26 May2017
4QFY17 Results Update | Sector: Media
Sun TV
Neutral
BSE SENSEX
31,028
Bloomberg
Equity Shares (m)
M.Cap.(INRb)/(USDb)
52-Week Range (INR)
1, 6, 12 Rel. Per (%)
Avg Val, INRm
Free float (%)
S&P CNX
9,959
SUNTV IN
Ad growth disappoints, volumes recovery a quarter away
394
Maintain EPS and TP
318.6 / 4.8
773 / 312
Revenue misses estimate largely led by ad miss:
4QFY17 PAT was flat YoY at
INR2.36b (est. of INR2.46b). The PAT miss was lower than the operational
30/57/92
miss, as lower depreciation, higher-than-expected other income and lower
800
25.0
tax outgo partially cushioned the EBITDA disappointment. Revenue of
CMP: INR808
TP: INR860(+6%)
Financials & Valuations (INR b)
2017 2018E
Y/E Mar
Net Sales
25.6
29.5
EBITDA
17.4
20.2
PAT
9.8
11.6
EPS (INR)
24.9
29.5
Gr. (%)
18.7
18.9
BV/Sh (INR)
99.5
108.3
RoE (%)
25.0
27.3
RoCE (%)
25.8
28.3
P/E (x)
32.5
27.4
P/BV (x)
8.1
7.5
2019E
35.5
25.5
15.1
38.4
29.9
120.1
31.9
33.4
21.1
6.7
Estimate change
TP change
Rating change
INR5.82b (+3% YoY/-1% QoQ) came in 5% below our estimate of INR6.12b,
primarily due to lower-than-expected ad revenue and digital cable revenue.
Demon continues to hurt ad volumes; subscription misses estimate too:
Ad
inventory consumption continued to take a beating from demonetization as
advertisers across categories were yet to loosen their purses. This, coupled
with SUNTV’s focus of improving ad yields, kept pressure on ad volumes.
Since the note-ban drive, SUNTV is estimated to have lost ~2.5-2.7m seconds
in ad volumes. Ad & broadcast revenue fell ~7% YoY to INR2.92b (est. of
INR3.16b). Subscription revenue grew 13% YoY/1% QoQ to INR2.44b (3%
below est. of INR2.51b). Cable declined 3% QoQ to INR0.73b (est. of
INR0.81b), while DTH grew 2.4% QoQ to INR1.71b (in-line).
Lower movie amortization/higher other income partially cushion
operational miss:
SUNTV reined in movie investments to ~INR0.62b in
4QFY17 (v/s INR0.97b in 3QFY17). It also guided for lower movie
investments of INR3-3.25b (v/s ~INR3.4b in FY17). Contained depreciation
and movie-related amortization, coupled with higher-than-expected other
income, partially offset the impact of negative operating leverage. Escalation
in content cost was largely a function of new program launches and the shift
to commissioned model of content making.
Earnings estimates largely maintained:
While SUNTV improved viewership
share in AP and held on to ratings in flagship channel Sun TV, sustenance of
the same is yet to be established. We model 24% EPS CAGR over FY17-19E.
We largely maintain FY18E/FY19E EPS and TP of INR860, based on P/E of 22x
FY19E EPS. SUNTV trades at 27.4x FY18E EPS and 21.4x FY19E EPS.
Neutral.
Investors are advised to refer through important disclosures made at the last page of the Research Report.
Motilal Oswal research is available on www.motilaloswal.com/Institutional-Equities, Bloomberg, Thomson Reuters, Factset and S&P Capital.
Jay Gandhi
(Jay.Gandhi@MotilalOswal.com); +91 22 6129 1546
Aliasgar Shakir
(Aliasgar.Shakir@motilaloswal.com); +91 022 3982 5423

Sun TV
4QFY17 Earnings Call Highlights
Ad Outlook:
Management expects ad growth to revert back to normal by the
end of 1QFY18. Expects to match industry ad revenue in FY18. Courtesy Demon,
SUNTV lost 2.7m seconds in ad volumes. Management expects volumes to
return post July. Ad performance in April and May has been encouraging. SUNTV
has also taken ad rate hikes across various channels which should have its
impact felt in FY18.
