Latin Manharlal Securities Pvt Ltd. 124 Viraj, S,V.Road, Khar (W), Mumbai S t o c k I d e a
|
|
- Marsha Angel Stevenson
- 5 years ago
- Views:
Transcription
1 S t o c k I d e a Date: 01-June -12 CMP: `161 TARGET: `209 Upside: 30% B U Y SENSEX NIFTY 4842 Eq. Cap. (` Crs) Face Value (`) 10.0 M. Cap (` Crs) `1,478 BSE Code NSE Code Financial Year EROSMEDIA Apr-Mar 52-w H/L 277/148 Avg. Daily Vol. 35,814 TTM EPS (`) TTM P/E (x) 10.0x BVPS (`) P/BVPS (x) 1.8x Stock vs. Sensex Latin Manharlal Securities Pvt Ltd. 124 Viraj, S,V.Road, Khar (W), Mumbai EROS INTERNATIONAL MEDIA LTD. (EROS) Incorporated in 1994, Eros International Media Ltd (Eros) part of Eros Group - is one of the market leaders in the Indian film industry and has been one of the pioneers in taking Indian films to the global audiences by leveraging its wellestablished distribution network. The company co-produce, acquire and distribute Indian language films in multiple formats worldwide including; theatrical, television syndication & digital platforms. Strong Parentage + Over 3 decades of presence Being part of the Eros group, it enjoys strong parentage. The group has three decades of experience in its domain and has come a long way from being a mere film distributor to being a content aggregator. It has built a successful business model by co-producing, acquiring and distributing Hindi and other Indian regional language films across multiple channels such as theatre, television and digital new media platforms. Unparalleled market position of Eros Largest library of Indian entertainment with over 1,100 titles, Exploitation of old content on new platforms, Stable, recurring cash flows. Well established distribution network of Theatre / TV, Internet and mobile, Music / Radio / Ringtones / Print. Long-term relationship with talent: Mutually advantageous and long-term partnerships with film talent over many years, Timely execution of talent deals gives Eros International a significant competitive advantage. Healthy Box Office performance in FY12 The company released a total of 77 films during FY12, including 27 Hindi and 50 regional language films. In CY2011, 4 of the top 10 Box Office grossing Hindi language films in India were Eros films (Source: Box Office India). Positive Start to FY13E: Housefull 2 (Blockbuster) + Vicky Donor (Super Hit) Housefull 2 has so far crossed earned a net Box Office collection of `144 Crs worldwide. Vicky Donor a small scale movie release has reported a net Box Office collection of `45 Crs worldwide so far. With several high budget Hindi releases lined up across the year, CY2012E is expected to sustain the growth momentum witnessed in CY2011. Catalogue Monetization: reliable source of recurring cash flow Eros currently has a library comprising 1,100-plus films, which provides a reliable source of recurring cash flow. Even if the company does not produce any films, it can still earn revenues by monetizing its library. Currently, ~15 % of the total revenues come purely from Eros library monetization and the company expects that this percentage will grow going forward given that there are going to be lot more platforms to deliver the content. Acquisition of B4U Television Network to boost its presence Eros has plans to acquire the remaining 76% in B4U Television Network in a cash-plus-stock deal worth US$53.1 mn. B4U generates bulk of its revenues internationally, mostly through the fees earned from being a part of a cable or satellite service provider s subscription package, and also from advertising within India. We believe the deal will boost Eros presence in the entertainment value chain. At the CMP of `161, the stock is trading at 7.7x its FY13E EPS of ` We recommend BUY on the stock with a months target price of `209, providing an upside of 30% from the current levels. Please Refer DISCLAIMER on the Last Page
2 Company Profile Over 3 decades of presence in Indian film industry Eros International Media Ltd (Eros) part of Eros Group - is one of the market leaders in the Indian film industry and has been one of the pioneers in taking Indian films to the global audiences by leveraging its well-established distribution network. The company co-produce, acquire and distribute Indian language films in multiple formats worldwide including; theatrical, television syndication & digital platforms. Eros has aggregated rights to over 1,100 films in its library, plus an additional 700 films for which it hold digital rights only. A strong film slate, unparalleled distribution network, a remarkable film catalogue backed by its de-risking of revenues approach has been the backbone of growing profits for the company. Operating Activities Content Aggregation IPR Owner Maximum Monetization Source: Company Revenue Model Revenue Streams Medium Risk Low Risk All India Theatrical Rights International Rights Broadcast Rights Home Entertainment Music Rights Mobile/Internet etc ~40% of Revenue + ~60% of Revenue Eros International Media Ltd June-2012
3 INVESTMENT POSITIVES Strong Parentage + Over 3 decades of presence Strong distribution network spans over 50 countries Being part of the Eros group, it enjoys strong parentage. The group has three decades (35 years) of experience in its domain and has come a long way from being a mere film distributor to being a content aggregator. It has built a successful business model by co-producing, acquiring and distributing Hindi and other Indian regional language films across multiple channels such as theatre, television and digital new media platforms. The group has a strong distribution network that spans over 50 countries, with offices in India, UK, USA, Dubai, Australia, Fiji, Isle of Man and Singapore. In 2006, Eros International Plc, the holding company of the Eros Group, became the first Indian media company to list on the Alternative Investment Market (AIM) of the London Stock Exchange. Media & Entertainment Sector poised for growth India's M&E sector expected to double to `1457 bn by CY2016 from current `728 bn in CY11 20% 15% 10% Movie cost break-up 55% Artist Fees (Star cast, Director, Camera man) Pre-Production Exp. Production Post-Production Expenses Indian media industry has been one of the fast