Sun TV Network Share Price Target Forecast 2022, 2023, 2025, 2030

NOVEMBER 9TH, 2021

Motilal Oswal has a price target of Rs 670 for Sun TV Network’s stock

Motilal Oswal is bullish on Sun TV Network and recommends a buy rating on the stock with a target price of Rs 670 in his research report dated November 08, 2021.

Sun TV (SUNTV) reported in-line results, with revenue/PAT increasing 10%/140% year over year, advertising income returning to pre-pandemic levels (2QFY20), and profits delayed by IPL spillover offers. A slow subscription income run-rate compensated for this. Our FY23E/FY24E predictions are quite constant; in FY20-23E, we manufacture at a 6% CAGR.

The recent positive estimates for the next IPL team auction have made the stock prices of less than 10x as of Sep’23E an appealing proposition. This is a huge positive, along with increased material investment to win market share. However, delayed OTT investment is a source of concern. We keep our Buy recommendation.

Outlook

To get at the Target Price of INR670, we value the stock at a P/E of 14x as of Sep ’23E. We keep our Buy recommendation.

Moneycontrol.com is the source for this information.


NOVEMBER 9TH, 2021

Sun TV Network Share Price Target 2022; Global brokerages see up to 22% upside in Sun TV after ad revenue rises in Q2

Even though global brokerages are positive on the entertainment pay channel network, which just published its after tax (PAT) for the second quarter of fiscal year ended September, Sun TV Network’s share price closed down in the morning session on November 9. The company’s consolidated earnings increased to Rs 395.55 crore.

Sun TV Network reported a PAT of Rs 335.02 crore in the July-September quarter last year, according to a BSE filing on November 5. Its income from operations was Rs 848.67 crore, up from Rs 768.69 crore in the previous fiscal quarter. Total costs for Sun TV Networks in the second quarter of FY 2021-22 were Rs 385.20 crore.

In a separate filing, the business stated that its board of directors has approved a 50% interim dividend for the fiscal year 2021-22, which would be paid at Rs 2.50 per share at a face value of Rs 5 per share. CLSA, a global research group, has kept its “buy” call on the stock and boosted the target price to Rs 700 per share from Rs 635, a 22% increase. The concept is that with ad income, valuations are appealing, and subscriptions grow by 40%.

Sun TV owns the Sunrisers Hyderabad franchise of the Indian Premier League and distributes satellite channels in Tamil, Telugu, Kannada, Malayalam, and Bengali. It also broadcasts FM radio stations across India. Sun TV does not expect NTO-2 to have a significant impact, according to the brokerage company, and is forecasting double-digit subscription growth while paying out half of its earnings.

The new tariff (NTO)-2 has decreased the price of a channel from Rs 19 to Rs 12 and changed the rates of the bouquet of channels, which analysts claim would have a negative impact on subscription and advertising income. Macquarie has given the company an outperform rating, with a target price of Rs 632 per share, up 10% from current levels. According to the brokerage business, the primary positive from the Q2 statistics was a significant recovery in advertising income. “At present levels, evaluations are appropriate,” it stated.

Nomura, on the other hand, has a “neutral” rating on the stock, with a target price of Rs 644 a share, up 12% from current levels. It claimed the company’s second-quarter results were worse than projected, but that it was on the mend. The advertisements were doing well, but the customers had yet to respond. While the IPL price may have increased, the absence of OTT content posed a structural concern, according to the report.

Moneycontrol.com is the source for this information.


19 AUGUST 2021

ICICI Direct has a price target of Rs 545 for Sun TV Network’s stock 

Sun TV Network was given a hold rating by ICICI Direct in its research report dated August 16, 2021, with a target price of Rs 545.

Sun TV Network (Sun TV) is a large regional broadcaster in India, with a bouquet of 32 TV channels, mostly in the southern market (Tamil, Telugu, Kannada, and Malayalam) and Bengali language, as well as an over-the-top (OTT) service. There’s also SunNXT, an app. Tamil audience share has decreased from 55 percent to 40 percent in its main market over the years, while peers and new entrants have grown market share.

Outlook

We’re keeping our hold rating. Sun is valued at Rs 545, or 12x FY23E EV/EBITDA.

Moneycontrol.com is the source for this information.


15 JUNE 2021

ICICI Direct has a price target of Rs 525 for Sun TV Network’s stock

Sun TV Network was given a hold rating by ICICI Direct in its research report on June 12, 2021, with a target price of Rs 525.

In terms of advertising and subscription income, Sun TV’s Q4FY21 results were somewhat higher than our projections, but profit for the quarter was ahead of our expectations due to a one-time tax gain. Revenue (standalone) increased by 6.4 percent to Rs 782 crore. Advertising income of Rs 314.9 crore was up 8.3% year on year, but the increase was subdued given the low base and the fact that retail ad spend is yet to arrive.

Revenue from subscriptions increased 7.4% year on year to Rs 428 crore. EBITDA was Rs 546.8 crore, up 8.6% year on year, while the EBITDA margin of 69.9% was better than expected, given decreased other expenses. The PAT was more than expected at Rs 449.9 crore, thanks to a one-time tax credit of Rs 52.7 crore for taxes paid and deferred tax assets created in the previous year.

Outlook

The stock is still rated as a hold by us. To get at the Revised Target Price of Rs 525, we value Sun TV at 12x FY23E EPS (the same as Zee) (earlier Rs 570).

Moneycontrol.com is the source for this information.


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