Guidance on Movie investments:
Movie investments are expected to be INR3-
3.25b in FY18 lower than FY17 levels.
Content Strategy:
Kannada and Malayalam had a couple of non-fiction launches
this quarter, hence content outlay was higher than usual. The focus in terms of
content strategy is to rev up the fiction content line-up and hence new
programme launches will continue till June-July 2017. 2 new programmes will be
launched in Prime time in AP on 5th of June 2017. The focus is expected to be
more on on fiction/non-fiction content making vs movie acquisitons.
Expected Impact of TRAI order:
Management sees SUN TV as uniquely
positioned to be completely neutral to any perceived negative impact on the
network due to the new TRAI tariff order implementation, given that it has 6-7
driver channels.
Dep/Ammort split for 4Q:
INR150m/INR620m respectively.
Management confident on maintaining a healthy Dividend payout rate:
Cash
on books: INR15.03b, Dividend paid for FY17: INR4b. Management commited to
keep dividend payout rates healthy (~65%) going forward.
Key financials of Radio subsidiaries:
KAL radio (Rev/PAT – INR990m/230m);
South Asia FM (INR1420m/INR490m).
Exhibit 1: Quarterly operating expenses and EBITDA margin
Operating expnses (INR b)
EBITDA margin (%)
78 76 79
84 82
78 84 79 81 81 80 77 76 76 77 74
59
72 73 77
78 77 77
58
59
76 76 75
57
75 75
68
Source: Company, MOSL
27 May 2017
2

Sun TV
Exhibit 2: Ad and broadcasting revenue growth (%)
43 39 44
30
19
5
16 14
5
1
-6 -5
4 3
15
9
12
1
-5
-7
-2
15 13
1
-6 -4
3
8
6
8
-7 -7
Source: Company, MOSL
Exhibit 3: Quarterly revenue break-up (INR m)
Ad & Broadcasting rev
International rev
DTH
Domestic Cable
Films, IPL and others
Total
4QFY15#
3,320
340
1,350
570
-94
5,486
1QFY16#
3,529
370
1,390
540
1,083
6,911
2QFY16#
3,298
354
1,399
576
55
5,681
3QFY16#
3,250
350
1,509
580
52
5,732
4QFY16#
3,130
360
1,560
600
57
5,707
1QFY17#
3,400
380
1,580
740
1,508
7,608
2QFY17#
3,385
400
1,610
680
180
6,255
3QFY17#
3,010
390
1,670
750
74
5,894
4QFY17#
2,920
370
1,710
725
100
5,825
Source: Company, MOSL
Valuation and view
SUNTV is a play on the media consumption in South India region which leads in
terms of GDP per capita and account for ~30% of the TV ad spends in India.
While SUNTV retains its dominant position in the Tamil market, it has faced
significant market share erosion in other markets driving lower than industry ad
revenue growth for the company.
Subscription revenue monetization in Tamil Nadu has been impacted by delay in
digitization and low rate offered by the state run Arasu Cable Corporation.
SUNTV requires sustained step-up in content investments to win back ad market
share
We model 24% EPS CAGR over FY17-19E, driven by 14% ad & broadcast revenue
CAGR and 16% domestic subscription revenue CAGR. SUNTV trades at 27.4x
FY18E EPS and 21.1x FY19E EPS.
