) with cost 12M Avg Val (INR M) 1124 rationalization. We have revised up our FY21E EBITDA by 7% on lower-than-estimated cost Financials & Valuations (INR b) in 2QFY21. Our FY22E revenue/EBITDA estimates are largely maintained; we Y/E March FY20 FY21E FY22E factor in 11%/14% growth over FY20. Revival in earnings and a low Sales 34.0 32.0 37.7 valuation make it attractive. Maintain Buy. EBITDA 22.4 21.4 25.5 Adj. PAT 13.7 14.0 16.2 Revenue down 2.3% YoY (in-line); EBITDA up 7% YoY (5% beat) EBITDA Margin (%) 65.7 66.9 67.7 SUN TV’s 2QFY21 revenues declined 2.3% YoY to INR7.6b (in-line), v/s 45% Adj. EPS (INR) 34.8 35.5 41.1 decline in 1QFY21. Advertisement revenue recovered – down 29% v/s 67% EPS Gr. (%) -1.7 2.0 15.8 in 1QFY21; subscription revenue grew 14%. BV/Sh. (INR) 142.7 149.3 161.6 Production costs / Employee expenses were down 35%/3% YoY, while SG&A Ratios Net D:E -0.6 -0.7 -0.8 was up 8% YoY. This led to an overall 17% drop in opex v/s est. opex decline RoE (%) 24.8 24.3 26.4 of 13%. RoCE (%) 24.9 24.4 26.5 Thus, EBITDA grew 7% YoY to INR5b (5% beat), supported by a reduction in Payout (%) 82.9 81.3 70.2 operating costs and marginally better-than-expected revenue; EBITDA Valuations margins stood at 66.4% (up 580bps YoY). P/E (x) 12.7 12.5 10.8 Other income came in at INR516m (down 29% YoY). Subsequently, net P/B (x) 3.1 3.0 2.7 EV/EBITDA (x) 6.6 6.5 6.4 profit fell 6% YoY to INR3.5b (20% beat). Div. Yield (%) 5.6 5.6 5.6 Sun TV generated strong INR8b cash from operations in 1HFY21. Furthermore, its liquidity position remains strong as the company has net Shareholding pattern (%) cash of INR35.9b. As On Sep-20 Jun-20 Sep-19 Highlights from management commentary Promoter 75.0 75.0 75.0 DII 5.3 5.6 8.1 Revenue: Advertisement revenue has picked up to 80% of pre-COVID levels FII 10.9 10.3 8.5 in Oct’20. However, de-growth is expected in FY21 given weak recovery Others 8.9 9.1 8.4 from regional customers. Subscription revenue should grow in the double FII Includes depository receipts digits even excluding contribution from OTT subscriptions. IPL: Profit from the event should be significantly lower YoY due to a change in the title sponsor (INR125m loss), lost ticket revenue (INR250–300m), and higher operational expense as the tournament took place in the UAE. Content focus: The current focus remains on the pipeline of eight blockbusters (INR3–4b cost), scheduled to be released over the next 12 months, along with the revamping of TV content. After this, the management would focus on Sun Next original content. OTT: Original content production has been delayed due to movie line-ups. However, the target is to annually invest INR2b in OTT from FY22. The platform is expected to clock higher revenues given strong subscriber traction and demand on telco/other OTT platforms. Research Analyst: Aliasgar Shakir ([email protected]) Suhel Shaikh ([email protected]) | Anshul Aggarwal ([email protected]) Investors are advised to refer through important disclosures made at the last page of the Research Report. Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital. Sun TV Network Valuation and view Subscription growth has remained steady in the last few quarters despite the lockdown, while ad revenues are recovering gradually. We expect subscription revenue to grow in the double digits in FY22E, while ad revenues should revive as the market recovers. Sun TV has a strong liquidity position, with INR35.9b net cash. This should help the company maintain a stronger position in the current lockdown crisis and aid strong investments in the Sun NXT platform. The valuation has shrunk significantly from >25x two years back v/s prevailing P/E of 11x. This is due to weak earnings on the back of dilution in viewership and limited focus on the digital platform Sun NXT. However, recent strong commentary on a TV content revamp and a strong funnel of movie content could aid earnings revival. We expect FY22 revenue/EBITDA to grow 11%/14% over FY20 on the back of an improving macro environment, coupled with a revamp in content addition. Sun TV trades at FY21E/FY22E P/E of 12.5x/10.8x. We value Sun TV at FY22E P/E of 13x to arrive at TP of INR530. Maintain Buy. Standalone – Quarterly Earnings Model (INR m) Y/E March FY20 FY21 FY20 FY21E FY21E Est Var 1Q 2Q 3Q 4Q 1Q 2Q 3QE 4QE 2Q (%) Revenue 10,804 7,739 8,150 7,352 6,061 7,562 9,717 8,670 34,044 32,009 7,425 2 YoY Change (%) -3.6 3.3 -9.9 -17.3 -43.9 -2.3 19.2 17.9 -7.1 -6.0 -4.1 Total Expenditure 3,975 3,052 2,346 2,317 1,896 2,541 3,620 2,528 11,684 10,586 2,646 -4 EBITDA 6,829 4,687 5,804 5,035 4,165 5,020 6,097 6,141 22,361 21,423 4,778 5 YoY Change (%) -7.1 -15.4 -13.0 -17.2 -39.0 7.1 5.0 22.0 -12.8 -4.2 1.9 516 Depreciation 1,585 1,444 1,436 2,328 1,455 913 1,207 1,313 6,793 4,888 1,394 -35 Interest 21 20 19 19 18 16 19 25 78 78 19 -20 Other Income 567 721 636 570 1,086 516 317 301 2,489 2,220 488 6 PBT 5,791 3,945 4,985 3,259 3,779 4,607 5,187 5,104 17,979 18,678 3,852 20 Tax 1,972 280 1,250 759 951 1,148 1,305 1,284 4,261 4,688 969 Rate (%) 34.1 7.1 25.1 23.3 25.2 24.9 25.2 25.2 23.7 25.1 25.2 Reported PAT 3,819 3,665 3,735 2,500 2,828 3,459 3,882 3,820 13,718 13,989 2,883 20 YoY Change (%) -6.7 4.3 6.3 -11.7 -25.9 -5.6 4.0 52.8 -1.7 2.0 -21.3 E: MOFSL Estimates Key Performance Indicators Y/E March FY20 FY21 FY20 FY21E 1Q 2Q 3Q 4Q 1Q 2Q 3QE 4QE Revenue Breakup Advertising 3,682 3,370 3,410 2,910 1,210 2,400 3,069 3,348 13,369 10,027 Broadcasting 100 80 50 40 50 50 53 50 270 203 Total Advertising & Broadcasting 3,782 3,450 3,460 2,950 1,260 2,450 3,122 3,397 13,639 10,229 International subscription 410 410 410 410 378 370 373 371 1,640 1,492 Domestic Subscription 3,969 3,973 4,119 3,988 4,423 4,270 4,472 4,673 15,622 17,838 - Domestic Cable 1,690 1,680 2,050 1,930 2,260 1,950 2,050 2,193 7,350 8,453 - DTH 2,280 2,290 2,070 2,050 2,160 2,320 2,422 2,483 8,690 9,385 Total Subscription revenue 4,379 4,383 4,529 4,398 4,801 4,640 4,845 5,044 17,262 19,330 Films, IPL and Others 2,643 -94 161 8 1 471 1,750 228 2,719 2,450 Total 10,804 7,739 8,150 7,356 6,061 7,562 9,717 8,670 33,620 32,009 Production Costs (%) 13 20 14 13 11 13 11 12 16 12 EBITDA Margin (%) 63.2 60.6 71.2 68.5 68.7 66.4 62.7 70.8 65.7 66.9 EBIT Margins (%) 53.8 51.2 61.4 44.6 62.6 61.1 53.6 59.2 53.0 58.6 PAT Margins (%) 35.3 47.4 45.8 34.0 46.7 45.7 40.0 44.1 40.3 43.7 E: MOFSL Estimates 13 November 2020 2 Sun TV Network Exhibit 1: Valuation based on FY22 EPS Particulars FY22 EPS (INR) 41 PE multiple (x) 13 Target Price (INR) 530 CMP (INR) 443 Upside (%) 20% Source: Company, MOFSL Exhibit 2: SUNTV: 1-year forward P/E band P/E (x) Avg (x) Max (x) Min (x) +1SD -1SD 35.0 32.5 30.0 25.0 24.0 20.0 19.2 15.0 14.3 10.0 9.0 11.2 5.0 0.0 Jul-14 Jul-19 Jan-12 Jan-17 Oct-10 Oct-15 Oct-20 Apr-13 Apr-18 Source: Company, MOFSL 2QFY21 earnings call highlights OTT and content Current focus on blockbuster pipeline: The current focus remains on the pipeline of eight blockbusters, scheduled to be released over the next 12 months.
