Visit http://indiaer.blogspot.com/ for complete details Sun TV Network (Rating – Buy; Target Price – Rs526)
We expect 18% YoY ad revenue growth to be fuelled by greater advertising spends of FMCG
companies and advertisement rate hike taken inQ4FY10. Subscription revenues to be up 56%
YoY on the back of 75% growth in DTH and 47% in analogue subscription revenues.
Sequentially, we expect revenues to degrow by 6% on back of lower movie revenues since in
Q1FY11 the company had three movies releases that generated Rs480mn in revenues.
Revenues and cost of Endhiran to be realised in Q3FY11, since the movie was released on 1
October 2011.
PAT to grow by 28.9% YoY and de-grow by a mere 1.6% on the back of EBIT margin expansion
on a sequential basis.
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