16
Page 2 Source: Company, www.dynamiclevels.com
TV Today Network Ltd-India’s No 1 News Network
Company Overview and Stock price ……………………………………….……3
Product Overview……………………………………………………………….….…..4
Industry Outlook………………………………………………………………………..7
Company Financial….……..……….…………….……………………….….…..…10
Balance Sheet…………………………………………..………….………….….…….11
Cash Flow……………..………………………………..…………….………….……..12
Key Financial Ratios………………………………………………………………….12
Peer Comparison…………….…………………………………………….……..…..13
Shareholding Pattern…………………………………………..……………....……14
Investment Rationale………………………………………...………….......…....15
Disclaimer……………………………………………………………………………..…16
Surbhi Lohia – [email protected]
Page 3 Source: Company, www.dynamiclevels.com
Company’s Overview and Stock Price
The TV Today Network is one of India's leading English-Hindi news
television networks along with Network 18 and NDTV. TV Today has
following leading news channel:
1. Aaj Tak (Hindi)
2. Headlines Today (English)
3. Tez (Hindi)
4. Business Today (English)
5. Dilli Aaj Tak (Hindi) news channel
Aaj Tak is available in US, UK and Continental Europe.
India Today (formerly known as Headlines Today) is the network's
English news channel.
Tez is a headlines format channel in Hindi.
Dilli Aaj Tak is a local news channel that caters to the capital city
of New Delhi.
EXCHANGE SYMBOL TV TODAY
Current Price * (Rs.) 294.85
Face Value (Rs.) 5
52 Week High (Rs.) 350.00 (18-Feb-16)
52 Week Low (Rs.) 165.00 (09-Jun-15)
Life Time high (Rs.) 350.00 (18-Feb-16)
Life Time low (Rs.) 34.00 (21-Dec-11)
Average Daily
Movement
12.67
Average Volume 138250
1 Month Return (%) -9.27
P/E Ratio (x) 18.48
Book Value 91.25
Market Cap 1736.82 (Cr)
% of Promoter pledged 0
Below is a Weekly chart of TV Today showing support at 295 levels.
Page 4 Source: Company, www.dynamiclevels.com
Product overview AAJ TAK
AAJ TAK was launched in December 2000 as a 24-hour Hindi
news channel, which covers India with insight, courage and
plenty of local flavour. Within six months of its launch, AAJ
TAK emerged as India‟s number one news channel. And within
eleven months, it was awarded the best news channel by the
India Television Academy. Two years on, it bagged the Indian
Television academy‟s award for being “The Best News
Channel” again, and added the RAPA award for “Best
Advertising Campaign”. Beginning with an impressive
connectivity of 5.2 million homes at the time of launch, AAJ
TAK today boasts of a reach of over 30 million homes and a
channel share of more than 55% among the news channels. Its
unique style of passionate storytelling and live coverage has
become its hallmark.
INDIA TODAY TELEVISION
India Today Television marks the entry of the nation‟s most
credible name in journalism - India Today into news television.
Powered by a future-ready look and backed with the 40 year
legacy of the India Today brand, the channel addresses the
news consumption habits of an evolved digital-savvy audience
while staying true to the journalistic principles of the India
Today Group.
With a paradigm shift in terms of television workflows and
technology, the channel sets a new benchmark with a
differentiated look. Innovative content formats and multiple
news updates on the TV screen give immediacy and choice to
the news viewer.
India Today Group Magazine
India Today
Design Today
Cosmopolitan
Business Today
Reader‟s Digest
Page 5 Source: Company, www.dynamiclevels.com
INDIA TODAY
INDIA TODAY was launched in 1975. And in just a few years,
it became the leading newsmagazine in the country. Now, with
editions in five languages, it has become the most widely read
publication in India-a position it has held for over a decade-
with a circulation of 1.1 million every week and a readership of
more than 15 million. BUSINESS TODAY
The Business Today brand goes beyond news and views to
create quality platforms for decision-makers of India
Inc. Business Today was the first magazine to bring special
initiatives such as the Managing Tomorrow Series, Pro-Am of
Champions, Strategy Summit, Corporate Governance Summit,
Crossfire and the Knowledge Management Forum.
