Result Update: TV18 Broadcast Ltd - ACCUMULATE - TP Rs.67 - Kotak

TV18 Broadcast's 3QFY18 results came in below estimates, as both regional news and entertainment operations underperformed expectations. While TV18 Broadcast/ JV entities have continued to perform well in terms of operational metrics, financial metrics continue to be weak as marketing/ distribution spends on new initiatives continue to appear high, while advertising revenue growth is yet to catch up (with viewership growth). We continue to be positive on the medium-term outlook on account of improving viewership, high exposure of the company to upcoming elections. We roll-forward our valuation to FY20E, and value TV18 Broadcast at 25X FY20E PER, or Rs 67 (earlier Rs.50). ACCUMULATE (BUY earlier).

Shares of TV18 BROADCAST LTD. was last trading in BSE at Rs.60.05 as compared to the previous close of Rs. 60.15. The total number of shares traded during the day was 657653 in over 2625 trades.

The stock hit an intraday high of Rs. 61.1 and intraday low of 59.4. The net turnover during the day was Rs. 39553205.

Source : Equity Bulls

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