Reducing price target to reflect impact of digital and OTT; retain BUY Incorporating our revised outlook on TV ad spend growth, based on rapidly rising OTT video consumption, we cut our target price for Sun to INR 780 (Dec-19) from 975 (Sep-19) previously. We maintain 11-12% annual ad revenue growth forecast for FY19 and FY20, but bring down YoY ad growth rate by 100bps each year beyond FY20. This results in a lower terminal FCF growth (5.0-5.5%), driving a 29% cut in implied exit EV/EBITDA multiple in our...