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Last Updated : May 17, 2020 09:28 PM IST | Source: Moneycontrol.com

Buy TV Today Network; target of Rs 240: ICICI Direct

ICICI Direct is bullish on TV Today Network has recommended buy rating on the stock with a target price of Rs 240 in its research report dated May 15, 2020.

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ICICI Direct's research report on TV Today Network


TV Today reported a strong set of numbers on all fronts for Q4FY20 led by healthy growth in broadcasting and continued strong traction in the digital segment. Operating revenue came in at Rs 208.3 crore, up 19.1% YoY with TV broadcasting revenue at Rs 169.1 crore (19.5% YoY growth) driven by events like Delhi election and spread of Covid-19 followed by a nationwide lockdown, which kept viewers glued to news channels. Radio segment disappointed again with revenues declining 30% YoY at Rs 3.7 crore due to a weakened macroeconomic setup. Digital revenue continued to surprise with robust growth of 51.8% YoY and came in at Rs 29.7 crore. EBITDA was at Rs 46.8 crore, up 43.8% YoY as the topline saw strong growth. EBITDA margin came in at 22.5%, up 385 bps YoY. Subsequently, PAT was at Rs 27.8 crore, up 17.4% YoY, due to a solid operating performance.


Outlook


We maintain our BUY rating with a target price of Rs 240/share (at 8x FY22E earnings).


For all recommendations report, click here


Disclaimer: The views and investment tips expressed by investment experts/broking houses/rating agencies on moneycontrol.com are their own, and not that of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

First Published on May 17, 2020 09:28 pm
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