growing sectors in the economy, on the back of (i) Young India s propensity to spend on discretionary entertainment and (ii) Rising per capita income levels. According to FICCI-KPMG Report 2012, India's media and entertainment (M&E) sector registered 12% growth in 2011 to reach `728 billion and it is expected to register a CAGR of 15% by 2016 to reach `1457 billion (to double from 2011) The growth trajectory is backed by strong consumption in Tier 2 and 3 cities, continued growth of regional media, and fast increasing new media business. The growing M&E sector and improving technologies like Digital screens, Video-On-Demand (VOD) and Blu Ray output formats augur well for Eros. Cable digitisation, launch of diverse content delivery platforms, the promise of wireless broadband, increasing DTH penetration, digitisation of film distribution, growing Internet use also holds positive for the M&E sector. Co-Production Movie making: a risk mitigating measure positive for the M&E sector Co-production is not only about collaborating but a risk mitigating measure that is gaining importance for the Indian film industry faced with the vagaries of box office performance. However in recent years, a number of filmmakers and film production houses collaborated as partners, thereby sharing the cost of the film and along with it the risks and gains too. Co-production not only mitigates risk but it does improve prospects for bringing in funds through the organised sector. This also attract institutional financiers to offer funds for co-production film projects as they see it less riskier than where one producer is involved. Eros International Media Ltd June-2012
4 Unparalleled market position of Eros Largest library of Indian entertainment with over 1,100 titles, Exploitation of old content on new platforms, Stable, recurring cash flows. Indian Box Office Share (Hindi movies) United Kingdom Box Office Share Source: Company Strong relationship with talent and production houses Well established distribution network of Theatre / TV, Internet and mobile, Music / Radio / Ringtones / Print. Long-term relationship with talent: Mutually advantageous and longterm partnerships with film talent over many years, Timely execution of talent deals gives Eros International a significant competitive advantage. Healthy Box Office performance in FY12 The company released a total of 77 films during FY12, including 27 Hindi and 50 regional language films. The list includes Hindi hits like Ra. One, Zindagi Na Milengi Dobara, Ready, Rockstar and Desi Boyz and Tamil films like Velayudham, Mambattiyan, Engeyum Kadhal, Vedi, 3, Rajapattai, Nanban. Released a total of 77 films during FY12, including 27 Hindi and 50 regional language films. Source: Company, LMSPL Research In CY2011, 4 of the top 10 Box Office grossing Hindi language films in India were Eros films (Source: Box Office India). Apart from that Eros has the overseas distribution rights for Agneepath which was one of the biggest grosser of FY12. Eros International Media Ltd June-2012
5 Positive Start to FY13E: Housefull 2 (Blockbuster) and Vicky Donor (Super Hit) Housefull 2 becomes the first movie in FY13 to cross net Box Office collection of `100 Crs and has so far crossed earned a net Box Office collection of `144 Crs worldwide. Vicky Donor a small scale movie release has got very good response and has reported a net Box Office collection of `45 Crs worldwide so far. Eros has already signed up for almost 60 % of the film slate in FY2013E With several high budget Hindi releases lined up across the year, CY2012 is expected to sustain the growth momentum witnessed in CY2011. The Indian film industry (currently at ~`93 billion) is projected to grow at a CAGR of 10.1% to touch `150 billion in (Source: FICCI-KPMG 2012 report). Given this backdrop and with the company having already signed up for almost 60 % of the film slate in FY2013E, backed by strong Balance sheet, size, scale, robust content, and distribution strategy we believe Eros is well poised to take advantage of this projected growth. Good Visibility for FY13E & FY14E Source: Company Eros International Media Ltd June-2012
6 Catalogue Monetization: reliable source of recurring cash flow ~15 % of the total revenues come from Eros library monetization Eros currently has a library comprising 1,100-plus films, which provides a reliable source of recurring cash flow and enables the company to adopt a "bundling" licensing strategy which is a key competitive advantage. Even if the company does not produce any films, it can still earn revenues by monetizing its library. The company monetizes its film catalogue via television syndication deals and providing digital content for DTH satellite, IPTV, VOD, internet channels and other such services which further diversify the company revenue streams. Eros has also digitized its movie library to take further advantage of digital opportunities (digitalization). Currently, ~15 % of the total revenues come purely from Eros library monetization and the company expects that this percentage will grow going forward given that there are going to be lot more platforms to deliver the content. Eros has also started making its content 3Gcompatible due to increased demand for tablets and 3G enabled mobiles. Acquisition of B4U Television Network: will boost its presence in the entertainment value chain The acquisition will also open up a new revenue stream for Eros Eros has plans to acquire the remaining 76% (as it already holds 24% stake) in the digital broadcasting firm B4U Television Network in a cash-plus-stock deal worth US$53.1 mn (`270 Crs). B4U Television is a global television network that provides Indian programming across two digital television channels, B4U Music and B4U Movies. B4U is available in more than 100 countries, including India, the UK, the US, Canada and countries in Middle East and Africa. It generates bulk of its revenues internationally, predominantly through the fees earned from being a part of a cable or satellite service provider s subscription package, and also from advertising within India. We believe the deal will boost Eros presence in the entertainment value chain from being a content creator and distributor to a company reaching the last-mile content consumer. The acquisition will also open up a new revenue stream for Eros and that, too, with an apparently profit-making entity. CONCERNS Financials are depended on fate of Movies released. Other entertainment sources like Cricket affect footfalls in Multiplexes affecting Film performance at Box Office. Eros International Media Ltd June-2012
