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Buy TV Today; target of Rs 94: Angel Broking
Angel Broking is bullish on TV Today Network and has recommended a buy rating with target price of Rs 94. Given strong brand equity of Aaj Tak, steady earnings CAGR of 18.2% over FY2008-10E, improving Return Ratios and high cash per share of Rs 25.
Angel Broking is bullish on TV Today Network and has recommended a buy rating on the stock with target price of Rs 94, in its October 31, 2008 report. "We believe improved viewership share of Headlines Today and its sustenance, merger of Radio Today, flow of subscription revenues and new channel launches would be key drivers for TVTN's stock performance in the ensuing quarters. Given strong brand equity of Aaj Tak, steady Earnings CAGR of 18.2% over FY2008-10E, improving Return Ratios and high cash per share of Rs 25, we believe the stock is a true value play at current levels. We maintain a Buy on the stock, with a revised target price of Rs 94 (Rs 117) at lower P/E multiple of 9x FY2010E Earnings to discount the sharp fall in markets," according to the Angel Broking's report.
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