Alpha Invesco Report On TV 18 Broadcast (Free Download)

Alpha Invesco has given good report on TV 18 Broadcast. It is free download by giving name and email.



https://www.alphainvesco.com/blog/tv-18-download-report-confirm

 

Logic of Alpha Invesco apply also to TV Today

Long Runway Ahead For Television Media Players Estimated at 47000 crore in 2014, India’s television industry is expected to grow at a CAGR of 15.5 per cent to reach 97000 crore in 2019. Subscription revenue growth, at an annualized growth rate of 16 per cent, is expected to outpace the growth of advertising revenue (14 per cent) on account of improving monetization due to digitization. With the number of TV households in India increasing to 16.8 crores in 2014, TV penetration stands at 61 per cent. 61% of all households in India are now equipped with a television making us the second largest TV viewership market after China. With digitization, subscription revenues in urban and rural areas are growing, resulting in a healthy impact on the industry. Subscription, digitization led growth is going to be substantial.

Additional subscription revenues will accelerate going forward, as phase III & phase IV digitization is implemented. Channels with leadership & good content quality will have the pricing power as there will be more transparency in viewership data.

The new era of subscriber-based viewership on TV will ensure that only the most innovative and relevant channels will find their place in the individual bouquet that the subscriber pays for. This will increase competition and will lead to consolidation with strong content players gaining significant competitive advantage.

 

TV Today looks good...

 

Agreed. Very safe stock with super compounding.

Ad rate hike to be margin accretive; maintain BUY

TV Today has been able to take a hike in ad yields owing to its leadership position in the Hindi news genre. In addition, there has been incremental revenue flow from the English channel India Today, which has been able to cement its No. 2 position in the English news genre. Though margins could see some dilution owing to increased marketing expenses, the outlay remains important in helping the company retain its leadership position. We expect the company to post 27.3% CAGR in EBITDA with 14.7% CAGR in revenue in FY16-18E. We value the stock at a revised target price of Rs. 363, based on 14x FY18E EPS of Rs. 25.9.

 

Does anyone has the PDF copy of the TV 18 Broadcast report. The report has been removed by the website.

 

https://www.docfoc.com/download/documents/tv-18-broadcast-limited-alpha-invesco-2015-pdf