7 VALUATIONS At the CMP of `161, the stock is trading at 7.7x its FY13E EPS of ` We recommend BUY on the stock with a months target price of `209, providing an upside of 30% from the current levels. Source: Company, Capitaline Registered Office: 124 Viraj, S,V.Road, Khar (W), Mumbai Tel. (022) , Fax (022) research@lmspl.com LMSPL Network: Fort, Mahalaxmi, Parel, Bandra, Santacruz, Vile Parle, Andheri, Malad, Kandivili, Borivali, Bhayender, Ghatkopar, Mulund, Chunabhatti, Jacob Circle, Masjid Bunder, Cotton Green, Thane, Bhiwandi, Panvel, Pune, Sholapur, Nasik, Malegoan, Ahmednagar, Aurangabad, Akola, Mahekar, Nagpur, Surat, Karjan(Baroda), Khambat, Ahmedabad, Rajkot, Surendranagar, Porbandar, Amreli, Bharuch, Anand, Chennai, Vishakhapatnam, Vizianagaram, Palasa, Kakinada, Karnal, Kolkatta, Bhubhaneshwar, Hyderabad, Bangalore, Jafrabad, Chital, Kodinar, Keshod, Gondal, Haryana, Srikakulam, Mehkar (Buldhana, Jamnagar, Bangalore, Jodhpur, Jalgaon, Malkangiri (Orissa), Karimnagar Dist. (Andhra Pradesh) This document is for information only and is meant for the use of the recipient & not for circulation. The information contained in this document has been taken from publicly available information, trade and statistical services & other sources. While the information contained herein is from sources believed to be reliable, we do not hold ourselves responsible for its completeness and accuracy. All opinions and estimates included in this report constitute our judgement as of this date and are subject to change without notice. Investors are expected to use the information contained in this report at their own risk. This report is not and should not be construed as an offer or the solicitation of an offer to buy or sell any securities. M/s Latin Manharlal Securities Pvt. Ltd. and its affiliates may act as market maker or have assumed an underwriting position in the secure-ties of companies discussed herein and may sell them to or buy them from customers on a principal basis. Eros International Media Ltd June-2012
Weekender November 04th, 2011
Weekender November 04th, 2011 Index Closing Chg Chg(%) Sensex 17562.61-242.19-1.4% Nifty 5284.2-76.50-1.4% Auto 9248.17-322.95-3.4% Bankex 11302.24-70.25-0.6% Cap Goods 11002.58-32.96-0.3% Cons Durables
More informationEros International Plc Corporate Presentation
Eros International Plc Corporate Presentation Jefferies Global TMT Conference May 2014 A Leading Global Indian Film Entertainment Company Leading co-producer, acquirer and distributor of Indian language
More informationEros: A Multi-Platform Model
Eros: A Multi-Platform Model l Leading player in a growing and underpenetrated cinema market Eros has had an average 3 out of top 10 India Box Office hits for the past five years Film pre-sales facilitated
More informationExtraordinary Together. Zee Entertainment Entertainment Content Company
Extraordinary Together Zee Entertainment 360 0 Entertainment Content Company Presentation Flow India M&E Industry Domestic Broadcast Movies & Music A to ZEE of Content Leadership Digital International
More informationINVESTOR PRESENTATION. June 17
INVESTOR PRESENTATION June 17 Company Overview India s largest cinema chain Leadership position in India with approx. 40% share of Hollywood Box Office and approx. 25% share of 75 Million Guests 587 Screens
More informationExtraordinary Together. Zee Entertainment Entertainment Content Company
Extraordinary Together Zee Entertainment 360 0 Entertainment Content Company Presentation Flow India M&E Industry Domestic Broadcast Digital A to ZEE of Content Leadership Movies & Music International
More informationCorporate Presentation Q2 FY December, 2017
Corporate Presentation Q2 FY 2018 December, 2017 1 Eros the leading Indian film studio Executive Summary Eros: a media company transforming into a digital company 1 2 3 4 5 A global leader in Indian film
More informationExtraordinary Together. Zee Entertainment Entertainment Content Company
Extraordinary Together Zee Entertainment 360 0 Entertainment Content Company Presentation Flow India M&E Industry Domestic Broadcast Digital A to ZEE of Content Leadership Movies & Music International
More informationExtraordinary Together. Zee Entertainment Entertainment Content Company
Extraordinary Together Zee Entertainment 360 0 Entertainment Content Company Presentation Flow India M&E Industry Domestic Broadcast Movies & Music A to ZEE of Content Leadership Digital International
More informationINVESTOR PRESENTATION. March 2016
INVESTOR PRESENTATION March 2016 DISCLAIMER Safe Harbor: - Some information in this report may contain forward-looking statements. We have based these forward looking statements on our current beliefs,
More informationUBS Media and Communications Conference December 6th, 2016
UBS Media and Communications Conference December 6th, 2016 December 2016 Content is King New film mix 65-70 films each year Co-production Acquisition Trinity Pictures Hindi Regional language International
More informationUTV Software Communications Limited
UTV Software Communications Limited EARNINGS RELEASE FOR THE QUARTER AND YEAR ENDED MAR 31, 2007 FY2007 as compared to FY2006 Total revenues Rs 2,030 million, from Rs 2,182 million Operating Income Rs
More informationVista Group International Limited 2015 Annual General Meeting Chairman s Address
Vista Group International Limited 2015 Annual General Meeting Chairman s Address Before moving to the formal business of today s meeting, I would like to comment on some of the Group s activities and achievements
More informationStrong all-round performance drives growth
Strong all-round performance drives growth Domestic advertising revenue grew by 23.3% YoY to Rs. 11,526 mn Domestic subscription revenue grew by 26.0% YoY to Rs. 5,093 mn EBITDA grew by 37.6% YoY to Rs.