Neutral
Exhibit 5: SUNTV: Relative PE vs Sensex
Avg(x)
43.7
28.9
20.9
Min(x)
210
140
70
0
9.7
-70
21.0
56.9
Sun TV PE Relative to Sensex PE (%)
LPA (%)
Exhibit 4: SUNTV: PE band chart
52
40
28
16
4
PE (x)
Peak(x)
Source: Company, MOSL
Source: Company, MOSL
27 May 2017
3

Sun TV
Exhibit 6: Sun TV: Quarterly Performance (INR m)*
INR m
Revenue
Operating expenditure
EBITDA
EBITDA margin (%)
Depreciation and amortization
EBIT
Interest
Other income
PBT
Tax
Effective tax rate (%)
Extraordinary Items
PAT
* Excludes IPL revenue and EBITDA
Revenue Breakup
Operating Cost
INR m
Cost of revenues
Employee cost
Other exp
Total Operating expenses
Operating Cost (% of revenue)
INR m
Cost of revenues
Employee cost
Other exp
INR m
Advertising + Broadcasting
International
DTH
Domestic Cable
Films and Others
Total
* Excludes IPL revenue and EBITDA
4QFY16
5,650
1,438
4,212
74.5
1,025
3,186
8
288
3,466
1,294
37.3
179.7
2,352
3QFY17
5,894
1,497
4,397
74.6
1,107
3,290
7
389
3,673
1,272
34.6
2,401
4QFY17
5,825
1,889
3,936
67.6
767
3,170
2
374
3,541
1,182
33.4
2,359
YoY%
3.1
31.3
-6.5
-697bps
-25.2
-0.5
-74.7
29.6
2.2
-8.6
-395bps
0.3
QoQ%
-1.2
26.2
-10.5
-702bps
-30.8
-3.7
-70.0
-4.1
-3.6
-7.0
-125bps
-1.7
4QFY17E
6,125
1,567
4,557
74.4
1,030
3,528
11
223
3,740
1,283
34.3
2,457
v/s est (%)
-4.9
20.5
-13.6
-684bps
-25.6
-10.1
-80.2
67.8
-5.3
-7.9
-92bps
-4.0
461
631
347
1,438
538
599
361
1,497
617
643
628
1,889
34.1
1.9
81.1
31.3
14.8
7.4
74.3
26.2
551
643
373
1,567
12.0
0.0
68.5
20.5
8.2
11.2
6.1
3130
360
1560
600
57
5707
9.1
10.2
6.1
3010
390
1670
750
74
5894
10.6
11.0
10.8
2920
370
1710
725
100
5825
245bps
-13bps
465bps
-6.7
2.8
9.6
20.8
76.1
2.1
148bps
88bps
467bps
-3.0
-5.1
2.4
-3.3
35.1
-1.2
9.0
10.5
6.1
3161
396
1707
809
51
6125
160bps
54bps
470bps
-7.6
-6.6
0.2
-10.4
94.5
-4.9
Source: Company, MOSL
27 May 2017
4

Sun TV
Exhibit 7: Estimate change summary
FY18E
Revenue (INRb)
Old
Actual/New
Change (%)
EBITDA (INRb)
Old
Actual/New
Change (%)
EBITDA margin (%)
Old
Actual/New
Change (bp)
PAT (INRb)
Old
Actual/New
Change (%)
EPS (INR)
Old
Actual/New
Change (%)
30.0
29.5
-1.6
21.1
20.2
-4.0
70.3
68.6
-171bp
11.7
11.6
-0.6
29.7
29.5
-0.6
FY19E
35.6
35.5
-0.2
26.0
25.5
-1.9
73.0
71.8
-122bp
14.9
15.1
1.3
37.9
38.4
1.3
Source: Company, MOSL
Exhibit 8: Sun TV: A Snapshot
INRb
Ad and broadcast revenue
YoY (%)
DTH revenue
YoY (%)
Cable revenue
YoY (%)
International revenue
YoY (%)
Films, IPL and other revenue
YoY (%)
Total Revenue
YoY (%)
Operating expenses
YoY (%)
EBITDA
YoY (%)
EBITDA margin (%)
Revenue mix (%)
Ad and broadcast revenue
Subscription revenue
- DTH
- Analog