COSMOPOLITAN
America's First Family:
We are family. Grab the champers! The girl squad to end all
girl squads shares the secrets of their ride-or-die
sisterhood.
READER'S DIGEST
Simple Ways to a Healthier Life
You don't need to be a gym junkie or adopt a radical diet to
get in better shape. Modest changes are easy to achieve.
Leading experts in our cover story help you with 14
resolutions to transform your health.
HARPER'S BAZAAR
2015 Take A Bow: Maximal Fashion to end the year
10 Things we love: From the time he made his first
showstopping gown for Naomi Campbell in 2000, and through
his many collections since, Zac Posen has been a constant red
carpet favourite.
HARVARD BUSINESS REVIEW
HBR delivers the latest techniques, best practices and the
most thoughtful advice from the world‟s leading management
experts.HBR is packed with ideas on leadership, strategy,
managing change, and a host of other topics and ideas that
can help you literally transform your business
Page 6 Source: Company, www.dynamiclevels.com
BAG IT TODAY
Best-Loved Brands at Private Sale Prices
Bagittoday is a one-stop online shopping destination
committed to delivering best brands at unbeatable prices. We
have a comprehensive range of products and best-in-class
consumer shopping experience. Bag It Today is a hub of top-
notch domestic and international fashion brands offering an
impressive assortment of products at discounts of upto 90%.
Under the hood, it has quality products from 100+ brands for
men, women and kids covering apparel, accessories,
electronics, mobiles, home decor, health care and much more.
Customer satisfaction lies at the pivot of all our endeavors
and has resulted in garnering a huge base of happy buyers.
Thomson Press
Thomson Press has been in operation for over 40 years and is
part of the India Today Group a major multimedia company
having interests in printing, publishing, internet, television
and radio.
Indiabizsource.com
Indiabizsource.com (formerly known as Networktoday.com) is
owned by Integrated Databases Limited (IDIL), an India
Today Group company that has been in operation since 1993.
This IDIL brand has immensely grown as India's leading
Global online B2B marketplace. It provides a large and reliable
platform for Indian SMEs / MSMEs to connect with the
global buyers to grow their businesses and globalize their
operations effectively. Buyers and sellers are provided a vast
pool of options like online listing, search, buy/ Sell offers etc
to establish their credibility and promote their business.
www.ichowk.in
www.ichowk.in is an online opinion and commentary platform
from the India Today Group. It provides current affairs news
and informative and in depth articles on politics, sports,
lifestyle, economics, cinema, science and technology, humour,
social media contributing through content. iChowk provides
facility to its users for creating IDs on website through their
facebook accounts and write articles, comments and share.
Page 7 Source: Company, www.dynamiclevels.com
Industry Outlook The year 2014 has been a turning point for the media and
entertainment industry in India in many ways. The Indian
market is poised to grow at a Compound Annual Growth Rate
(CAGR) of 13.9 per cent, to grow from INR 102600 crore in
2014 to reach INR 196400 crore by 2019, a growth rate that
is almost double that of the global media and entertainment
industry.
The growth in popularity of digital media continued to surge
in 2014 with a significant growth in digital advertising of 44.5
per cent over 2013. At the same time, traditional media also
continued to exhibit healthy growth rates, with the television
sector continuing on its path of cable digitization, advertising
across media buoyed up by general election spends, and the
emergence of e-commerce as a significant new category.
The Ministry of Information & Broadcasting, Government of
India („MIB‟) has extended the almost met its deadlines for
Phase III and IV of Digital Addressable System (DAS) by
December 2016.
The Indian media & entertainment sector is expected to
grow at a Compound Annual Growth Rate (CAGR) of 13.9
per cent year-on-year to reach Rs 196,400 crore (US$
28.82 billion) by 2019!