More informationHathway Cable &Datacom Limited
PRESS RELEASE UNAUDITED STANDALONEFINANCIAL RESULTS FOR THE QUARTER ENDED 31 st DECEMBER, 2014 Standalone Statement of Accounts Q3FY15 (Unaudited) The Board of Directors of Hathway Cable and Datacom Limited
More informationMACQUARIE CONFERENCE Wednesday 2 May, 2018
MACQUARIE CONFERENCE Wednesday 2 May, 2018 2017 Financial Highlights Global Cinema Screens Introducing Kimbal Riley Vista Group - Growth Movio Will Palmer Questions 2 2 OPERATING SEGMENTS CINEMA MOVIO
More informationspackmanentertainmentgroup
NEWS RELEASE spackmanentertainmentgroup SPACKMAN ENTERTAINMENT GROUP SWINGS TO PROFITABILITY, RECORDING A NET PROFIT OF US$3.0 MILLION FOR FY2017 Profitability came on the back of a 36% year-on-year increase
More informationDRAFT Changing TV Landscape
DRAFT Changing TV Landscape June 2013 Sony Group Corporation Strategy Division 2010 MRP 1 Changing Television Landscape TV distribution and consumption are changing all over the world In the U.S. and other
More informationDQ Entertainment (International) Limited, India
DQ Entertainment (International) Limited, India Management Perspective on Q 1 results and year ahead: Earnings Release For the quarter ended June 30, 2010 As reported in the management guidance issued
More informationINVESTOR PRESENTATION. February 2017
INVESTOR PRESENTATION February 2017 Disclaimer Safe Harbor: - Some information in this report may contain forward-looking statements. We have based these forward looking statements on our current beliefs,
More informationNetflix: Amazing Growth But At A High Price
Netflix: Amazing Growth But At A High Price Mar. 17, 2018 5:27 AM ET8 comments by: Jonathan Cooper Summary Amazing user growth, projected to accelerate into Q1'18. Contribution profit per subscriber continues
More informationIPL woos digital consumers
IPL woos digital consumers Client profile The Indian Premier League (IPL) is a professional cricket league created and promoted by the Board of Control for Cricket in India (BCCI) and backed by the International
More informationEros International Media Ltd.
Eros International Media Ltd. Registered Office: 201, KailashPlaza, Plot No. A-12, Opp. Laxmi Industrial Estate, Off New Link Road, Andheri (West), Mumbai 400053. Earnings Release for the quarter ended
More informationCapital Markets Day New Distribution Strategy. Conrad Albert, October 5, 2011
Capital Markets Day New Distribution Strategy Conrad Albert, October 5, 2011 2001-2011: Significant changes in landscape DISTRIBUTION One-device landscape: Non-mobile TV 2001 2011 Multi-device landscape:
More informationDigitization- The game changer. DEN well poised to benefit from digitization
STOCK POINTER Den Networks Ltd. BUY Target Price `21 CMP `124 FY14 PE 17.6x Index Details Sensex 17,633 Nifty 5,348 BSE 1 5,341 Industry Cable TV Scrip Details Mkt Cap (` cr) 1,638 BVPS (`) 61 O/s Shares
More informationUTV Software Communications Limited
UTV Software Communications Limited EARNINGS RELEASE FOR THE QUARTER ENDED JUN 30, 2007 UTV s Consolidated Results for 1QFY2008 as compared to 1QFY2007 Total revenues Rs 571 million, up by 9% EBITDA Rs
More informationGlobal Invacom Group Limited. FY2014 Results Presentation 26 February 2015
Global Invacom Group Limited FY2014 Results Presentation 26 February 2015 Presentation Outline 1 Global Invacom Overview 2 Recent Corporate Developments 3 FY2014 Financial Highlights 4 Strategy, Outlook
More informationZEE TELEFILMS LIMITED
ZEE TELEFILMS LIMITED ZEE REPORTS CONSOLIDATED REVENUES OF RS 3,075 MILLION, UP 10.2% OPERATING PROFIT INCREASED BY 13.7% TO RS 1,077 MILLION NET PROFIT INCREASED BY 36% to RS 709 MILLION 3Q FY2003 - Highlights!
