GTPL Hathway Ltd. share price target

Reported PAT was at | 54.6 crore, up ~21% YoY, mainly aided by lower depreciation and higher other income What should investors do? GTPL's share price has grown by ~48% over the past...

Cable TV business stable; new market penetration key Subscription revenues was flat YoY. Placement/carriage income jumped ~35% YoY at | 179.7 crore, driving growth in the CATV business. On the subscription front, ARPU generated was at | 122, marginally lower QoQ. Active subscribers (8 million) and paying subscribers (7.5 million) registered growth of 100K and 150K, respectively, compared to growth of 50K in Q3FY21. GTPL added 0.5 mn residential customers in FY21 and lost nearly same number of commercial customers due to the pandemic. The company...

Subscription revenues was up 5.3% YoY. Placement/carriage income was up sharply by ~58% YoY at | 164 crore, driving the growth in CATV business. On subscription front, ARPU generated was at | 123, flattish QoQ. Active subscribers (7.9 million) and paying subscribers (7.3 million) registered growth of 50K each compared to the growth of 100K in Q2FY21 as corporate customer acquisition was hindered in November due to intermittent lockdown. The company is targeting 50% growth in cable TV subscribers over next two to three years on the back of expansion in newer...

Stable core business print; ARPU impacted by festive discounts On the subscription front, ARPU generated was | 118 (vs. | 121 in Q2FY20) as discounts offered by broadcasters during the festive period brought down the ARPU. The company added 0.1 million active subscribers in CATV business while paying subscribers were at 7.35 mn. On the broadband front, the ARPU was flattish at | 415 while the company added ~20,000 subscribers, of which ~10,000 were FTTx subscribers. The company also entered Tamil Nadu during the quarter but added that they would share...

GTPL reported consolidated quarterly financials for the first time since listing. 1QFY19 topline growth of 15.4% yoy was led by video subscription revenue [VSR: +30% yoy], while broadband growth was muted [+3.2%]. 1Q EBITDA growth of c.19% was on the lower side versus full-year expectations, because of muted activation revenues [-3%] and higher growth in content cost [+18%]. Nonetheless, growth in adjusted EBITDA (i.e. ex-activation) was fairly robust at 31%. Net profit [-16%] was impacted by FX losses and higher tax rate. We raise VSR forecasts assuming higher STB additions, but reduce BB revenues based on lower ARPU assumptions; we conservatively forecast BB ARPU of INR 400 in FY20 and beyond, down 12.5% from INR 457 in FY18. Our medium-term capex forecasts are also...

Quarterly performance tracking aheadraising TP to INR 225 GTPL's 9M-FY18 results point to a better-than-expected performance of the video [cable] business, and therefore we raise our TP to INR 225 from INR 200 previously, based on: (1) higher EBITDA forecasts; (2) lower capex; and (3) DCF rollover to Mar-19 from Sep-18. GTPL remains the best run and the most undervalued video business among listed MSOs, having exposure to a secular home-broadband-growth opportunity. Our revised forecasts imply a 47% EBITDA growth in FY18 [versus 37% previously], followed by an 18% CAGR over the next two years [FY18E-20E]. PAT is likely to triple over a three year...

GTPL Hat hway Ltd. (GTPL) was initially incorporated by Aniruddhasinhji Jadeja and K anaksinh Rana, through the consolidation of cable service businesses in Ahmedabad and Vadodara. In October 2007, Hathway acquired a 50% share of...

The Fresh Issue - Company proposes to utilise the funds repayment/pre-payment, in full or part, of certain borrowings; and general corporate purposes. The Offer for Sale - Company will not receive any...

GTPL Hathway Ltd (GTPLH) is a leading regional MSO in India, offering cable television and broadband services. It was the number 1 MSO in Gujarat with a market share of 67% of cable television subscribers in 2015, accounting for approximately 3.7 million of 5.6 million cable television households in Gujarat and number 2 MSO in Kolkata and Howrah in West Bengal with a market share of 24% of cable television subscribers in this market in 2015, accounting for approximately 0.7 million of 3.0 million cable television households in Kolkata and Howrah. Gujarat is an important market for broadcasters and advertisers as it contributed to more than a 5% viewership share on an all- India basis and more than 8% of the Hindi speaking market in India in 2015. GTPLH accounted for a 14% share of the total cable carriage and placement fee market in India in Fiscal 2016....

GTPL Hathway Ltd. (GTPL) is a leading regional multi system operator (MSO) in India, offering cable television and broadband services. It is the number one MSO in Gujarat with a market share of...

GTPL Hathway Ltd. (GTPL) was initially incorporated by Aniruddhasinhji Jadeja and Kanaksinh Rana, through the consolidation of cable service businesses in Ahmedabad and Vadodara. In October 2007, Hathway acquired a 50% share of business. GTPL is a leading regional Multi System Operator (MSO) in India, offering cable television and broadba..

IPO Note - GTPL Hathway Limited Issue Open: June 21 - June 23 2017, Price Band: Rs. 167 - 170. Issue Size: 28,517,650 Equity Shares (including Fresh issue of 14,117,650* Equity Shares + Offer for sale 14,400,000 equity shares)