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Angel Broking
TV Today Network (Buy)
CMP: ₹270.40
Target: ₹344
TV Today Network (TTNL) enjoys a strong viewership ranking in the Hindi and English news channel categories. The company’s Hindi news channel – Aaj Tak has maintained its market leadership position occupying the No 1 rank for several consecutive years in terms of viewership. Its English news channel – India Today too has been continuously gaining viewership; it has now captured the No 2 ranking from No 4 earlier. Its other channels such as Dilli Aaj Tak and Tez are also popular among viewers. Out of the seven radio stations, TTNL has sold off four (Jodhpur, Amritsar, Patiala and Shimla) for ₹4 crore. The remaining three stations are in the process of getting sold off to ENIL but the sale will have to wait until concerns raised by the MIB are resolved.
Going forward, we expect them to be sold off and this would prop up the company’s profitability. We expect TTNL to report net revenue CAGR of about 9 per cent to about ₹727 crore and net profit CAGR of about 13 per cent to ₹121 crore over FY2017-19E.
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