More informationBROADCASTING DISTRIBUTION STATISTICAL AND FINANCIAL SUMMARIES. Cable, Internet Protocol Television (IPTV) and Direct-to-Home (DTH)
BROADCASTING DISTRIBUTION Cable, Internet Protocol Television (IPTV) and Direct-to-Home (DTH) STATISTICAL AND FINANCIAL SUMMARIES 2013-2017 CONSUMER AFFAIRS AND STRATEGIC POLICY TABLE OF CONTENTS SECTION
More informationTMT Conference. London, 7 th June 2006
TMT Conference London, 7 th June 2006 Mediaset 2003-2006, Consistency with our Strategy Focus on the Core Business Profitability Assessing All the Growth Opportunities November 2002 TECHNOLOGICAL DEVELOPMENT
More informationAn Economic Overview, Stocks vs. Bonds, and An Update on Three Stocks
Excerpt: Netflix Slides An Economic Overview, Stocks vs. Bonds, and An Update on Three Stocks Whitney Tilson Value Investing Congress October 1, 2012 T2 Accredited Fund, LP Tilson Offshore Fund, Ltd. T2
More informationDate: 27 th April 2015 UFO-MOVIEZ INDIA-IPO. Issue Size and Purpose
Date: 27 th April 2015 UFO-MOVIEZ INDIA-IPO Issue Size and Purpose The company is coming out with an initial public offering (IPO) amounting to Rs 600 crore at an price band of Rs 615-625 per share of
More informationOntario feature films continue to receive attention at home and abroad for their excellence:
Introduction The feature film sector includes a variety of players who perform a range of functions in the feature film supply chain. The film production community creates the content; distributors negotiate
More informationBFI RESEARCH AND STATISTICS PUBLISHED AUGUST 2016 THE UK FILM MARKET AS A WHOLE. Image: Mr Holmes courtesy of eone Films
BFI RESEARCH AND STATISTICS PUBLISHED AUGUST 2016 THE UK FILM MARKET AS A WHOLE Image: Mr Holmes courtesy of eone Films THE UK FILM MARKET AS A WHOLE The UK is the third largest film market in the world,
More informationBUY. Sun TV Network Ltd (STNL) Result Update: Q3 FY 11 SYNOPSIS. Target Price: Rs Date: 17 Mar Share Holding Pattern
Sun TV Network Ltd (STNL) Result Update: Q3 FY 11 C.M.P: Rs.432.00 Target Price: Rs.497.00 BUY Date: 17 Mar 2011 Stock Data: Sector: Media Face Value Rs. 5.00 52 wk. High/Low (Rs.) 556.50/370.55 Volume
More information+ = Triple Play Powerhouse. The culmination of a long-term strategic goal
+ = Triple Play Powerhouse The culmination of a long-term strategic goal January 16, 2007 Safe Harbor This presentation contains forward-looking statements which are subject to safe harbors created under
More informationShareholder Categories No. of Shares % Holding No. of Shares % Holding
I P O N O T E Midvalley Entertainment Ltd. January 07, 2011 Price Band : `64-70per share Minimum Bid Lot Size : 95 Equity Shares Maximum Bid Lot Size : 2850 Equity Shares IPO open during : January 6-12,
More informationRUSSIA / UKRAINE / OTHER CIS INVESTMENT OPPORTUNITY JULY 23, 2007
RUSSIA / UKRAINE / OTHER CIS INVESTMENT OPPORTUNITY JULY 23, 27 Executive Summary SPTI has an opportunity to launch its first channel in Russia and the CIS and provide a platform for a strong networks
More informationSlide 1. Fox Kids Europe NV
Slide 1 Fox Kids Europe NV Financial Results - Six Months Ended November 30, 2000 February 28, 2001 Slide 2 Operating Review Ynon Kreiz Chairman & CEO Slide 3 H1 01 Highlights! Successful roll-out of new
More informationFuture of TV. Features and Benefits
Future of TV This report assesses the future of TV in all its forms, encompassing content, technology, consumer appliances and devices, mobile devices, evolving media and broadcast business models, the
More informationCoinstar, Inc. Analyst Day May 16, 2012
Coinstar, Inc. Analyst Day May 16, 2012 Redbox Business Review Gregg Kaplan President and COO Coinstar, Inc. Safe Harbor for Forward Looking Statements Various remarks that we may make about future expectations,
More informationMANAGEMENT DISCUSSION AND ANALYSIS
DIRECTORS REPORT MANAGEMENT DISCUSSION AND ANALYSIS MANAGEMENT DISCUSSION AND ANALYSIS Almost three years after the cable digitisation drive in India began, the Cable & Satellite (C&S) segment of the Media
More informationHouse of Lords Select Committee on Communications
House of Lords Select Committee on Communications Inquiry into the Sustainability of Channel 4 Submission from Ben Roberts, Director BFI Film Fund on behalf of the British Film Institute Summary 1. In
More informationNet Sales EBIDTA PAT EPS (Rs.)