Load more

Recommended publications
  • 20090506 1Q09 Final CA Eng
    1Q09 Earnings Announcement 1. Key Highlights of 1Q09 Results 3 2. Business Review 6 3. Consolidated Income Statement 11 4. CAPEX and Cash Flow 14 5. Consolidated Balance Sheet 16 6. Shareholder Remuneration 18 7. Disclaimer 19 8. Enquiries 19 ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. 2/19 1Q09 Earnings Announcement Lisbon, Portugal, 6 May 2009: today ZON announces its unaudited results for 1Q09. Operating Revenues +7.1% to €201.5 million EBITDA +9.1% to €64.3 million Net Income (6.7)% to €19.5 million Continued strong growth in Broadband and Voice 29% Triple Play penetration over cable customers in 1Q09 184 thousand ZON Boxes Blended ARPU grew by 3.5% to 32.7 euros Table 1. Key Financial Highlights (Millions of Euros) 1Q09 / 1Q08 1Q09 1Q08 Operating Revenues 188.1 201.5 7.1% EBITDA (1) 58.9 64.3 9.1% EBITDA margin 31.3% 31.9% 0.6pp Operating Profit (EBIT) (2) 30.7 18.4 (40.3%) Net Income 20.9 19.5 (6.7%) "Baseline" CAPEX 24.3 44.8 84.3% Net Financial Debt 77.9 524.9 n.a. (1) EBITDA = Income From Operations + Depreciation and Amortization; (2) EBIT = Income Before Financials and Income Taxes • Operating Revenues increased to 201.5 million euros in 1Q09 , representing y.o.y. growth of 7.1% with revenues from Pay TV, Broadband and Voice increasing by 9.2% to 181.8 million euros; • EBITDA increased to 64.3 million euros in 1Q09 , representing y.o.y growth of 9.1%; • EBITDA margin was 31.9% compared with 31.3% in 1Q08 and 28.2% in 4Q08 ; • Net Income recorded a decline of (6.7)% to 19.5 million euros compared with 1Q08 and an increase from negative (2.9) million euros in 4Q08; ZON Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A.
