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ICICI Securities Report
We believe that signs of recovery in ad revenue segment will likely be visible in Q3 FY24E. We think listed companies (general entertainment channel) should report sequential increase in ad revenue despite higher market share taken by sports channels in the quarter.
We estimate ad revenues of Zee Entertainment Enterprises Ltd., Sun TV Ltd. and PVR Inox Ltd. to grow 3%, 6% and 19% sequentially.
We believe subscription revenue growth trend is likely to continue. However, in the broader media space, news flow around consolidation will be key to driving stock performance.
We believe that despite an underwhelming performance of the content pipe-line, PVR Inox will be able to better manage the fluctuations in the profitability given structural improvement in business model post-merger.
We believe this playing out could be a key argument for the PVR Inox to re-rate.
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