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Hold Sun TV Network: target of Rs 515: ICICI Direct

ICICI Direct recommended hold rating on Sun TV Network with a target price of Rs 515 in its research report dated August 13, 2022.

August 16, 2022 / 05:57 PM IST
 
 
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ICICI Direct's research report on Sun TV Network


Sun TV Network (Sun TV) is a leading regional broadcaster in India, which owns and operates a bouquet of 32 TV channels prominently across the southern market (Tamil, Telugu, Kannada & Malayalam) and Bengali language along with an OTT app SunNXT. It’s key market - Tamil viewership share has dipped from ~55%+ to ~40%+ in last few years, with peers and new entrants lapping up market share.


Outlook


We maintain our HOLD rating. Pushing back of OTT content spending remains a key concern while films content spending will create volatility in earnings. We also do not have management outlook/commentary on content strategy, margins, growth outlook and capital allocation ahead, which restricts us from turning constructive, despite lucrative valuations. We value Sun at Rs 515 i.e. 10x FY24E P/E.


For all recommendations report, click here

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Sun TV Network - 140822 - ic

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first published: Aug 16, 2022 05:57 pm
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