In 2015, the overall Media and Entertainment industry grew
11.7 per cent over 2014@. The largest segment, India‟s
television industry, is expected to maintain its strong growth
momentum led by subscription revenues, representing a year-
on-year growth of about 13.2 per cent to reach Rs 60,000
crore (US$ 8.8 billion) in 2015.
Significantly, with the increased penetration of smartphones
and expansion of 3G/4G network in India, the country is likely
to see around nine billion mobile application (apps) downloads
during 2015, which is five times more than 1.56 billion in 2012.
This uptick in app-downloads is also expected to increase the
revenue from paid apps to an estimated over US$ 241.16
million as against US$ 144.7 million in 2014.
• FDI inflows into the entertainment
sector during April 2000 to September
2015 rose up to US$ 4.3 billion.
• As on September 2015, the share of FDI
in „Information and Broadcasting‟ was 1.61
per cent of total FDI inflows into the
country.
• Demand growth, supply advantages and
policy support are the key drivers in
attracting FDI.
Page 8 Source: Company, www.dynamiclevels.com
Industry estimates reveal that video games industry grew at
a record 22.4 per cent in 2014 over 2013, wherein its net
worth rose to US$ 392 million. The Indian animation industry
was valued at US$ 748 million in 2014 and is forecasted to
grow at 15-20 per cent per annum. The Foreign Direct
Investment (FDI) inflows in the information and broadcasting
(I&B) sector (including print media) in the period April 2000 –
December 2015 stood at US$ 4.55billion, as per data
released by Department of Industrial Policy and Promotion
(DIPP).
Recent development/Investments
US based investment firm Tiger Global Management
LLC has acquired a 25 per cent stake in 'The Viral Fever'
(TVF), an online video content creator, for US$ 10 million.
Balaji Telefilms Limited (Balaji Telefilms) has raised
Rs 150.08 crore (US$ 22.09 million) through allotment of
equity shares on preferentialbasis to catapult the launch and
growth of ALT Digital Media, a Business-to-Consumer(B2C)
digital content business segment of Balaji Group.
Global video-streaming service Netflix has entered
India as high-speed Internet connectivity is becoming
rapidly available to Indians and nearly one-fifth of the
India's 1.3 billion population is now online.
Reliance Entertainment (owned by Mr Anil Ambani) and
DreamWorks (led by Mr Steven Spielberg), along with
Participant Media (led by Mr Jeff Skoll) and Entertainment
One (eOne) have formed a new film, television and digital
content creation company called „Amblin Partners‟, and have
raised US$ 500 million in debt to develop and produce films.
ScoopWhoop, an Indian digital media and content start-up,
has raised US$ 4 million from Kalaari Capital and plans to use
the funds for expansion of its video production unit called
ScoopWhoop Talkies.
Mobvista International Technology Ltd, a global mobile
advertising and game publishing company, plans to increase its
investment in India by US$ 100 million over 2015-18, with a
Page 9 Source: Company, www.dynamiclevels.com
view to capture a bigger share of the booming e-commerce
and ad-tech space.
The digital arm of New Delhi Television Limited
(NDTV) namely NDTV Convergence, that owns and operates
the NDTV group's digital properties, has signed a deal worth
US$ 13-15 million with content discovery platform Taboola.
Cinepolis India Private Limited, the Indian movie
exhibition arm of Mexican chain Cinepolis, has plans to add
60 screens to take its total count to over 250 screens by
the end of 2015.
Turner International India has announced the
expansion of its television bouquet for children with the
launch of Toonami, a channel dedicated to animated action.
This is the American company‟s third children‟s channel in
India after Cartoon Network and POGO. Toonami joins an
assortment of over 15 channels in the kids‟ genre, which
attracts close to Rs 500 crore (US$ 73.36 million) in
advertising.