    [Show full text]
  • 22 Vs. Earth .2021`` DIRECT DOWNLOAD LINK FREE FULL 2160P
    Downloaded from: justpaste.it/43ftj MOVIES ``22 Vs. Earth .2021`` DIRECT DOWNLOAD LINK FREE FULL 2160P A few sec ago Don’t miss!~MAXFLIX HD~! Where to Watch 22 vs. Earth (2021) Online Free? [DVD-ENGLISH] 22 vs. Earth (2021) Full Movie, 22 vs. Earth (2021) Full MovieS Free HD Google Drive!! 22 vs. Earth (2021) with English Subtitles ready for download,22 vs. Earth (2021) ::: 720p, 1080p, BrRip, DvdRip, High Quality. See 22 vs. Earth (2021) Full Movie in HD VERSION [⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇⬇] ► 22 vs. Earth (2021) Full movie DIRECT LINK FREE ::: https://www.competize.com/en/league/view/121721-movies-22-vs- earth-direct-download-link Set before the events of ‘Soul’, 22 refuses to go to Earth, enlisting a gang of 5 new souls in attempt of rebellion. However, 22’s subversive plot leads to a surprising revelation about the meaning of life. Registration is fast and easy. You will have the opportunity to Watch when you register to get the complete episode FIND US ► Instagram: https://instagram.com ► Twitter: https://twitter.com ► Facebook: https://www.facebook.com Details of “22 vs. Earth (2021)” Title: 22 vs. Earth (2021) Full movie 22 vs. Earth (2021) ► STREAM OR DOWNLOAD HERE Quality: HD 720p, 1080p, 4K Release: 2021-04-30 Running time: 00:09:00 Genre: Family, Animation, Comedy Stars: Tina Fey, Alice Braga, Richard Ayoade, Micah Chen, Adela Drabek, Aiyanna Miorin, Karee Ducharme, Samantha Ho, Azriel Dalman, Juliana Alcaron Label and Keywords: earth, prequel, planet earth, soul, short film, life 22 vs. Earth (2021) Premiere Kijk Maar 22 vs. Earth (2021) Ser FilmThe 22 vs.
    [Show full text]
  • Peterstar?” the Story Seemed Curious Since Just the Day Before It Was Announced in the Media That Mr
    1 SUCCEEDING IN THE RUSSIAN TELECOMMUNICATION ENVIRONMENT The Feb 27, 2001 (p. 11) edition of the St. Petersburg Times included a startling story titled “End of the Road for PeterStar?” The story seemed curious since just the day before it was announced in the media that Mr. Sergei Kuznetsov, general director of PeterStar had been made the acting general director of Rostelecom pending almost certain share approval from the shareholders at their meeting scheduled for March 11, 2001. ZAO PeterStar was founded in October 1992 at the dawn of the emergence of the free markets and Perestroika in Russia. PeterStar was formed with the participation of Leningrad City Telephone Network2. Before 1992 all communication services in Russia were controlled directly by the Ministry of Communications without making any distinction between postal services, TV and radio broadcasting and telecommunications. In 1992, the government split up these three sectors while the whole telecommunications sector was restructured, 79 regional telephone companies which provide local services, six local trunk network operators which provide toll switching and one long-distance and international services provider Rostelecom were created. In 1992-93, more than 4000 licenses were granted to private operators. These operators have primarily focused on value added services such as digital overlay networks (Sovintel, Comstar, Combellga, PeterStar), cellular services (Moscow Cellular Communications, Mobile TeleSystems, Vympelcom, Delta Telecom, Northwest GSM etc.) and paging services. These licenses were meant to be the pillars on which the new Russian telecommunication industry was to be built. All these players have been helped by the fact that the existing networks did not posses the necessary technical, human and financial resources to satisfy the growing demand for value added services.
