Entertainment Network India Limited (ENIL)

Thanks Dhwanil for the additional docs and the nice Investment Note.
I had a quick look through to first familiarise myself with the terrain quickly.

Following are top-of-mind very basic questions as of now, which you can help me understand better/quicker

1. I am yet to place a finger (from all the Notes) – what is/are the Key Success Factors for success in the radio business – among the few Top players? What is it on the ground that ENIL does better (it obviously has done much better than nearest competition) that makes them stand apart among teh top players?

2. If they are known, why aren’t others able to replicate the same, or unwilling to do the same, or execution-wise very difficult to do – requiring a different mind-set (different business models for e.g as in commodity yarn vs Ambika yarn, or extensive field-work being the decisive tilting factor in case of an Avanti or Kaveri that others just aren’t upto) – just what is the secret sauce

We usually want to be able to articulate that fairly well for businesses where we have done extensive work on.

1. What are the 6 cities where ENIL Pricing is at a discount to Competition. How much is the discount and to who all – the leading player, or it lags a few?

2. Pricing power is a function of?? – pardon me for trying to get this off you

3. What are the components of its Marketing/Brand-building spend? Why is Marketing Expense not a variable expense in line with Revenue growth? I read somewhere it being clubbed under Fixed Expenses

4. Risks as enumerated by you look Low probability. In order to understand Risks at a more granular level – are there any critical must-get cities/must-get renewals in phase III or Renewals? Like some Key-Metro licenses for Mobile Operators used to queer the pitch? Has ENIL lost out on any such key must-have cities/locations so far?

Will start doing the basic reading up on domain/ENIL specific business.