- International
Films, IPL and other revenue
DTH subscriber base (m)
YoY (%)
DTH ARPU (Rs)
FY11
11.2
22
2.9
57
2.1
36
0.7
23
2.3
189
19.2
38
3.7
29
15.6
40
81.0
58
30
15
11
4
12
6.9
16
37.1
FY12
11.1
-1
3.3
16
1.6
-24
0.8
22
0.7
-70
17.6
-9
3.6
-3
14.0
-10
79.7
63
33
19
9
5
4
7.6
9
38.2
FY13
11.9
8
3.7
12
1.4
-15
1.0
24
0.1
-88
18.2
3
4.4
24
13.8
-2
75.8
66
34
21
8
6
0
8.8
16
37.9
FY14
11.9
0
4.5
20
2.0
41
1.3
21
1.3
1,537
21.0
15
6.3
44
14.6
6
69.8
57
37
21
9
6
6
10.2
15
39.3
FY15
12.5
5
5.3
17
2.1
8
1.4
9
1.2
-12
22.4
7
6.3
-1
16.1
10
72.0
56
39
23
9
6
5
12.0
18
39.5
FY16
13.2
6
5.9
11
2.3
8
1.4
3
1.2
6
24.0
7
7.0
11
17.0
5
70.8
55
40
24
10
6
5
13.5
13
38.2
FY17
12.7
-4
6.6
12
2.9
26
1.5
9
1.9
49
25.6
7
8.2
17
17.4
2
67.9
50
43
26
11
6
7
12.9
-5
41.4
FY18E
14.7
15
7.6
15
3.5
19
1.7
13
2.1
11
29.5
15
9.3
13
20.2
16
68.6
50
43
26
12
6
7
17.1
32
42.0
FY19E
16.6
13
8.6
14
4.1
20
1.9
13
4.3
108
35.5
21
10.0
8
25.5
26
71.8
47
41
24
12
5
12
17.1
0
42.0
Source: Company, MOSL
27 May 2017
5

Sun TV
Story in charts
Exhibit 9: India’s Ad growth-to realGDP multiplier has averaged ~1.8x
Real GDP growth (%)
2.5
1.9
0.9
7
17
9
7
9
17
7
13
5
8
7
9
7
14
8
17
7
12
7
13
7
13
1.9
1.5
1.9
1.3
TV industry ad growth (%)
Ad to GDP multiplier (x)
2.2
1.8
1.8
1.8
FY09
FY10
FY11
FY12
FY13
FY14
FY15
FY16
FY17E
FY18E
FY19E
Source: Company, MOSL
Exhibit 10: India: TV and C&S households (m)
236
238
241
243
245
247
177
158
249
185
166
251
193
174
253
201
182
Exhibit 11: C&S connections mix: Analog v/s Digital (%)
Analogue Cable (%)
DTH (%)
7
6
7
7
26
5
62
26
15
53
27
18
49
27
19
47
Digital Cable (%)
Other Digital HH (%)
5
5
6
30
25
38
35
32
28
40
8
27
5
62
4
46
142
148
153
161
169
105
119
130
139
149
40
16
45
5
FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E
Source: MOSL
FY11 FY12 FY13 FY14 FY15 FY16 FY17E FY18E FY19E
Source: MOSL
Exhibit 12: Analysis of Broadcasters’ share of Pay TV
subscription revenue
FY16
Pay TV subscription rev (INR b)
-Analog
-Digital
Total
Broadcaster's share (INR b)
-Analog
-Digital
Total
Broadcaster's share ( %)
-Analog
-Digital
Total
132
213
346
13
65
79
10
31
22.8
FY19E
37
575
612
4
170
174
10
30
28.3
Source: MOSL
Exhibit 13: India Pay TV subscription revenue split (INR b)
Analogue Cable
DTH
Total Subscription Revenue
346
23
123
67
132
FY15E
389
24
151
86
128
FY16
445
24
194
121
106
FY17E
Digital Cable
Other Digital
520
24
251
172
74
FY18E
315
612
27
233
37
FY19E
Source: MOSL
27 May 2017
6

Sun TV
Story in charts
Exhibit 14: SUNTV - Advertising and broadcast revenue
growth (%)
31
26
19
22
15
8
0
-1
0
5
6
11
Exhibit 15: SUNTV: Subscription revenue (INR b)