    [Show full text]
  • Sun Tv Network Companyname
    RESULT UPDATE SUN TV NETWORK All -round performance; management salary capped India Equity Research| Media COMPANYNAME Sun TV Network’s (Sun TV) Q1FY19 revenue and EBITDA surpassed our EDELWEISS 4D RATINGS estimates led by higher-than-expected IPL revenue. Key positives: (i) Absolute Rating BUY ~20% YoY spurt in advertising, albeit on a negative base of -4.1%; and (ii) Rating Relative to Sector Outperform ~15% YoY jump in overall subscription—subscription revenue growth Risk Rating Relative to Sector High would have been higher but for catch-up revenue, which made the base Sector Relative to Market Overweight higher. Management’s decision to cap their salary at last-year levels and a likely increase in dividend payout are major positives. Management MARKET DATA (R: SUTV.BO, B: SUNTV IN) believes an addition of 8–8.5mn subscribers is possible after the CMP : INR 826 completion digitisation in Tamil Nadu (TN; end-FY19). The second GEC in Target Price : INR 1,208 TN and entry into other regional markets such as Marathi and Bengali are 52-week range (INR) : 1,098 / 652 key monitorables. We are raising FY19/20E EPS by 7.9%/13.5% factoring Share in issue (mn) : 394.1 in speedy digitisation in Tamil Nadu and a good performance by Sun TV’s M cap (INR bn/USD mn) : 326 / 4,678 IPL team. Maintain ‘BUY’ with a revised TP of INR1,208 (earlier INR1,064). Avg. Daily Vol.BSE/NSE(‘000) : 1,526.8 All round surge in revenue streams SHARE HOLDING PATTERN (%) Ad revenue clocked 20% YoY growth in Q1FY19, albeit on a negative base of 4.1% Current Q4FY18 Q3FY18 Promoters * 75.0 75.0 75.0 YoY.
    [Show full text]
  • Zero-Rating Practices in Broadband Markets
    Zero-rating practices in broadband markets Report by Competition EUROPEAN COMMISSION Directorate-General for Competition E-mail: [email protected] European Commission B-1049 Brussels [Cataloguenumber] Zero-rating practices in broadband markets Final report February 2017 Europe Direct is a service to help you find answers to your questions about the European Union. Freephone number (*): 00 800 6 7 8 9 10 11 (*) The information given is free, as are most calls (though some operators, phone boxes or hotels may charge you). LEGAL NOTICE The information and views set out in this report are those of the author(s) and do not necessarily reflect the official opinion of the Commission. The Commission does not guarantee the accuracy of the data included in this study. Neither the Commission nor any person acting on the Commission’s behalf may be held responsible for the use which may be made of the information contained therein. Les informations et opinions exprimées dans ce rapport sont ceux de(s) l'auteur(s) et ne reflètent pas nécessairement l'opinion officielle de la Commission. La Commission ne garantit pas l’exactitude des informations comprises dans ce rapport. La Commission, ainsi que toute personne agissant pour le compte de celle-ci, ne saurait en aucun cas être tenue responsable de l’utilisation des informations contenues dans ce rapport. More information on the European Union is available on the Internet (http://www.europa.eu). Luxembourg: Publications Office of the European Union, 2017 Catalogue number: KD-02-17-687-EN-N ISBN 978-92-79-69466-0 doi: 10.2763/002126 © European Union, 2017 Reproduction is authorised provided the source is acknowledged.
    [Show full text]
  • Sun Direct Dth Offers in Hyderabad
    Sun Direct Dth Offers In Hyderabad Precocial and superfatted Elmer crenellating, but Son transversally receipt her spermicide. Rodger is eosinophilic and fast-talk semasiologically as fabricative Pavel reveals levelly and husband precociously. Josef remains bird's-eye after Eric fianchetto endwise or ventriloquise any interdigitation. Delhi Mumbai Kolkata Pune Chandigarh Ahmedabad Lucknow Chennai Hyderabad. Water or Drill Rig offered by Prime Rigs Limited Hyderabad Telangana. Sun Direct DTH Recharge Plans Online at Paytm. Sun water Service Centre in Hyderabad Customer Care. With pay DTH operators Tata Sky Airtel Dish TV Sun ledge in India in. We enclose with all brands like Tata Sky Airtel TV DishTV d2H Sun Direct Independent TV DD Free. Trailer mounted water well drilling rigs for sale. Which align better Tatasky or Airtel? Tv and now that has it tends to big name or dth in sun direct offers an effort to start to offer and television channel in watching free your phone number? Very popular bengali, hyderabad is loaded with the age groups today sun direct customers of this suggestive combo at glossier, direct dth in sun hyderabad service contact details. Food that can watch your living room door for the customer care number, hyderabad is beneficial during summer, direct dth offers hyderabad yoyo tv schedule, sun direct customer. Expecting a huge amount that include several areas tata, sun direct dth offers hyderabad service and blockbuster videos, hyderabad yoyo tv and accessories are. On integrity of DTH Direct-to-Home dial Cable TV platforms like arrow Direct. Exclusive offers for privilege banking customers close NRI Business Business SME Exclusive offers for business banking customers close Corporate IN.
