RESULT UPDATE
SUN TV NETWORK All -round performance; management salary capped
India Equity Research| Media COMPANYNAME
EDELWEISS 4D RATINGS Sun TV Network’s (Sun TV) Q1FY19 revenue and EBITDA surpassed our 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
SHARE HOLDING PATTERN (%) All round surge in revenue streams 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. Share of Tamil market to the total ad revenues fell from the earlier 67% to 60% which in fact helps in reducing concentration risk from 1 market. Management MF's, FI's & BK’s 3.8 3.8 3.1 estimates double digit ad growth in FY19. Subscription income grew ~15% YoY. Sun TV FII's 13.0 13.0 13.8 has signed a deal with Jio for its content on SUN NXT. Others 8.1 8.1 8.0 * Promoters pledged shares : 12.5 (% of share in issue) Q1FY19 conference call: Key takeaways
i) Sun TV is planning to re-position Sun Life channel as its second GEC in Tamil; ii) the PRICE PERFORMANCE (%) company expects to enter the Bengali market by the end of FY19 and break even soon EW Media Stock Nifty in the new channels; iii) it expects a lot of sponsorship opportunities as its IPL team is Index becoming popular; iv) Management believes it can earn extra INR3bn to 5bn due to 1 month 2.4 5.7 (2.7) digitization in the Tamil Nadu market and v) Sun Nxt is in its early days and the 3 months (7.9) 6.3 (13.6) company will share numbers once it becomes substantial part of the business. 12 months 7.8 13.2 (5.2)
Outlook and valuation: Gathering steam; maintain ‘BUY’ We anticipate re-rating due to the robust beat in Q1FY19 on all fronts, management salary being capped at FY18 levels and likely increase in dividend payout. Digitisation in Tamil Nadu is a key positive trigger. We retain the target multiple of 28x FY20E EPS that yields our TP of INR1,208. We maintain ’BUY/SO’. At CMP, the stock is trading at 19.2X FY20E EPS.
Financials (INR mn) Abneesh Roy Year to March Q1FY19 Q1FY18 % Change Q4FY18 % Change FY18 FY19E FY20E +91 22 6620 3141
Revenues 11,204 7,863 42.5 7,170 56.3 29,630 35,241 40,326 [email protected]
EBITDA 7,347 4,484 63.9 5,224 40.6 20,038 25,214 29,265 Monit Vyas Adjusted Profit 4,091 2,517 62.6 2,898 41.2 11,354 14,597 16,996 +91 (22) 6623 3463 Adj. Diluted EPS 10.4 6.4 62.6 7.4 41.2 28.8 37.0 43.1 [email protected]
Dil. P/E (x) 28.7 22.3 19.2 ROAE (%) 26.0 28.6 28.5 August 13, 2018 Edelweiss Research is also available on www.edelresearch.com, Bloomberg EDEL
Media
Table 1: Trends at a glance INR mn Q4FY16 Q1FY17 Q2FY17 Q3FY17 Q4FY17 Q1FY18 Q2FY18 Q3FY18 Q4FY18 Q1FY19 Ad + Broadcast 3,130 3,400 3,390 3,010 2,920 3,018 3,530 3,580 3,679 3,625 DTH 1,560 1,590 1,610 1,670 1,710 1,740 1,840 1,870 2,050 2,120 Cable 600 740 820 750 710 960 940 950 1,038 1,000 International 360 380 400 390 370 440 400 410 272 430 Movies/Others 56 70 35 80 100 50 50 30 130 130 Total revenue (ex - IPL) 5,706 6,180 6,254 5,900 5,810 6,208 6,760 6,840 7,170 7,298 Cost of Revenues 463 497 513 538 617 683 641 811 727 809 Staff cost 630 603 718 599 643 684 774 722 761 852 Growth rate Ad + Broadcast (5.7) (3.7) 2.8 (7.5) (6.7) (11.2) 4.1 18.9 26.0 20.1 DTH revenue 15.6 16.0 15.1 10.7 9.6 9.4 14.3 12.0 19.9 21.8 Cable 5.3 37.0 42.4 29.3 18.3 29.7 14.6 26.7 46.3 4.2 International 5.9 2.7 13.0 11.4 2.8 15.8 - 5.1 (26.5) (2.3) Cost of revenues 3.1 (2.1) 14.2 35.2 33.3 37.6 24.8 50.7 17.8 18.4 Staff cost 20.8 10.6 20.5 1.9 2.0 13.5 7.7 20.6 18.4 24.5 % of revenues Cost of revenues 8.1 6.5 8.2 9.1 10.6 8.7 9.5 11.9 10.1 7.2 Staff cost 11.0 7.9 11.5 10.2 11.0 8.7 11.4 10.6 10.6 7.6 Other expenditure 6.1 16.9 5.8 6.1 10.8 14.7 5.7 5.6 6.4 13.2 EBITDA margin 74.7 57.4 74.6 74.6 67.6 57.0 73.4 72.0 72.9 65.6 EBITDA margin (ex IPL) 74.7 75.9 74.6 74.6 67.6 73.2 73.4 72.0 72.9 65.6 Source: Company, Edelweiss research
Q1FY19 conference call | Key takeaways Salary & Balance sheet: The Chairman and joint managing director have decided to cap their salaries at the same level in FY19 as last year in spite of higher profits.