San Francisco-based Twitter Inc. plans to set up a
Research and Design (R&D) centre in Bengaluru to grow
faster in emerging markets. This will be Twitter‟s first such
facility outside the US.
STAR India, a unit of 21st Century Fox, acquired the
entire broadcast business of MAA Television Network
Limited for an undisclosed amount.
Carnival Films Private Limited acquired Stargaze
Entertainment Private Limited, a multiplex company, from a
unit of MukeshAmbani-controlled Network18 Media and
Investments Limited.
Page 10 Source: Company, www.dynamiclevels.com
Company Financials
In Cr Mar'16 Mar'15 Growth %
Annual Annual
Net Sales/Income from operations 542.14 474.70 14.21%
Other Operating Income 3.87 1.86
Total Income From Operations 546.01 476.56
Employees Cost 141.94 116.81 21.51%
Admin. And Selling Expenses 119.52 101.75
Depreciation 30.57 30.02
Other Expenses 138.22 126.32
Total Expenditure 430.25 374.91 14.76%
Operating Profit 115.76 101.65 13.88%
Other Income 31.77 22.71
P/L Before Int., Excpt. Items & Tax 147.53 124.36
Interest 0.19 1.48 -87.16%
P/L Before Exceptional Items & Tax 147.33 122.88
P/L Before Tax 147.33 122.88
Tax 53.02 41.85
Net Profit/(Loss) For the Period 94.31 81.03 16.39%
Equity Share Capital 29.83 29.82
Reserves 501.94 420.18
Equity Dividend Rate (%) -- --
EPS (Rs.) [After Extraordinary items] 15.81 13.60 16.25%
Company‟s revenue has jumped by 14.21% annually from 474.70 to 542.14.
Company‟s operating profit jumped by 13.88% annually.
Company‟s interest outgo has come down by 87.16%.
Net profit has jumped by 16.39% annually.
Operating profit margin during the year was 21.35%.
Net profit margin during the year was 17.39%.
Page 11 Source: Company, www.dynamiclevels.com
Balance sheet
Consolidated Balance Sheet of TV Today Network
In Crs
Mar'15 Mar'14 Mar'13
Annually Annually Annually
EQUITIES AND LIABILITIES
SHAREHOLDER'S FUNDS
Equity Share Capital 29.82 29.74 29.73
Total Share Capital 29.82 29.74 29.73
Reserves and Surplus 420.18 349.36 294.89
Total Reserves and Surplus 420.18 349.36 294.89
Total Shareholders’ Funds 450.01 379.11 324.62
NON-CURRENT LIABILITIES
Long Term Borrowings 0 0 17.28
Other Long Term Liabilities 1.78 1.84 3.23
Long Term Provisions 10.92 10.57 10.58
Total Non-Current Liabilities 12.7 12.41 31.09
CURRENT LIABILITIES
Short Term Borrowings 6.73 0 26.69
Trade Payables 67.64 51.7 56.68
Other Current Liabilities 33.97 47.56 38.54
Short Term Provisions 11.42 7.89 6.47
Total Current Liabilities 119.76 107.15 128.38
Total Capital And Liabilities 582.47 498.67 484.10
ASSETS
NON-CURRENT ASSETS
Tangible Assets 197.57 210.59 214.92
Intangible Assets 37.65 4.51 6.83
Capital Work-In-Progress 3.08 1.92 9.56
Fixed Assets 238.31 217.01 231.32
Non-Current Investments 45.52 45.52 45.52
Deferred Tax Assets [Net] 15.73 15.7 16.76
Long Term Loans And Advances 6.29 5.59 9.6
Total Non-Current Assets 305.85 283.83 303.2
CURRENT ASSETS
Trade Receivables 140.58 110.31 93.9
Cash And Cash Equivalents 94.72 57.26 31.31
Short Term Loans And Advances 39.85 46.58 55.1
Other Current Assets 1.47 0.68 0.59
Total Current Assets 276.62 214.84 180.9
Total Assets 582.47 498.67 484.1
Page 12 Source: Company, www.dynamiclevels.com
Cash Flow
Cash Flow of TV Today Network
In Cr Mar'15 Mar'14 Mar'13
Annually Annually Annually
Net Profit/Loss Before Extraordinary Items And Tax 122.88 93.20 17.57
Net Cash Flow From Operating Activities 77.94 80.54 39.12
Net Cash Used In Investing Activities -49.37 -3.06 -15.00
Net Cash Used From Financing Activities -17.90 -51.54 -7.18
Net Inc/Dec In Cash And Cash Equivalents 10.68 25.94 16.93
Cash And Cash Equivalents Begin of Year 54.92 28.98 12.05
Cash And Cash Equivalents End Of Year 65.60 54.92 28.98
Company has a positive operating cash flow for last three years
Company has made investment of Rs. 57.13 crs for purchasing tangible and intangible asset in FY15.
