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Dolat Capital Report
Sun TV Network Ltd.’s Q1 FY23 was in-line and modest. Broadcast business revenue/Ebitda/ adjustd profit after tax are up 14/ 11/21% versus Q1 FY20. However, we estimate the same to be boosted by-
distribution of ‘The Beast’,
change in movie amortisation policy and
higher other income.
Sun TV declared a dividend of Rs 5/share. Our estimates for FY23/24E are largely unchanged. Sun TV is trading at an attractive 11/10 times FY23/24E earnings per share.
Sun TV’s strong balance sheet with C&CE of ~Rs 45 billion (~25% of midcap) and leadership in Tamil market drives comfort.
Recent IPL bids (Rs 51 and Rs 71 billion for two new teams) and three times IPL bids at ~Rs 480 billion versus last cycle provide additional upside in the long-term from unlocking perspective.
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