    [Show full text]
  • Acordo Para Aquisição Da TVTEL COMUNICAÇÕES, S.A. E Investor Day
    PT- Multimédia – Serviços de Telecomunicações e Multimédia, SGPS, S.A. Sociedade Aberta Sede: Av. 5 de Outubro, n.º 208, Lisboa Capital Social: 3.090.968,28 Euros Número de Matrícula na Conservatória do Registo Comercial de Lisboa e de Pessoa Colectiva n.º 504 453 513 Comunicado de Informação Privilegiada Acordo para aquisição da TVTEL COMUNICAÇÕES, S.A. e Investor Day Lisboa, 16 de Janeiro de 2007 - Nos termos e para os efeitos do disposto no Artigo 248.º do Código dos Valores Mobiliários, a PT - Multimedia – Serviços de Telecomunicações e Multimedia, SGPS, S.A. (“Multimedia” ou “Sociedade”) vem informar o seguinte: 1. Aquisição de 100% do capital da TVTEL A CATVP – TV CABO PORTUGAL, S.A. (“TV CABO”) e o Caixa – Banco de Investimento, S.A. (“CaixaBI”) celebraram hoje um contrato de compra de 100% do capital social da TVTEL COMUNICAÇÕES, S.A. (“TVTEL”) com os accionistas desta sociedade. O preço a pagar está, na parte essencial, indexado ao EBITDA do negócio cabo no momento do fecho da transacção, tendo as partes acordado na aplicação de um múltiplo EV de 12x EBITDA do negócio do cabo em 2007; a este montante, acrescerão 20 milhões de euros referentes à aquisição do negócio de satélite e infra-estrutura de fibra óptica na zona de Lisboa. Prevê-se que, à data da transmissão das acções, a TVTEL tenha um mínimo de 74 mil clientes, 260 mil casas passadas na rede de cabo da região do Grande Porto, e 60 mil casas passadas na rede de fibra óptica no distrito de Lisboa.
    [Show full text]
  • SUN TV A-Report 2013 Final.Cdr
    CORPORATE INFORMATION BOARD OF DIRECTORS Kalanithi Maran Executive Chairman K. Vijaykumar Managing Director & Chief Executive Officer S. Selvam Director Kavery Kalanithi Executive Director J. Ravindran Independent Director M.K. Harinarayanan Independent Director Nicholas Martin Paul Independent Director R. Ravivenkatesh Independent Director COMPANY SECRETARY & R. Ravi COMPLIANCE OFFICER BANKERS Andhra Bank Axis Bank City Union Bank Corporation Bank HDFC Bank ICICI Bank Indian Bank Indian Overseas Bank Karur Vysya Bank Kotak Mahindra Bank Royal Bank of Scotland Standard Chartered Bank State Bank of India Yes Bank AUDITORS M/s S.R. Batliboi & Associates LLP Chartered Accountants, 6th & 7th Floor - 'A' Block (Module 601,701,702) Tidel Park, No. 4, Rajiv Gandhi Salai, Taramani, Chennai - 600 113 REGISTERED OFFICE Murasoli Maran Towers, 73, MRC Nagar Main Road, MRC Nagar, Chennai - 600 028 REGISTRAR AND SHARE TRANSFER AGENT M/s Karvy Computershare Private Limited, Plot Nos.17 to 24, Vittal Rao Nagar, Madhapur, Hyderabad - 500 081 01 Annual Report 2012-2013 Sun TV Network Limited AUDIT COMMITTEE J. Ravindran Chairman M.K. Harinarayanan Nicholas Martin Paul R. Ravivenkatesh REMUNERATION COMMITTEE J. Ravindran Chairman M.K. Harinarayanan Nicholas Martin Paul R. Ravivenkatesh INVESTOR / SHAREHOLDER'S GRIEVANCE COMMITTEE M.K. Harinarayanan Chairman J. Ravindran Nicholas Martin Paul R. Ravivenkatesh SHARE TRANSFER AND TRANSMISSION COMMITTEE Kalanithi Maran Chairman Kavery Kalanithi CORPORATE MANAGEMENT TEAM Kalanithi Maran Executive Chairman K.