Key Financial Ratios of TV Today Network
Mar'15 Mar'14 Mar'13
Per Share Ratios
Basic EPS (Rs.) 13.60 10.31 2.05
Diluted EPS (Rs.) 13.60 10.31 2.05
Cash EPS (Rs.) 18.62 14.37 5.59
Book Value [ExclRevalReserve]/Share (Rs.) 75.44 63.72 54.59
Book Value [InclRevalReserve]/Share (Rs.) 75.44 63.72 54.59
Dividend / Share(Rs.) 1.50 1.00 0.75
Revenue from Operations/Share (Rs.) 79.89 65.47 52.59
PBDIT/Share (Rs.) 25.88 20.34 7.05
PBIT/Share (Rs.) 20.85 16.27 3.52
Net PBT/Share (Rs.) 20.6 15.67 2.96
Net Profit/Share (Rs.) 13.59 10.31 2.05
Profitability Ratios
PBDIT Margin (%) 32.39 31.06 13.41
Net Profit Margin (%) 17.00 15.74 3.9
Return on Networth / Equity (%) 18.00 16.17 3.76
Return on Assets (%) 13.91 12.29 2.52
Total Debt/Equity (X) 0.01 0.00 0.14
Asset Turnover Ratio (%) 81.82 78.10 64.59
Liquidity Ratios
Current Ratio (X) 2.31 2.00 1.41
Quick Ratio (X) 2.31 2.00 1.41
Dividend Payout Ratio (NP) (%) 11.04 9.70 36.53
Valuation Ratios
Enterprise Value (Cr.) 1,202.42 645.82 384.48
EV/Net Operating Revenue (X) 2.52 1.66 1.23
EV/EBITDA (X) 7.79 5.34 9.17
Company‟s Net profit
margin has increased from
3.90% to 17.00% from
FY13-FY15, for FY16 Net
profit margin was 16.39%
Page 13 Source: Company, www.dynamiclevels.com
Peer Comparison
INSTRUMENT Price Avg.
Volume
Market
Cap (Rs. in
Cr)
TV TODAY 300.00 142872 1801
HINDUJA VENTURES 405.00 5797 829
HINDUSTAN MEDIA 276.50 33156 2027
HT MEDIA 79.90 132252 1874
NETWORK 18 42.80 566970 4570
SUN TV 370.05 2145010 14120
TV18 41.00 4719397 7243
Company has god average volume and market capitalization
this give liquidity to the share price of stock.
INSTRUMENT Price %
Pledged
% FII
Holding
TV TODAY 300.00 0 2.79
HINDUJA VENTURES 405.00 0 0.23
HINDUSTAN MEDIA 276.50 0 11.5
HT MEDIA 79.90 0 12.44
NETWORK 18 42.80 0 2.98
SUN TV 370.05 5.02 16.08
TV18 41.00 0 10.66
FII holds very small position in TV Today and no Pledge.
INSTRUMENT Price
P/E
Ratio
(X)
Debt
Equity
Ratio (X)
Int.