INR 22bn of cash on the balance sheet. The company is likely to step up the dividend pay out ratio.
IPL Sales booked is INR3.8bn in FY19 (all booked in Q1FY19) from IPL.
Extra income attributed to runners up prize is very minuscule part of the total IPL revenue.
Gate collections are improving due to increased popularity of its IPL team.
The company believes that its IPL team will become more valuable in the coming years.
It expects IPL revenue to continue to grow over ensuing years.
The company expects lot of sponsorship opportunities, as its IPL team becomes more popular.
Advertising Advertising revenue growth stood at ~20% YoY.
Sun TV is seeing high growth in ad revenues in Malayalam and Kannada markets. Share of Tamil market to the total advertising income is coming down from the earlier 67% to 60%.
2 Edelweiss Securities Limited Sun TV Network
There was a temporary dip in Sun TV’s viewership due to IPL and other external factors.
Colors Tamil market share - 4%.
Depreciation & Amortisation There was a one-off increase in depreciation cost due to the showing of blockbuster movie on the 25th anniversary Sun TV. Depreciation stood at INR160mn and amortisation at INR1310mn. The company expects depreciation cost to stabilise in coming quarters. Depreciation expense is expected to be INR4.2bn for FY19.
Subscription Subscription growth for the quarter stood at ~15%, largely led by volume. Management believes it can earn extra INR3-5bn due to additional digitisation of 8- 8.5mn connections, which it expects to be completed in next few months. Subscription revenue increased by NR400mn during the quarter – DTH INR370mn and cable INR30mn. DTH subscription stood at INR2,120mn and analog at INR1,000mn.
Content Cost The company launched back-to-back four new shows. Content cost will increase due to launch of new channels.
New channels The company plans to reposition Sun Life as its second GEC channel in Tamil. The second GEC in the Tamil market will cater to the youth and not cannabalise the existing market share of Sun TV. The company is also evaluating to enter the Marathi and Bengali markets. It expects to enter the Bengali market by end of FY19. The company expects to break even very soon for the new channels..
Sun Nxt Sun Nxt is in its early days and the company will share numbers once it becomes substantial part of the business. The company has signed a deal with Jio for its content on Sun Nxt. The company is focused to enhance the reach of Sun Nxt by being available across various platforms.
Outlook and valuations: Gathering steam; maintain ‘BUY’ The regulatory concern on Sun TV has waned as the special court has acquitted the promoters, resulting in re-rating. We anticipate re-rating due to the robust beat in Q1FY19 on all fronts, management salary being capped at FY18 levels and likely increase in dividend payout. Digitisation in Tamil Nadu is a key positive trigger. We retain target multiple of 28x FY20E EPS to arrive at TP of INR1,208. We maintain ’BUY/SO’. At the CMP, the stock is trading at 19.2X FY 20E EPS.
