Media & Entertainment
We expect growth in ad revenue to benefit media companies in our coverage
universe both broadcasting and print.
For Zee Entertainment and Sun TV, subscription revenue is also expected to
grow.
Sun TV is expected to report strong margins of 80% whereas Zee
Entertainment is estimated to report EBITDA margin of 28.9% in 2QFY12 v/s
27.6% in the previous quarter.
In the print segment, DB Corp is expected to witness drop in margins
sequentially owing to launch of services in Jharkhand. We expect HT Media to
report EBITDA margin of 20.9% v/s 19.8% in the previous quarter.
Our top picks are Sun TV and Jagran Prakashan
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