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Accumulate TV TodayNetwork, target of Rs 102: Angel
Angel Broking has recommended an accumulate rating on TV TodayNetwork, with price target of Rs 102. The research firm believes improved traction in terms of viewership of its channels and higher subscription revenues remain key growth drivers for the company.
Angel Broking has recommended an accumulate rating on TV TodayNetwork , with price target of Rs 102, in its report dated June 18, 2009.
"At the CMP of Rs 90, TVTN is trading at 9.7x FY2011E EPS of Rs 9.3. We believe improved traction in terms of viewership of its channels and higher subscription revenues remain key growth drivers for the company. On the other hand, significant slowdown in Ad-revenues and heavy dependence on a single channel (85% revenues from Aaj-Tak) remain a cause for concern. However, support from the on-going Buyback (minimum of 0.2 million shares up to Rs 115) and additional growth to the tune of Rs 5-8 crore in 1QFY2010 due to the Elections is likely to support the stock price in the near term. Hence, we recommend an Accumulate on the stock, with a Target Price of Rs 102 (based on a P/E of 11x FY2011E Earnings)," says Angel Broking's report.
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To read the full report click on the attachment....