C.M.P: Rs.515.00 Stock Data Sector Face Value (Rs.) 52 wk. High/Low (Rs.) Volume (2 wk. Avg.) Sun TV Network Ltd (STNL) 1 Year Comparative Graph SUN TV LTD Peer Group Investment Highlights Media 5.00 547.00/319.15
More informationNetflix Inc. (NasdaqGS:NFLX) Company Description
Analyst: Anthony Petretti Sector: Consumer Discretionary Valuation: Netflix Inc. Ticker: (NasdaqGS:NFLX) Date: 12/18/2017 Current Price: $190.42 Recommendation: Short Company Description Investment Thesis
More informationDEN Networks Limited Investor Update: Q1 FY
DEN Networks Limited Investor Update: QUARTER FINANCIALS I. CONSOLIDATED 1. Year on Year ( vs. Q1 FY 2012-13) Consolidated Revenues Up 37% Y-o-Y Consolidated Revenues for Q1 FY 14 were Rs 275.42 crores
More informationJune 27, 2018 I Industry Research. Media and Entertainment Television segment. Overview
Media and Entertainment Television segment Contact: Madan Sabnavis Chief Economist madan.sabnavis@careratings.com +91-22-6754 3489 Vahishta M. Unwalla Research Analyst vahishta.unwalla@careratings.com
More informationADB Group Presentation
ADB Group Presentation This presentation contains forward-looking statements. You are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties,
More informationAT&T Investor Update. 2Q08 Earnings Conference Call July 23, 2008
AT&T Investor Update 2Q08 Earnings Conference Call July 23, 2008 2008 AT&T Intellectual Property. All rights reserved. AT&T, the AT&T logo and all other marks contained herein are trademarks of AT&T Intellectual
More informationCatalogue no XIE. Television Broadcasting Industries
Catalogue no. 56-207-XIE Television Broadcasting Industries 2006 How to obtain more information Specific inquiries about this product and related statistics or services should be directed to: Science,
More informationP V R T O A C Q U I R E S P I C I N E M A S A U G U S T
P V R T O A C Q U I R E S P I C I N E M A S A U G U S T 2 0 1 8 DISCLAIMER Safe Harbor: - Some information in this report may contain forward-looking statements. Forward-looking statements may be identified
More informationJOINDRE CAPITAL SERVICES LTD. SEBI REGN NO. INH / INB / INB
RESEARCH REPORT 14 th Nov 2017 GTPL HATHWAY LIMITED NSE : GTPL Sector: MEDIA & MSO BSE: 540602 View - BUY CMP : Rs. 144 Target Price: Rs 190 (In next 12 to 18 mths) BUSINESS BACKGROUND GTPL Hathway Ltd.
More informationQuarterly Performance Update Q3 FY19
Quarterly Performance Update Q3 FY19 Business Operations Continues to be Strong Balaji Telefilms continues to build an exciting and consumer centric entertainment business. Our TV business remains the
More information2 nd Quarter 2014 Investor s Briefing Financial and Operating Results August 13, ABS-CBN Investor Presentation
2 nd Quarter 214 Investor s Briefing Financial and Operating Results August 13, 214 1 2nd Quarter 214 Highlights Launched ABS-CBN Digital Storefront ABS-CBN Events Recognitions and Awards Mrs. Charo Santos-Concio,
More informationM RKET FICCI FRAMES. at March 5-7, 2018, Mumbai Content Connect Commerce
FICCI M RKET FRAMES March 5-7, 2018, Mumbai Content Connect Commerce at FR MES 2018 Indian Media & Entertainment Industry 1500 Films The Media and Entertainment (M&E) industry is one of the most dynamic
More informationStrong all-round performance
Strong all-round performance Domestic advertising revenue grew by 20.6% YoY to Rs. 13,719 mn Domestic subscription revenue grew by 28.6% YoY to Rs. 5,192 mn EBITDA grew by 26.9% YoY to Rs. 7,543 mn, EBITDA
More informationNetflix (Stock exchange: NFLX)
Netflix (Stock exchange: NFLX) Partners: Mallory M. Craig- Karim, mmc2nk@virginia.edu Patrick W. Leugers, pwl2vc@virginia.edu EQUITY ANALYSIS: Buy RIVANNA INVESTMENTS April 8 2016 I. Company Overview Netflix
More informationCOMPANY OVERVIEW July 2017
COMPANY OVERVIEW July 2017 DISCLAIMER Some of the statements made in this presentation are forward-looking statements and are based on the current beliefs, assumptions, expectations, estimates, objectives
More informationUK TV Exports. A global view in 2016/17
UK TV Exports A global view in 216/17 2 Foreword... UK TV Exports 216/17 Rona Fairhead Minister of State at the Department for International Trade This year marks a new format of the UK TV Exports Report.
More information1. Introduction. 2. Part A: Executive Summary
MTN'S RESPONSE TO ICASA'S INQUIRY INTO SUBSCRIPTION TELEVISION BROADCASTING SERVICES IN TERMS OF SECTION 4 B OF THE ICASA ACT 13 OF 2000 IN GORVENMENT GAZETTE NO. 41070 DATED 25 AUGUST 2017 1 P a g e 1.
More informationThis is a licensed product of AM Mindpower Solutions and should not be copied
1 TABLE OF CONTENTS 1. The US Theater Industry Introduction 2. The US Theater Industry Size, 2006-2011 2.1. By Box Office Revenue, 2006-2011 2.2. By Number of Theatres and Screens, 2006-2011 2.3. By Number
More informationPT M Cash IPO Profile
PT M Cash IPO Profile February 2018 Summary of Initial Public Offering SPECIALIZED INVESTMENT BANKERS AT THE INTERSECTION OF FINANCE & TECHNOLOGY Initial Public Offering Overview IDX: MCAS Headquarters
More informationWhy split up Netflix?