3 Edelweiss Securities Limited Media
Financial snapshot (INR mn) Year to March Q1FY19 Q1FY18 % change Q4FY18 % change FY18 FY19E FY20E Net revenues 11,204 7,863 42.5 7,170 56.3 29,630 35,241 40,326 Cost of revenue 809 683 18.4 727 11.2 3,029 2,754 3,167 Staff costs 852 684 24.5 761 11.9 3,145 3,429 3,739 IPL franchise fee 713 855 (16.6) - 855 760 840 Other operating expenses 1,483 1,158 28.1 457 224.3 2,564 3,084 3,314 Total expenditure 3,857 3,380 14.1 1,946 98.2 9,593 10,027 11,060 EBITDA 7,347 4,484 63.9 5,224 40.6 20,038 25,214 29,265 Depreciation 1,468 1,035 41.9 1,190 23.3 4,500 4,637 5,504 EBIT 5,879 3,449 70.5 4,034 45.8 15,538 20,577 23,761 Interest 3 1 420.0 9 (70.5) 11 10 10 Other income 390 371 5.2 368 5.9 1,423 1,204 1,656 Profit before tax 6,267 3,819 64.1 4,393 42.6 16,950 21,772 25,407 Provision for taxes 2,175 1,302 67.0 1,496 45.5 5,823 7,402 8,638 Minority interest Associate profit share - - - 228 228 228 Reported net profit 4,091 2,517 62.6 2,898 41.2 11,354 14,597 16,996 Adjusted Profit 4,091 2,517 62.6 2,898 41.2 11,354 14,597 16,996 Diluted shares (mn) 394 394 394 394 394 394 Adjusted Diluted EPS 10.4 6.4 62.6 7.4 41.2 28.8 37.0 43.1 Diluted P/E (x) - - - 28.7 22.3 19.2 EV/EBITDA (x) - - - 16.2 12.5 10.5 ROAE (%) - - - 26.0 28.6 28.5 Tax Rate 34.7 34.1 34.0 34.4 34.0 34.0
As % of net revenues Cost of revenue 7.2 8.7 10.1 10.2 7.8 7.9 Employee cost 7.6 8.7 10.6 10.6 9.7 9.3 Other expenditure 13.2 14.7 6.4 8.7 8.8 8.2 EBITDA 65.6 57.0 72.9 67.6 71.5 72.6 Reported net profit 36.5 32.0 40.4 38.3 41.4 42.1
Change in Estimates FY19E FY20E New Old % change New Old % change Comments Net Revenue 35,242 33,550 5.0 40,326 37,098 8.7 Due to speedy Tamil Nadu digitsation and robust show of its IPL team. EBITDA 25,214 23,592 6.9 29,265 26,177 11.8 EBITDA Margin 71.5 70.3 72.6 70.6 Adjusted Profit 14,597 13,526 7.9 16,996 14,980 13.5 After Tax
4 Edelweiss Securities Limited Sun TV Network
Company Description Sun TV was incorporated as Sumangali Publications in 1985. It was later renamed Sun TV in 2000 and the company filed its IPO in 2005 and raised INR6bn. Sun TV is a leading player in South India with a bouquet of 33 channels across four states—Tamil Nadu, Karnataka, Andhra Pradesh, and Kerala. The flagship channel Sun TV corners more than 60% market share in the Tamil GEC genre. The company earlier operated only Tamil and Malayalam channels; it added Kannada and Telugu to its bouquet with the acquisition of Gemini TV and Udaya TV. It was the first channel to introduce mega soaps in South India and also the first to use digital broadcasting. Apart from the television broadcasting business, the company has a strong presence in radio broadcasting and ventured into film production in FY09. It presently airs 46 FM radio stations across the country. The film production business is structured as a division of the company.
Investment Theme Sun TV will be a key beneficiary of Phases 3 and 4 of digitisation. Strong foothold in the competitive southern market poses tough entry barrier. At INR4, the company’s analog revenue per month per subscriber is one-tenth DTH revenue (INR40), which provides huge upside potential over long term. The company benefits from a conducive distribution environment, since Sun Direct (a promoter group company), has considerable presence in South India’s distribution (DTH) market. The company’s direct costs are exceptionally low as it has successfully managed to run a sponsored programming model.
