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Motilal Oswal Report
Sun TV Network Ltd.'s Ebitda, up 9% YoY, was largely in-line as costs were kept in check in a modest revenue growth environment.
The dividend payout fell sharply to just Rs 5/share, the lowest since FY10 (versus Rs 25/share in FY20), despite strong cash reserves.
Given the impact of the second Covid-19 wave, we cut our FY22E Ebitda/profit after tax estimates by 9%/6%, but maintain our FY23E estimates.
We see the delayed investment in over-the-top as a key risk that could dilute its competitive position.
However, viewership improvement in linear TV and low valuations offer support.
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