Netflix Group 4 Why split up Netflix? DVD by mail is slowly dying, but Netflix will do everything it can to keep it alive Netflix has diverged into two different business lines, with two very different
More informationDeutsche Bank Conference June 2005
Deutsche Bank Conference June 2005 www.hearstargyle.com This presentation includes forward-looking statements. We based these forward-looking statements on our current expectations and projections about
More informationEARNINGS RELEASE: Q
A listed subsidiary of Network18 EARNINGS RELEASE: Q1 2018-19 Mumbai, 24 th July, 2018 TV18 Broadcast Limited today announced its results for the quarter ended 30 th June 2018. Summary Consolidated Financials
More informationBALAJI TELEFILMS LIMITED Results for the Quarter ended September 30, 2010
BALAJI TELEFILMS LIMITED Results for the Quarter ended September 30, 2010 A. Financial Highlights 1. Results comparison of Quarter II ended September 30, 2010 with June 30, 2010 Income from operations
More informationEntertainment One Ltd. Trading Update for the nine months ended 31 December 2014
Entertainment One Ltd. Trading Update for the nine months ended 31 December 2014 STRONG PERFORMANCE AHEAD OF MANAGEMENT EXPECTATIONS Strong financial performance drives positive outlook for full year Full
More informationOVERVIEW OF THE MOVIE BUSINESS
OVERVIEW OF THE MOVIE BUSINESS p r e s e n t e d b y S t e p h e n C. S o h C O L I N N G & P A R T N E R S L L P M a y 2 0 1 6 CONTENTS 1. Introduction 2. Stages 3. Chain of Title 4. Creative Control
More informationOntario's domestic television sector continues to perform well and Ontario producers are receiving success and international recognition:
Introduction Ontario's television production sector mainly comprises small- to medium-sized production companies, producing a combination of their own proprietary productions and foreign service productions
More informationInvestor Presentation September 2017
Investor Presentation September 2017 INDUSTRY OVERVIEW COMPANY OVERVIEW FINANCIAL HIGHLIGHTS GROWTH STRATEGY ANNEXURE 2 Multiple Drivers to Push Growth for Cable TV Business Extrinsic growth drivers Total
More informationIntroducing MX1 Sports & Events. September 2017
Introducing MX1 Sports & Events September 2017 We shape sports content into the ultimate viewer experience for any device, anytime, anywhere 2 Experience more With more premium sports & the best action,
More informationIf you really want the widest possible audience,
WHY WOLFE? It s natural for an independent filmmaker to consider self distribution, but is that the best way get a return on your investment? Distribution demands a very different skill set from filmmaking
More informationInformation Products in CPC version 2
Information Products in version 2 20 th Meeting of the Voorburg Group Helsinki, Finland September 2005 Classification session Paul Johanis Statistics Canada 1. Introduction While there is no explicit definition
More information2011 Q1 Results Presentation
2011 Q1 Results Presentation TCL Multimedia Technology Holdings Limited Stock Code:01070 Disclaimer The information contained herein should not be utilized for any legal purposes in regards to any investor's
More informationMotion Picture, Video and Television Program Production, Post-Production and Distribution Activities
The 31 th Voorburg Group Meeting Zagreb Croatia 19-23 September 2016 Mini-Presentation SPPI for ISIC4 Group 591 Motion Picture, Video and Television Program Production, Post-Production and Distribution
More information3. Television and audio-visual
3. Television and audio-visual 3. Key Market Developments Figure 3.1 TV industry metrics UK FRA GER ITA USA CAN JPN AUS ESP NED SWE IRL POL BRA RUS IND CHN TV revenue ( bn) 11.3 10.4 11.0 8.1 94.0 4.0
More informationmanagement discussion
38 management and analysis Balaji Telefilms Limited Annual Report 2009-10 39 Media and Entertainment Industry 2009 was a difficult year for the media and entertainment industry, as the overall economy
More informationUs Pay TV networks and the consolidation of the European TV market. 7th November 2018
Us Pay TV networks and the consolidation of the European TV market 7th November 2018 DATAXIS Global Offices based in Europe, Americas and Africa Research Leader in Market Intelligence of the Pay TV and
More informationThe whole picture. Seamlessly connecting your media world
The whole picture Seamlessly connecting your media world BT Media & Broadcast 3 Who we are As one of the world s leading providers of media services, see what we can do for you. From content acquisition
More informationLOCAL TELEVISION STATIONS PROFILES AND TRENDS FOR 2014 AND BEYOND
STATE OF THE INDUSTRY REPORT LOCAL TELEVISION STATIONS PROFILES AND TRENDS FOR 2014 AND BEYOND December 2013 Copyright Nov. 2013. All Rights Reserved. BIA/Kelsey CONTENTS Executive summary... iv Introduction...
