TV Today Network Ltd. share price target

The topline came in at | 258 crore, up 15.4% YoY. TV broadcasting revenues came in | 197.8 crore (up ~6% YoY). We note that its growth was lower than its key peers - TV18's news business, Zee Media, which reported ~13%, 32% YoY growth, respectively. The digital segment continued to be a key growth driver with 53% growth YoY to | 54.4 crore. Radio revenues...

Topline at | 203.9 crore was up 21.6% YoY on a benign base (decline of 32%). TV broadcasting revenues came in | 162.8 crore (up 18% YoY). Radio revenues were at | 3 crore, witnessing 10x YoY growth on washout base. The key growth driver was digital segment, which continued its growth...

TV Today reported a muted set of numbers for Q4FY21 numbers Operating revenue came in at | 214.3 crore, up 2.9%YoY with TV broadcasting revenue at | 176.5 crore (4.4% YoY growth), lower than our expectation of 10% YoY growth. Radio segment disappointed again with a straight ninth quarterly de-growth with revenues down 33.5% YoY to | 2.4 crore on further erosion in advertising pricing. Digital revenue recovered, reporting healthy growth of 19.3% YoY and came in at | 35.4 crore. EBITDA was at | 49.7 crore, up 6% YoY. EBITDA margin came in at 23.2%, up 74 bps YoY. The company...

TV Today reported a better-than-expected set of Q3FY21 numbers on the back of cost reduction and lower tax outgo. Operating revenue came in at | 223.6 crore, flattish YoY (up 0.5%) with TV broadcasting revenue at | 185.9 crore (3.4% YoY growth). Radio segment disappointed again with a straight eighth quarterly de-growth with revenues declining 54.4% YoY to | 2.1 crore as ad pricing remained low. Digital revenue recovered reported healthy growth of 20% YoY and came in at | 35.5 crore. EBITDA was at | 77.5 crore, up 27.5% YoY owing to lower marketing/distribution costs. EBITDA margin...

TV Today reported a better-than-expected set of Q3FY21 numbers on the back of cost reduction and lower tax outgo. Operating revenue came in at | 223.6 crore, flattish YoY (up 0.5%) with TV broadcasting revenue at | 185.9 crore (3.4% YoY growth). Radio segment disappointed again with a straight eighth quarterly de-growth with revenues declining 54.4% YoY to | 2.1 crore as ad pricing remained low. Digital revenue recovered reported healthy growth of 20% YoY and came in at | 35.5 crore. EBITDA was at | 77.5 crore, up 27.5% YoY owing to lower marketing/distribution costs. EBITDA margin...

TV Today reported a better-than-expected set of Q2FY21 numbers led by a faster recovery in revenues in broadcasting and digital segment. Operating revenue came in at | 176.7 crore, down 2% YoY with TV broadcasting revenue at | 143.6 crore (~1% YoY growth). Radio segment disappointed again with a straight seventh quarterly de-growth with revenues declining 65.7% YoY to | 1 crore as ad spend across sectors remained low. Digital revenue recovered fastest with healthy growth of 12.7% YoY and came in at | 31.2 crore. EBITDA was at | 41.2 crore, up 21.2% YoY owing to reduced...

TV Today reported a weaker than estimated set of numbers in all segments for Q1FY21 led by sharp de-growth in the broadcasting segment. Operating revenue fell 31.9% YoY to | 167.7 crore with TV broadcasting revenue at | 137.8 crore (33.7% YoY de-growth) due to low ad volumes and high base effect (general elections in Q1FY20). Radio segment reported a sixth consecutive quarterly de-growth with revenues declining 70% YoY at | 20 lakh. Growth momentum of digital revenue came to a halt. It fell 4.6% YoY at | 27.6 crore. EBITDA was at | 30 crore, down 59.7% YoY as the topline...

TV Today reported a strong set of numbers on all fronts for Q4FY20 led by healthy growth in broadcasting and continued strong traction in the digital segment. Operating revenue came in at | 208.3 crore, up 19.1% YoY with TV broadcasting revenue at | 169.1 crore (19.5% YoY growth) driven by events like Delhi election and spread of Covid-19 followed by a nationwide lockdown, which kept viewers glued to news channels. Radio segment disappointed again with revenues declining 30% YoY at | 3.7 crore due to a weakened macroeconomic setup. Digital revenue continued to surprise...

Bracing for washout FY21 but FY22 may be bumper Ad revenues to be hit hard by Covid-19 in FY21 Advertisement revenues of broadcasters have been under pressure in FY20 on account of macroeconomic challenges. Going into FY21, the Covid-19 impact is expected to result in a washout April, 2020 followed by a slow recovery and normalisation only by H2FY21 led by a benign base and gradual recovery in economy. April revenue hit will also be on account of a steep loss of market share of most GECs to Doordarshan that is now thriving...