Key Risks Regulatory overhang
TRAI’s ad cap
Ad environment continuing to remain soft
Intensifying competition could adversely impact cost of business
5 Edelweiss Securities Limited Media
Financial Statements Key Assumptions Income statement (INR mn) Year to March FY17 FY18 FY19E FY20E Year to March FY17 FY18 FY19E FY20E Macro Net revenue 26,457 29,630 35,241 40,326 GDP(Y-o-Y %) 6.6 6.5 7.1 7.6 Direct costs 3,193 3,883 3,514 4,007 Inflation (Avg) 4.5 3.8 4.5 5.0 Other operating expenses 2,831 2,564 3,084 3,314 Repo rate (exit rate) 6.3 6.0 6.0 6.5 Employee costs 2,735 3,145 3,429 3,739 USD/INR (Avg) 67.1 64.5 65.0 66.0 EBITDA 17,698 20,038 25,214 29,265 Sector Depreciation 4,005 4,500 4,637 5,504 TV industry ad gr (%) 15.0 15.0 15.0 15.0 EBIT 13,694 15,538 20,577 23,761 TV industry sub. gr (%) 20.0 20.0 20.0 20.0 Less: Interest Expense 10 11 10 10 Company Add: Other income 1,538.00 1,422.7 1,204.48 1,655.81 Ad revenue growth (%) (2.8) 9.0 12.0 12.0 Profit Before Tax 15,222 16,950 21,772 25,407 Sub revenue growth (%) 18.4 14.8 18.0 20.0 Less: Provision for Tax 5,203 5,823 7,402 8,638 Licen inc (% of rev) 5.8 5.5 4.8 4.4 Associate profit share 288 228 228 228 Net IPL income (INR mn) 1,490 1,431 3,800 4,200 Reported Profit 10,307 11,354 14,597 16,996 Cost assumptions Adjusted Profit 10,307 11,354 14,597 16,996 Prod costs (% of rev) 2.0 1.8 1.8 1.8 Shares o /s (mn) 394 394 394 394 Telecast cost (% of rev) 1.1 1.0 1.0 1.0 Adjusted Basic EPS 26.2 28.8 37.0 43.1 Program cost (% of rev) 3.3 2.9 2.9 2.9 Diluted shares o/s (mn) 394 394 394 394 Chanl srve chr(% of rev) 1.2 1.0 1.0 1.0 Adjusted Diluted EPS 26.2 28.8 37.0 43.1 Personnel cost(% of rev) 10.3 10.6 9.7 9.3 Adjusted Cash EPS 36.3 40.2 48.8 57.1 Financial assumptions Dividend per share (DPS) 10.0 11.0 14.2 16.5 Tax rate (%) 34.2 34.4 34.0 34.0 Dividend Payout Ratio(%) 46.0 44.7 44.7 44.7 Debtor days 107 107 107 107
Inventory days 1 1 1 1 Common size metrics Payable days 73 73 73 73 Year to March FY17 FY18 FY19E FY20E Cash conversion cycle 35 35 35 35 Staff costs 10.3 10.6 9.7 9.3 Dep. (% gross block) 6.3 4.0 4.0 4.0 Direct Cost 12.1 13.1 10.0 9.9 EBITDA margins 66.9 67.6 71.5 72.6 Net Profit margins 39.0 38.3 41.4 42.1
Growth ratios (%) Year to March FY17 FY18 FY19E FY20E Revenues 7.0 12.0 18.9 14.4 EBITDA 2.1 13.2 25.8 16.1 Adjusted Profit 13.2 10.2 28.6 16.4 EPS 13.2 10.2 28.6 16.4
6 Edelweiss Securities Limited Sun TV Network
Balance sheet (INR mn) Cash flow metrics As on 31st March FY17 FY18 FY19E FY20E Year to March FY17 FY18 FY19E FY20E Share capital 1,970 1,970 1,970 1,970 Operating cash flow 12,848 2,631 18,405 17,707 Reserves & Surplus 38,350 44,914 52,981 62,374 Financing cash flow (4,753) (3,124) (6,540) (7,613) Shareholders' funds 40,321 46,884 54,951 64,344 Investing cash flow (7,057) (2,821) (3,096) (2,644) Minority Interest - 40 40 40 Net cash Flow 1,038 (3,315) 8,770 7,450 Long term borrowings 67 69 69 69 Capex (4,862) (4,144) (4,300) (4,300) Short term borrowings - 1,964 1,964 1,964 Dividend paid (4,743) (5,079) (6,530) (7,603) Total Borrowings 67 2,033 2,033 2,033