DTH revenue
Cable revenue
International revenue
Source: Company, MOSL
Source: Company, MOSL
Exhibit 16: SUNTV: EBITDA and EBITDA margin (INR b)
EBITDA
81
80
80
77
71
72
70
6
8
11
16
14
14
15
76
72
71
70
18
71
72
EBITDA margin (%)
Exhibit 17: SUNTV: IPL revenue and EBITDA (INR b)
IPL Revenue
1.1
1.0
1.0
IPL EBITDA
1.6
1.4
1.7
5
16
17
21
24
-0.4
FY14
-0.6
FY15
-0.6
FY16
-0.3
FY17E
-0.2
FY18E
-0.1
FY19E
Source: Company, MOSL
Source: Company, MOSL
Exhibit 18: SUNTV: PAT and YoY growth
106
PAT (INR b)
PAT growth (%)
Exhibit 19: SUNTV: Dividend per share and pay-out
DPS
52
54
Dividend Pay-out (%)
55
52
60
59
60
61
60
37
13
36
36
-10
-2
5
3
45
18
14 18.4 16.1
22
27
26
2.7 3.7 4.2 5.7 7.7 6.9 6.8 7.2 7.4 8.7 9.9 11.7 13.6
1.5 2.5 2.8 7.5 8.8 9.5 9.5 9.5 11.3 13.0 15.0 18.0 23.0
Source: Company, MOSL
Source: Company, MOSL
27 May 2017
7

Sun TV
Financials and Valuations
Income Statement
Y/E March
Advertising Revenue
Broadcasting Revenue
International Subscrip.
Domestic Subscription
Others
Net Sales
Change (%)
Operating Cost
Staff Cost
Administrative Exp
EBITDA
% of Net Sales
Depreciation and amortization
Film Amortization
Interest
Other Income
PBT before EOI
Tax
Rate (%)
Reported PAT
Extra-ordinary income
Adjusted PAT
Change (%)
2012
9,450
1,640
840
4,961
682
17,574
-8.6
1,006
1,641
920
14,007
79.7
4,430
3,430
56
742
10,263
3,317
32.3
6,946
0
6,946
-10.0
2013
10,200
1,730
1,040
5,125
82
18,176
3.4
1,552
1,771
1,085
13,769
75.8
4,132
3,048
48
550
10,139
3,306
32.6
6,833
-2
6,835
-1.6
2014
10,206
1,726
1,253
6,446
1,336
20,968
15.4
1,851
1,925
2,557
14,634
69.8
4,533
3,385
45
792
10,847
3,678
33.9
7,170
132
7,038
3.0
2015
10,775
1,735
1,366
7,380
1,176
22,431
7.0
1,692
2,037
2,558
16,143
72.0
5,878
4,600
30
879
11,114
3,746
33.7
7,369
0
7,369
4.7
2016
12,103
1,104
1,410
8,153
1,246
24,016
7.1
1,818
2,359
2,833
17,007
70.8
4,835
4,112
21
911
13,062
4,633
35.5
8,430
180
8,250
12.0
2017
11,973
742
1,540
9,465
1,862
25,582
6.5
2,165
2,563
3,494
17,361
67.9
3,911
3,400
13
1,466
14,903
5,109
34.3
9,794
0
9,794
18.7
2018E
13,867
807
1,732
11,023
2,058
29,487
15.3
2,555
2,947
3,764
20,221
68.6
3,844
3,230
13
1,409
17,774
6,132
34.5
11,642
0
11,642
18.9
2019E
15,656
902
1,949
12,764
2,276
35,547
20.6
3,016
3,389
3,614
25,528
71.8
3,844
3,230
13
1,409
23,081
7,963
34.5
15,118
0
15,118
29.9
Balance Sheet
Y/E March
Share Capital
Reserves
Net Worth
Deffered Tax Liability
Capital Employed
Gross Fixed Assets
Less: Depreciation
Net Fixed Assets
Capital WIP
Investments
Curr. Assets
Inventory
Debtors
Cash & Bank Balance
Loans & Advances
Other Current Asset
Current Liab. & Prov.