Broadcasting revenue growth of only 1.5% YoY was reflective of lack of events and an overall muted ad environment. Going ahead, the management has indicated that October has started well on account of festivities but remain sceptical of overall growth given the macroeconomic challenges. We bake in ~7% broadcasting revenues growth in H2FY20 and ~10% growth in FY21E to | 754 crore. Monetisation across digital platform remains robust. The company expects the growth momentum to be robust over the next couple of year on a low revenue base. We bake in ~22% CAGR...

The TV broadcasting revenue (consolidated) grew a strong 31% YoY for the quarter, in line with 30%+ revenue growth reported by its peers. It is noteworthy that its flagship Hindi news channel Aaj Tak' maintained its leadership position in Hindi news segment. It is also important to note that Republic Bharat, Hindi news channel of the Republic group, which earlier pushed Times Now' to No. 2 position in English news segment to claim leadership position, has not impacted Aaj Tak' as it continues to maintain its viewership market share upwards of 24%. On the contrary, the...

In our meeting, management of TV Today highlighted that new tariff order has led to temporary disruption by impacting reach but normalcy will be regained once the transition period is over. While competitive intensity in Hindi news genre market has increased considerably post entry of Republic Bharat;...

TV Today reported a weak set of numbers as the dual impact of new tariff order (NTO) and pre-emptive volume cut to improve ad volume led to a steep decline in TV broadcasting revenues of 11% YoY to | 141.5 crore. We note that this was a steeper decline than Zee Media and TV18 (business, national news) that reported 3.9% YoY and 1% YoY revenue decline for the quarter, respectively, due to NTO impact. The overall topline at | 165.7 crore was down 8.6% YoY. The performance of the radio business was also weak as it reported ~32% YoY revenue decline (albeit on a small base) to | 4.7...

The company reported a topline of | 199.4 crore, up 6.3% YoY, much lower than our estimate of | 212 crore. The miss was owing to broadcasting revenues, which reported 4% YoY growth to | 170.6 crore (vs. our expectation of 15% YoY growth). The radio business revenues reported ~12% YoY growth at | 7.0 crore (vs. our...

ENIL saw a stellar 3QFY19, with revenues growing 36% YoY to INR2b, backed by healthy mix of growth in old and new stations, shift in the festive season to 3Q, and contribution from mega-international artist concerts (healthy F&B; revenue). Yet, EBITDA grew 14% YoY (in-line) to 7 February 2019 INR404m, with a 400bp margin contraction to 20.1% due to losses incurred from mega concerts. Ex-international concerts, revenue grew 20% YoY with a strong 37% YoY growth in EBITDA. PAT at INR160m grew 22% YoY (in-line). For 9MFY19, revenue /EBITDA/PAT grew 18%/18%/55% YoY. (3) The company is following up with MIB for approval on the acquisition of TV Today radio stations. We largely maintain our estimates; expect strong 41% EBITDA CAGR (on a low base) over FY19-21, primarily on the back of healthy 17% revenue CAGR. Potential gains from the acquisition of three TV Today radio stations (pending approvals) could provide further upside.

For 2QFY2019, TV Today Network Ltd (TTNL) posted results below our expectations on both top-line as well as bottom-line fronts. Revenue grew by 3.5% yoy to `163cr due to subdued ad revenue growth. On the operating front, margins contracted by 428bp yoy, which resulted in PAT de-growth of ~6% yoy to `30cr. Outlook and Valuation: Going forw..

The company reported a topline of | 163.3 crore, lower than our estimate of | 172.2 crore. The miss was owing to broadcasting revenues, which were flattish at | 140.2 crore (vs. 7% YoY growth expectations). Ad growth for TV Today was much lower than Zee Media & TV18 news business, which reported revenue growth of ~34.5% YoY & 18%YoY, respectively, during the quarter EBITDA came in at | 44.6 crore, below our expectations of | 51.7 crore, given lower revenues. EBITDA margins, thus, came in at 27.3%...

In Q1FY19, TV Today reported topline of | 181.9 crore, up 10.5% YoY, slightly lower than our estimate of | 186.8 crore. Broadcasting revenues at | 158.9 crore were up ~10% YoY (a tad lower than expected growth: ~13% YoY) & weaker than Zee Media, TV18 news business that reported revenue growth of ~35%, 14% YoY, respectively, in the quarter. Radio business revenues, down ~15%...