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Sun TV Network a market performer: Prabhudas Lilladher
Prabhudas Lilladher has maintained its market performer rating on Sun TV Network with a target price of Rs 332. Given the company’s near monopoly position in the southern markets it continues to maintain rich valuations despite the 22% decline in stock price.
Prabhudas Lilladher has maintained its market performer rating on Sun TV Network with a target price of Rs 332 in its July 1, 2008 research report. "We have modelled for consolidated revenue CAGR of 16% FY08-10E to Rs 11.6 billion from Rs 8.7 billion; however, DTH and radio operations are likely to grow faster at 185% CAGR. Margins are expected to remain flat at 69%, due to losses in the radio venture, thus restricting earnings growth at 16% CAGR to Rs 4.4 billion from Rs 3.3 billion."
"Given the company's near monopoly position in the southern markets it continues to maintain rich valuations despite the 22% decline in stock price, we thus reduce our target price from Rs 367 to Rs 332 (30x FY10E). Maintain Market Performer," says Lilladher's research report.
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