Creditors
Other Liabilities
Provisions
Net Current Assets
Application of Funds
2012
1,970
24,482
26,452
382
26,834
22,664
18,053
4,612
6,030
4,775
13,514
4
4,649
2,899
5,282
680
2,097
296
1,437
364
11,417
26,834
2013
1,970
26,958
28,929
284
29,213
28,445
22,252
6,193
6,036
4,678
15,111
5
5,353
3,886
5,098
768
2,806
296
1,556
954
12,305
29,213
2014
1,970
29,748
31,718
284
32,002
33,240
26,854
6,386
6,036
4,624
17,740
6
5,745
7,764
3,435
791
2,783
425
1,214
1,144
14,957
32,002
2015
1,970
31,827
33,797
221
34,018
38,306
33,596
4,710
6,036
4,624
20,448
5
6,835
9,217
3,522
870
1,800
375
1,358
68
18,648
34,018
2016
1,970
34,291
36,262
221
36,482
38,871
37,703
1,168
6,036
4,624
23,951
5
6,596
12,871
3,522
957
2,046
470
1,494
81
21,905
36,482
2017
1,970
37,257
39,228
221
39,448
41,124
41,682
-559
6,036
4,624
27,712
5
6,907
16,225
3,522
1,052
2,293
552
1,643
97
25,419
39,448
2018E
1,970
40,707
42,677
221
42,898
45,124
45,594
-470
6,036
4,624
33,693
5
7,987
21,022
3,522
1,158
2,546
622
1,807
117
31,147
42,898
(INR Million)
2019E
1,970
45,355
47,326
221
47,546
49,124
49,506
-382
6,036
4,624
35,001
5
9,108
21,094
3,522
1,273
2,801
673
1,988
140
32,200
47,546
27 May 2017
8

Sun TV
Financials and Valuations
Ratios
Y/E March
Basic (INR)
Adjusted EPS
Growth (%)
Cash EPS
Book Value
DPS
Payout (incl. Div. Tax)
Valuation (x)
P/E
Cash P/E
EV/EBITDA
EV/Sales
Price/Book Value
Dividend Yield (%)
Profitability Ratios (%)
RoE
RoCE
RoIC
Turnover Ratios
Debtors (Days)
Creditors (Days)
Asset Turnover (x)
Leverage Ratio
Debt/Equity (x)
2012
17.6
-10.0
28.9
67.1
9.5
53.9
2013
17.3
-1.6
27.8
73.4
9.5
54.8
2014
17.9
3.0
29.4
80.5
9.5
52.2
2015
18.7
4.7
33.6
85.8
11.3
60.2
2016
20.9
12.0
33.2
92.0
13.0
59.5
2017
24.9
18.7
34.8
99.5
15.0
60.4
2018E
29.5
18.9
39.3
108.3
18.0
60.9
2019E
38.4
29.9
48.1
120.1
23.0
60.0
45.9
28.0
22.5
18.0
12.0
1.2
46.6
29.0
22.9
17.3
11.0
1.2
45.3
27.5
21.2
14.8
10.0
1.2
43.2
24.0
19.2
13.8
9.4
1.4
38.6
24.3
18.0
12.7
8.8
1.6
32.5
23.2
17.4
11.8
8.1
1.9
27.4
20.6
14.7
10.1
7.5
2.2
21.1
16.8
11.7
8.4
6.7
2.8
26.3
27.3
57.5
97
30
0.7
23.6
24.5
46.8
107
25
0.6
22.6
23.5
47.4
100
25
0.7
21.8
22.4
49.1
111
22
0.7
23.2
24.0
58.0
100
25
0.7
25.0
25.8
69.3
99
25
0.6
27.3
28.3
90.2
99
25
0.7
31.9
33.4
105.2
94
25
0.7
0.0
0.0
0.0
0.0
0.0
0.0
0.0
0.0
Cash Flow Statement
Y/E March
PBT before Extraordinary Items
Add : Depreciation
Interest
Less : Direct Taxes Paid
(Inc)/Dec in WC
CF from Operations