Coverage
Ratio (X)
TV TODAY 300.00 19.15 0.01 104.48
HINDUJA VENTURES 405.00 8.31 1.17 1.58
HINDUSTAN MEDIA 276.50 11.19 0.13 21.16
HT MEDIA 79.90 11.14 0.18 9.34
NETWORK 18 42.80 0.00 0.59 1.92
SUN TV 370.05 16.3 0.03 775.61
TV18 41.00 40.02 0.14 6.35
TV Today is a Zero Debt Company
INSTRUMENT 1M 3M 6M 1Y
TV TODAY -4.64 -0.43 8.23 73.98
HINDUSTAN MEDIA 3.23 5.87 -2.13 32.32
TV18 12.07 6.56 14.81 29.40
SUN TV -0.65 4.83 -7.40 21.33
ENIL 3.93 -0.74 0.33 15.24
HINDUJA VENTURES -10.16 -2.82 -9.97 1.42
NETWORK 18 10.79 1.63 -15.49 -12.61
HT MEDIA -8.48 -2.68 0.13 -15.98
TV Today was top performer in 1 year jumped 73.98%, stock from Rs.
165 low trading at Rs. 300.
Page 14 Source: Company, www.dynamiclevels.com
Shareholding Pattern
Shareholding Pattern Mar-16 Dec-15 Sep-15 Jun-15 Mar-15
Promoter and Promoter Group (%) 57.42 57.42 57.42 57.42 57.42
Indian 57.42 57.42 57.42 57.42 57.42
Foreign NIL NIL NIL NIL NIL
Institutions (%) 10.28 8.86 7.40 4.36 3.56
FII 2.79 1.79 0.02 NIL NIL
DII 7.48 7.07 7.39 4.36 3.56
Non Institutions (%) 32.31 33.73 35.18 38.22 39.02
Bodies Corporate NIL NIL 6.66 7.45 7.84
Others 32.31 33.73 28.52 30.77 31.18
Custodians NIL NIL NIL NIL NIL
FII & DII are investing in TV Today slowly and gradually.
COMPANY PROFILE OF TV TODAY, NSE, INDIA
Date of
Incorporation
28-Dec-1999
Date of Listing 16-Jan-2004
Management
Name Designation
Aroon Purie Chairman & Managing Director
Anil Vig Director
Ashok Kapur Director
Devajyoti
Bhattacharya
Director
Rajeev Gupta Independent Director
Sudhir Mehra Independent Director
Koel Purie Rinchet Non Executive Director
Kalli Purie Bhandal Whole Time Director
Registered Office Address
F-26, 1st Floor, Connaught Circus,110001,New Delhi,Delhi,India
Website
http://www.aajtak.intoday.in
Page 15 Source: Company, www.dynamiclevels.com
Investment Rationale
FII and DII are constantly increasing stake in the company.
The stock has surged 73% in 1 year.
Company‟s revenue has jumped by 14.21% annually from 474.70 to 542.14.
Company‟s operating profit jumped by 13.88% annually.
Company‟s interest outgo has come down by 87.16%.
Net profit has jumped by 16.39% annually.
Operating profit margin during the year was 21.35%.
Net profit margin during the year was 17.39%.
The Indian media & entertainment sector is expected to grow at a Compound Annual
Growth Rate (CAGR) of 13.9 per cent year-on-year to reach Rs 196,400 crore (US$ 28.82
billion) by 2019!
The TV Today Network is one of India's leading English-Hindi news television networks
along with Network 18 and NDTV.
TV Today has news channels like Aaj Tak (Hindi), Headlines Today (English), Tez (Hindi),
Business Today (English) and Dilli Aaj Tak (Hindi) news channel.
TV today is trading at PE multiple of 19 and has consistently given good financial result
which make stock attractive to the investors were industry PE as per NSE for Media is at
45.
We recommend BUY in TV Today @285-290 with the
target of 340.
Page 16 Source: Company, www.dynamiclevels.com
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