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Buy Sun TV Network; target of Rs 500: Motilal Oswal

Motilal Oswal is bullish on Sun TV Network recommended buy rating on the stock with a target price of Rs 500 in its research report dated June 28, 2020.
Jun 30, 2020 / 01:58 PM IST
 
 
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Motilal Oswal 's research report on Sun TV Network


Slowdown in ad spend, a high base of movie revenues, and loss of IPL revenues have led to an overall drop in revenues and EBITDA, partially offset by strong growth in subscription revenues. - Ad revenue is expected to drop 20% going ahead in FY21E, while subscription revenues would grow at 12% in FY21E. We have thus cut our FY21E/FY22E EPS by 4%/1%.



Outlook


The stock trades at 11x FY22E EPS. We value Sun TV at 13x FY22E P/E to arrive at target price of INR500. Maintain Buy.





For all recommendations report, click here


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first published: Jun 30, 2020 01:58 pm

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