    [Show full text]
  • NOS: Introducing Pay Per View
    Marketing Plan NOS: introducing Pay Per View Pedro Azeredo Pereira Master of Science in Marketing Thesis Supervisor Professor Susana Marques, ISCTE Business School, Marketing, Operations and General Management Department October 2016 Marketing Plan NOS: Introducing Pay Per View Acknowledgements My first thanks goes to my mother because all of this would not be possible without her support, love and pressure to have the project concluded. Her advices have been very important for my life and this time it wasn’t different. In second place, I would like to thank to Professor Susana Marques for your availability, readiness and patience to supervise my thesis, guindance and great advices, and the opportunity to have your name associated to my project. Without you this would not be possible. I also want to thank to NOS Comunicações for the internship. It was a year full of challenges, achievements and results that gave me the experience and information need to develop this project. Another thank goes to my family that, during these years, always supported and adviced me to get where I am now. You are the best family anyone can have and thank you for being so present, woried and united. Also thank you Rita Sousa for dealing with all my stress to get this concluded and for the support, motivation and advices you give me in every situation. I Marketing Plan NOS: Introducing Pay Per View Abstract NOS, NOS Comunicações S.A., is a private telecommunications company of the portuguese market which is proud of being the “best communications and entertainment company in the market”.
    [Show full text]
  • Republic of Serbia COMMISSION for PROTECTION of COMPETITION Number: 6/0-02-362/2016-6 Date: June 17, 2016 Belgrade
    Republic of Serbia COMMISSION FOR PROTECTION OF COMPETITION Number: 6/0-02-362/2016-6 Date: June 17, 2016 Belgrade Pursuant to Article 37(2) of the Law on Protection of Competition (“Official Gazette of the RS”, nos. 51/09 and 95/13), Article 192(1) of the Law on General Administrative Procedure (“Official Gazette of the FRY”, nos. 33/97, 31/01 and “Official Gazette of the RS”, no. 30/10), and Article 2(1/6) of the Tariff on the level of compensation for activities within the competence of the Commission for Protection of Competition (“Official Gazette of the RS”, no. 49/11), deciding under the Notification on concentration entered under number: 6/0-02-362/2016-1, submitted on April 27, 2016 by company Telemach LLC Sarajevo, with registered seat at the address 216 Džemala Bijedića Street, Ilidža-Sarajevo, Bosnia and Herzegovina, company registration number: 65-01-0620-08, via plenipotentiary attorney Bojan Vučković from the Law office „Karanović and Nikolić“ from Belgrade, 23 Resavska Street, on June 16, 2016, member of the Council of the Commission for Protection of Competition acting upon the authority granted by the President of the Commission for Protection of Competition no. 1/0-06-474/2016-1 of June 14, 2016, enacts the following D E C I S I O N I Concentration of undertakings in summary procedure IS APPROVED created by acquisition of direct control on the part of company Telemach LLC Sarajevo, with registered seat at the address 216 Džemala Bijedića Street, Ilidža-Sarajevo, Bosnia and Herzegovina, founded in accordance with legislation of Bosnia and Herzegovina and registered in the Municipal Court in Sarajevo under company registration number: 65-01-0620-08, over company GLOBAL INTERNET LLC Novi Travnik, with registered seat at the address 21 Ivana Meštrovića Street, Novi Travnik, Bosnia and Herzegovina, founded in accordance with legislation of Bosnia and Herzegovina and registered in the Municipal Court in Travnik under company registration number: 51-01-1767-09, created by acquisition of 100% of shares in company GLOBAL INTERNET LLC Novi Travnik.