Long Term Liabilities 67 62 62 62 Profitability and efficiency ratios Def. Tax Liability (net) 556 763 763 763 Year to March FY17 FY18 FY19E FY20E Sources of funds 41,010 49,781 57,848 67,241 ROAE (%) 27.5 26.0 28.6 28.5 Gross Block 8,834 9,334 9,834 10,334 ROACE (%) 40.5 38.0 41.1 41.2 Net Block 7,697 7,289 7,930 8,017 Inventory Days 1 1 1 1 Capital work in progress 16 474 60 60 Debtors Days 107 107 107 107 Intangible Assets 4,421 4,246 3,923 2,632 Payable Days 73 73 73 73 Total Fixed Assets 12,135 12,009 11,913 10,709 Cash Conversion Cycle 35 35 35 35 Non current investments 4,204 4,304 4,304 4,304 Current Ratio 9.8 12.3 16.4 17.5 Cash and Equivalents 7,884 3,726 12,254 19,704 Gross Debt/EBITDA - 0.1 0.1 0.1 Inventories 9 3 17 5 Gross Debt/Equity - - - - Sundry Debtors 7,726 10,639 9,990 13,616 Adjusted Debt/Equity - - - - Loans & Advances 8,041 17,377 17,377 17,377 Interest Coverage Ratio 1,329.5 1,438.7 2,057.7 2,376.1 Other Current Assets 3,819 4,692 4,692 4,692
Current Assets (ex cash) 19,595 32,711 32,076 35,690 Operating ratios Trade payable 722 838 569 1,036 Year to March FY17 FY18 FY19E FY20E Other Current Liab 2,085 2,130 2,130 2,130 Total Asset Turnover 0.7 0.7 0.7 0.6 Total Current Liab 2,807 2,969 2,699 3,166 Fixed Asset Turnover 2.6 2.5 3.0 3.6 Net Curr Assets-ex cash 16,788 29,742 29,376 32,524 Equity Turnover 0.7 0.7 0.7 0.7 Uses of funds 41,010 49,781 57,848 67,241
BVPS (INR) 102.3 119.0 139.4 163.3 Valuation parameters Year to March FY17 FY18 FY19E FY20E
Free cash flow (INR mn) Adj. Diluted EPS (INR) 26.2 28.8 37.0 43.1 Year to March FY17 FY18 FY19E FY20E Y-o-Y growth (%) 13.2 10.2 28.6 16.4 Reported Profit 10,307 11,354 14,597 16,996 Adjusted Cash EPS (INR) 36.3 40.2 48.8 57.1 Add: Depreciation 4,005 4,500 4,637 5,504 Diluted P/E (x) 31.6 28.7 22.3 19.2 Interest (Net of Tax) 7 7 7 7 P/B (x) 8.1 6.9 5.9 5.1 Others (1,177) (1,212) (1,201) (1,652) EV / Sales (x) 12.0 10.9 8.9 7.6 Less: Changes in WC 293 12,018 (366) 3,147 EV / EBITDA (x) 18.0 16.2 12.5 10.5 Operating cash flow 12,848 2,631 18,405 17,707 Dividend Yield (%) 1.2 1.3 1.7 2.0
Less: Capex 4,862 4,144 4,300 4,300 Free Cash Flow 7,985 (1,513) 14,105 13,407
Peer comparison valuation Market cap Diluted P/E (X) EV / EBITDA (X) ROAE (%) Name (USD mn) FY19E FY20E FY19E FY20E FY19E FY20E Sun TV Network 4,678 22.3 19.2 12.5 10.5 28.6 28.5 DB Corp 673 - - (0.6) (0.9) 16.9 17.5 DEN Networks 170 (33.9) (30.9) 5.1 4.8 (4.0) (4.5) Jagran Prakashan 494 10.6 9.3 5.7 5.1 14.5 15.8 PVR 884 32.3 25.6 13.1 10.8 16.4 17.8 Zee Entertainment Enterprises 7,134 30.4 23.8 19.3 14.8 19.8 21.3 Source: Edelweiss research
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Additional Data Directors Data Kalanithi Maran Executive Chairman K. Vijaykumar Managing Director & CEO 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
Auditors - M/s S.R. Batliboi & Associates *as per last annual report
