BQ Blue’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BloombergQuint’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
Sun TV Network Ltd.’s Ebitda, up 9% YoY, was largely in-line as costs were kept in check in a modest revenue growth environment.
The dividend payout fell sharply to just Rs 5/share, the lowest since FY10 (versus Rs 25/share in FY20), despite strong cash reserves.
Given the impact of the second Covid-19 wave, we cut our FY22E Ebitda/profit after tax estimates by 9%/6%, but maintain our FY23E estimates.
We see the delayed investment in over-the-top as a key risk that could dilute its competitive position.
However, viewership improvement in linear TV and low valuations offer support.
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