    [Show full text]
  • In the High Court of Sindh at Karachi
    1 IN THE HIGH COURT OF SINDH AT KARACHI Suit No. 538 of 2020 Plaintiffs: Pakistan Airline Pilots’ Association & others Through M/s. Muhammad Ali Lakhani & Sohail Mujtaba Raja, Advocates. Defendant No.1: Federation of Pakistan Through Mr. Kashif Paracha, DAG. Defendant No.2: PIACL Through Mr. Jawad A. Sarwana alongwith Mr. Anees Ahmed Advocates. 1. For hearing of CMA No. 4391/2020. (U/O 39 rule 1 & 2 CPC) 2. For hearing of CMA No.4437/2020. (U/S 34 of Arb. Act). Dates of hearing: 21.05.2020, 28.05.2020, 01.06.2020, 04.06.2020, 08.06.2020 and 10.06.2020. Date of order: 29.07.2020 O R D E R Muhammad Junaid Ghaffar, J. This is a Suit for Declaration and Injunction filed by the Plaintiffs being aggrieved by Notification dated 28.04.2020 issued by Defendant No.1/ Ministry of Interior and Letter/Notice dated 30.04.2020 issued by Defendant No.2 (“PIA”). Plaintiff No.1, i.e. Pakistan Airline Pilots’ Association (PALPA) is a body claiming to be registered under the Societies Registration Act, 1860, whereas, Plaintiff No.2 to 5 are individual Pilots, claiming to be members PALPA. Application at Serial No.1 (CMA No.4391/2020) has been filed under Order 39 Rule 1 & 2 CPC seeking suspension of the impugned Notification and Letter/Notice and in addition, other ancillary relief(s). Application at Serial No.2 (CMA No. 4437/2020) has been filed by PIA under Section 34 of the Arbitration Act, 1940 (“Arbitration Act”) to stay the proceedings of this Suit and refer the matter for Arbitration.
    [Show full text]
  • Paris, Le 28 Mai 2008
    Press release April 20th,2017 Atlantique Productions (part of Lagardère Studios) and Portocabo announce the development of the TV series HIERRO with MOVISTAR PLUS and ARTE FRANCE. Written by Pepe Coira, Coral Cruz and Araceli Gonda, "Hierro" is a 8x52’ thriller set in Hierro, a secluded island in the Canary archipelago. The Spanish French thriller is the first ever co-development between France and Spain for a TV series. A hidden corpse with signs of a brutal murder is brought up to the sea surface in Hierro, a small island, of volcanic origin. Diaz, a dark local entrepreneur, is sent to prison as the main suspect. Candela, a forceful, high tempered judge, sanctioned and banished to Hierro, makes her first decision: releasing Diaz on bail. This very unpopular choice triggers the islanders’ mistrust. Candela is firm in fulfilling her duty above all while Diaz is out to get the culprit, prove his innocence and find out who has set him up, no matter what it takes. They both set out on a physical and emotional trip to Hell. Alfonso Blanco will produce for PORTOCABO and Olivier Bibas and Jimmy Desmarais for ATLANTIQUE PRODUCTIONS. Development is under way and shooting is expected early 2018. Olivier Bibas and Jimmy Desmarais say: « Launching a development in Spain with Movistar and Arte in France is a new exciting step for Atlantique and matches our strategy to foster new collaborations in Southern Europe. Hierro Island is a very exciting arena for a thriller and we are extremely happy to team up with Portocabo. » Alfonso Blanco at PORTOCABO says: «I’m very happy to announce that HIERRO is moving along with first class partners like Atlantique, Movistar and Arte France; and specially to make the announcement here in Series Mania, where the project sprung to life after receiving the award at Berlinale’s CoPro Series.
    [Show full text]