More informationFILM, TV & GAMES CONFERENCE 2015
FILM, TV & GAMES CONFERENCE 2015 Sponsored by April 2015 at The Royal Institution Session 5: Movie Market Update Ben Keen, Chief Analyst & VP, Media, IHS This report summarises a session that took place
More informationetflix Reducing Our Rating from BUY to HOLD
Wednesday, February 23, 2011 etflix Reducing Our Rating from BUY to HOLD Overview and Investment Opinion We are reducing our rating on etflix ( ASDAQ: FLX - $221.60) from BUY to HOLD, due in part to valuation,
More informationMARKET OUTPERFORMERS CELERITAS INVESTMENTS
MARKET OUTPERFORMERS CELERITAS INVESTMENTS Universal Displays (OLED) Rating: Strong Buy Stock Price: $101/share Price Target: $130/share MOP Idea of the Month: Universal Displays Business Overview: Universal
More informationAustralian Broadcasting Corporation. submission to. National Cultural Policy Consultation
Australian Broadcasting Corporation submission to National Cultural Policy Consultation February 2010 Introduction The Australian Broadcasting Corporation (ABC) welcomes the opportunity to provide a submission
More informationExhibit LIONSGATE Investor Presentation July 2012
Exhibit 99.1 LIONSGATE Investor Presentation July 2012 Special Notice Regarding Forward-Looking Statements 2 This presentation contains projections and forward-looking statements. Forward-looking statements
More informationJazz Bandleader Composer
Jazz Bandleader Composer The following is the breakdown of 2006-2011 income for a Jazz Bandleader-Composer, who writes, records and performs his own works and leads and participates in multiple ensembles
More informationWhy Netflix Is Still Undervalued
Why Netflix Is Still Undervalued Feb. 19, 2018 1:35 PM ET 34 comments About: Netflix, Inc. (NFLX), Includes: DIS Ziyadd Manie, CFA Summary Netflix s first mover advantage in an industry with structural
More informationIPL woos digital consumers
IPL woos digital consumers Client profile The Indian Premier League (IPL) is a professional cricket league created and promoted by the Board of Control for Cricket in India (BCCI) and backed by the International
More informationMultimedia Polska S.A. 4March 2015
Multimedia Polska S.A. 2014 fourth quarter and FY results 4March 2015 Disclaimer This presentation may contain forward-looking statements with respect to the business, financial results, and/or results
More informationAustralian Broadcasting Corporation. Screen Australia s. Funding Australian Content on Small Screens : A Draft Blueprint
Australian Broadcasting Corporation submission to Screen Australia s Funding Australian Content on Small Screens : A Draft Blueprint January 2011 ABC submission to Screen Australia s Funding Australian
More informationAUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION
7 December 2015 Intellectual Property Arrangements Inquiry Productivity Commission GPO Box 1428 CANBERRA CITY ACT 2601 By email: intellectual.property@pc.gov.au Dear Sir/Madam The Australian Subscription
More informationWhat Impact Will Over-the-Top Video Have on My Bottom Line
What Impact Will Over-the-Top Video Have on My Bottom Line March 27, 2018 Doug Eidahl, VP Legal & Regulatory 2211 N. Minnesota St. Mitchell, SD 57301 The Changing CATV-Video Market 2 Recent Losses - Largest
More informationThree Traditional US Markets Reshaped by Tech Giants
WWW.IBISWORLD.COM January August 2017 2014 1 3 Follow US Markets on head Reshaped on Master By Tech page Giants A August 2017 Three Traditional US Markets Reshaped by Tech Giants By Devin McGinley These
More informationEros International Media Ltd.
Eros International Media Ltd. Registered Office: 201, KailashPlaza, Plot No. A-12, Opp. Laxmi Industrial Estate, Off New Link Road, Andheri (West), Mumbai 400053. Earnings Release for the quarter and nine
More informationGLOBAL INVACOM. Q3 FY2016 Briefing & Analysis
GLOBAL INVACOM Q3 FY2016 Briefing & Analysis State of the Industry Industry Overview Operational Satellites by Function (as of 31 Dec 2015 Tauri Group data) No. of satellites up 39% over 5 years (2011:
More informationSinclair Broadcast Group Who We Are
SAFE HARBOR The following information contains, or may be deemed to contain, "forward-looking statements" (as defined in the U.S. Private Securities Litigation Reform Act of 1995). Any statements about
More informationTURNING DIGITAL. The Future Can't Wait. Annual Report XVI Edition
TURNING DIGITAL The Future Can't Wait Annual Report XVI Edition October 2018 Billion Executive summary The TV market in 2017 The global TV market revenue in Western Europe reached 98.7 billion at the end
More informationMicroCap.com (Est: 1998)
MicroCap.com (Est: 1998) Canadian MicroCap Equity Research Published by Danny Deadlock April 28, 2016 Frankly Inc. (TLK.V 69 cents) www.franklyinc.com This report is based upon my visit with Frankly s
More informationGUIDELINES. LOW BUDGET Production Program
GUIDELINES LOW BUDGET Production Program GUIDELINES Low Budget Production Program Table of Contents Table of Contents... 2 1. Mandate... 3 2. Structure... 3 3. Low Budget Production Program Overview...
More informationMr. William Kwan Chief Financial Officer
Mr. William Kwan Chief Financial Officer Consolidated Results (HK$ M) 2005 Turnover 2,441 Opex before dep n (1,681) EBITDA 760 Depreciation (480) Operating profit 280 Net interest income / (expense) 3
More information