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T.V. Today Network Ltd Research Report - 05th Dec 2016

Media | Published on Dec 05th 2016

IT

TV Today Network (TTNL) reported a subdued set of numbers for 2QFY2017 with its consolidated top-line growing by ~5% yoy. On the operating front, the company reported margin contraction on account of higher selling & administrative expenses, which resulted in the de-growth of net profit by ~7% yoy. We expect TTNL to report a net revenue CAGR of ~15% to ~Rs718cr and net profit to post a CAGR of ~15% to Rs124cr over FY2016-18E. The company has sustained its leadership position in the Hindi news genre for 14 consecutive years; while in the English news genre, it currently holds the No. 2 position. Further, its exit from the radio business should boost profitability. The company is debt free with Rs201cr of cash on its balance sheet. Hence, we maintain our Buy recommendation on the stock with a target price of Rs385.

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CMP 315
Target Price 385
Investment Period12 Months

Stock Info

MCAP BSE (Rs in Cr)1,587.68
MCAP NSE (Rs in Cr)1,585.29
P/E (x)18.37
EPS (Rs.)14.49
BV (Rs.)92.52
Div Yield (%)0.66
FV (Rs.)5.00
P/BV (x)2.88
EV/Sales (x)2.63
EV/EBITDA (x)9.83

Shareholding Pattern (%)

Promoter57.0
Public & Others21.0
Foreign9.0
Institution8.0
Corporate5.0
Grand Total100.0

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