Sun TV (SUNTV) reported in-line nos revenue/PAT was up 10%/14% YoY, with ad revenues reaching pre-pandemic (2QFY20) levels and delayed benefit from the IPL offering spillover. This was offset by a sluggish subscription revenue run-rate. Our FY23E/FY24E estimates are largely maintained; we build in a 6% CAGR over FY2023E. The recent upbeat valuation for the new IPL team auction makes the stock valuation compelling at below 10x on Sept'23E. Along with intensifying content investments to win market share, this is a...