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• Operates seven TV channels in different genres in India; JV
Viacom18, operates four TV channels in General
Entertainment Category
• Superior execution ability demonstrated with the successful
launch of its Hindi GEC (Colors). A play on growing
subscription revenue – forecast subscription revenues to
grow to Rs4.6bn by FY15E from cRs1.2bn in FY11
• Expects subscription revenues to increase from 11% in FY11
to 21% by FY15E. Likely to be driven by Sun18 Media
Services (distribution tie-up with Sun TV),
• Plans to launch AETN-18 - a history channel in India in the
next few months. Also aims to launch regional channels and
a Hindi movie channel, Viacom18 Motion Pictures likely to
contribute c12% to Viacom18’s revenue in FY12E
• Shareholding: promoters – 58%
• Valuation: DCF using UBS’s VCAM tool (assume WACC of
13% and terminal revenue growth rate of 2%) Implied
FY13E EV/EBITDA - 15x
Network18 group restructuring has been completed
(effective FY11) and IBN18 has now been renamed as TV18.
• As part of the restructuring, IBN18 issued 123m shares to
acquire the business news channels (CNBC TV18 and CNBC
Awaaz )from a related company. Viacom18 acquired TIFC
stake for Rs4.5bn.
• TV18 reported weak 1QFY12 results – while revenues were
largely in line, EBITDA and adjusted net profit came in below
UBS-e. TV18 reported a significantly higher other income
(Rs345m, largely one-off in nature) adjusting for which TV18
reported net loss.
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