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Result Update: Sun TV Network Ltd - REDUCE - TP Rs.994 - Kotak

Posted On: 2018-02-21 01:15:34

Sun TV Network reported a strong topline in 3QFY18, beating estimates as advertising revenue growth was strong (especially in Kannada and Malayalam). However, EBIT/ PAT growth was contained on higher operating expenses, largely in costs of programming. Sun TV Network's earnings are likely to see a significant impact of several events - DAS rollout in TN (positive), impact of tariff order (potentially negative), higher impact of competitors in TN (negative), impact of launch of GECs in new, non-South languages (potentially negative for the short-term). We forecast 10% CAGR in EPS over FY18E-FY20E, and value Sun TV Network at 28X FY20E PER, or Rs 994. Retain REDUCE.

Shares of SUN TV NETWORK LTD. was last trading in BSE at Rs.910.5 as compared to the previous close of Rs. 888.15. The total number of shares traded during the day was 111575 in over 2176 trades.

The stock hit an intraday high of Rs. 921 and intraday low of 889. The net turnover during the day was Rs. 101654229.


Source: Equity Bulls

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