TV 18 an outperformer: Prabhudas Lilladher

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TV 18 an outperformer: Prabhudas Lilladher

Prabhudas Lilladher has maintained its outperformer rating on Television Eighteen India with a revised price target of Rs 415. TV 18 reported better results than expected by the research firm for Q4FY08; however, for the full year the company’s earnings declined 21% on back of losses suffered by its web and newswire businesses.

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Prabhudas Lilladher has maintained its outperformer rating on Television Eighteen India with a revised price target of Rs 415 in its April 29,2008 research report. "TV 18 reported better than expected results for Q4FY08; however, for the full year the company's earnings declined 21% on back of losses suffered by its web and newswire businesses. For the quarter, the company's revenue grew by 65% to Rs 1,324 million from Rs 804 million, margins shrunk to 25.5% from 39.4%, while earnings declined by 37% YoY to Rs 125 million from Rs 199 million."

"We maintain our revenue estimate at 42% CAGR FY07-10E; however, we have reduced our margin estimates for FY09 by 190 bps, but have increased out FY10 margin by 290 bps on the back of expectation of greater losses by both web and newswire operations in FY09 and the possibility of a turnaround in FY10. As a result our PAT estimates for FY09E declines by 11% and increases by 24% in FY10E."

"We maintain Outperformer rating on the company; however, our target price stands reduced by 10% from Rs 461 to Rs 415 on the back of reduction in our target price of GBN by 39%, in which TV 18 holds 18% stake. Being a little conservative, we have also discounted the value of TV 18's stake in GBN by 50%," says Prabhudas Lilladher's research report

(Note: Web18, which owns Moneycontrol.com and Indiaearnings.com, belongs to the Network 18 Group).'

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