Holding – Top10 Perc. Holding Perc. Holding Maran kalanithi 75 Government pension f 1.89 Norges bank 1.89 Selvi selvam 1.78 Shanmugasundaram sel 1.74 Aditya birla sun lif 1.64 Baron capital inc 1.12 Amansa capital pvt l 1.07 L&t mutual fund 0.97 Hsbc 0.82
*in last one year
Bulk Deals Data Acquired / Seller B/S Qty Traded Price
No Data Available
*in last one year
Insider Trades Reporting Data Acquired / Seller B/S Qty Traded 09 Jan 2018 R. Ravi Venkatesh Sell 16000.00
*in last one year
8 Edelweiss Securities Limited RATING & INTERPRETATION
Company Absolute Relative Relative Company Absolute Relative Relative reco reco risk reco reco Risk DB Corp BUY SP M DEN Networks HOLD SP H Dish TV India BUY SP M Hathway Cable & Datacom HOLD SP M Jagran Prakashan HOLD SP M PVR BUY SO M Sun TV Network BUY SO H Zee Entertainment Enterprises BUY SO M
ABSOLUTE RATING
Ratings Expected absolute returns over 12 months
Buy More than 15%
Hold Between 15% and - 5%
Reduce Less than -5%
RELATIVE RETURNS RATING
Ratings Criteria Sector Outperformer (SO) Stock return > 1.25 x Sector return
Sector Performer (SP) Stock return > 0.75 x Sector return
Stock return < 1.25 x Sector return
Sector Underperformer (SU) Stock return < 0.75 x Sector return
Sector return is market cap weighted average return for the coverage universe within the sector
RELATIVE RISK RATING
Ratings Criteria
Low (L) Bottom 1/3rd percentile in the sector
Medium (M) Middle 1/3rd percentile in the sector
High (H) Top 1/3rd percentile in the sector
Risk ratings are based on Edelweiss risk model
SECTOR RATING
Ratings Criteria Overweight (OW) Sector return > 1.25 x Nifty return
Equalweight (EW) Sector return > 0.75 x Nifty return
Sector return < 1.25 x Nifty return
Underweight (UW) Sector return < 0.75 x Nifty return
9 Edelweiss Securities Limited Media
Edelweiss Securities Limited, Edelweiss House, off C.S.T. Road, Kalina, Mumbai – 400 098. Board: (91-22) 4009 4400, Email: [email protected]
Aditya Narain
Head of Research [email protected]
Coverage group(s) of stocks by primary analyst(s): Media DB Corp, DEN Networks, Dish TV India, Hathway Cable & Datacom, Jagran Prakashan, PVR, Sun TV Network, Zee Entertainment Enterprises
Recent Research
Date Company Title Price (INR) Recos
08 -Aug-18 DEN Networks Disappointing quarter; Jio 47 Hold Fiber an added worry; Result Update 02-Aug-18 Jagran H2FY19 ad growth to be 122 Hold Prakashan strong; newsprint cost a concern; Result Update 26-Jul-18 PVR Decent show; all eyes on F&B 1 138 Buy regulations; Result Update
Distribution of Ratings / Market Cap Edelweiss Research Coverage Universe Rating Interpretation
Buy Hold Reduce Total Rating Expected to
Rating Distribution* 161 67 11 240 Buy appreciate more than 15% over a 12-month period * 1stocks under review Hold appreciate up to 15% over a 12-month period > 50bn Between 10bn and 50 bn < 10bn 743 Reduce depreciate more than 5% over a 12-month period Market Cap (INR) 156 62 11 594
One year price chart 446 1,100
(INR) 297 1,020 149 940
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Sun TV Network
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