(Inc)/Dec in FA
(Pur)/Sale of Investments
CF from Investments
Free cash flow
(Inc)/Dec in Net Worth
(Inc)/Dec in Debt
Less : Interest Paid
Dividend Paid
CF from Fin. Activity
Inc/Dec of Cash
Add: Beginning Balance
Closing Balance
E: MOSL Estimates
2012
10,263
4,430
56
3,317
-5,630
5,801
-4,948
636
1,489
853
-55
0
56
4,324
-4,435
-2,945
5,844
2,899
2013
10,139
4,132
48
3,306
98
11,112
-5,718
97
5,490
5,393
-130
0
48
4,324
-4,502
988
2,899
3,887
2014
10,847
4,533
45
3,678
1,226
12,974
-4,727
55
8,302
8,248
-56
0
45
4,324
-4,426
3,877
3,886
7,763
2015
11,114
5,878
30
3,746
-2,238
11,039
-4,202
0
6,837
6,837
-233
0
30
5,121
-5,383
1,453
7,764
9,217
2016
13,062
4,835
21
4,633
397
13,683
-1,293
0
12,390
12,390
183
0
21
6,148
-5,979
6,410
9,217
12,871
2017
14,903
3,911
13
5,109
-160
13,558
-2,185
0
11,373
11,373
0
0
13
6,828
-6,847
4,526
12,871
16,225
2018E
17,774
3,844
13
6,132
-931
14,567
-3,932
0
10,635
10,635
0
0
13
8,193
-8,206
2,430
16,225
21,022
(INR Million)
2019E
23,081
3,844
13
7,963
-981
17,993
-3,932
0
14,061
14,061
0
0
13
10,469
-10,481
3,579
21,022
24,646
27 May 2017
9

Sun TV
Corporate profile
Company description
Sun TV is a leading regional television broadcaster
with well established brands including its flagship
channel Sun TV in Tamil. Along with Tamil, Sun TV
has prominent channels in Telugu, Kannada and
Malayalam. Sun TV’s channels can be viewed in 27
countries. Sun TV is also the owner of the IPL
franchise “Sunrisers”.
Source: MOSL/Bloomberg
Exhibit 1: Sensex rebased
Exhibit 2: Shareholding pattern (%)
Mar-17
Promoter
DII
FII
Others
75.0
1.6
16.2
7.1
Dec-16
75.0
1.7
16.8
6.6
Mar-16
75.0
3.0
16.7
5.3
Source: Capitaline
Exhibit 3: Top holders
Holder Name
GOVERNMENT PENSION FUND GLOBAL
SELVAM SELVI
SHANMUGASUNDARAM SELVAM
EAST BRIDGE CAPITAL MASTER FUND
LIMITED
AMANSA HOLDINGS PRIVATE LIMITED
% Holding
1.9
1.8
1.7
1.5
1.2
Source: Capitaline
Note: FII Includes depository receipts
Exhibit 4: Top management
Name
Kalanithi Maran
K Vijaykumar
Kavery Kalanithi
R Ravi
Designation
Executive Chairman
Managing Director &
CEO
Executive Director
Company Secretary
Exhibit 5: Directors
Name
S Selvam
M K Harinarayanan
R Ravivenkatesh
Name
J Ravindran
Nicholas Martin Paul
Source: Capitaline
*Independent
Exhibit 6: Auditors
Name
Lakshmi Subramanian & Associates
S R Batliboi & Associates LLP
Type
Secretarial Audit
Statutory
Exhibit 7: MOSL forecast v/s consensus
EPS
(INR)
FY17
FY18
FY19
MOSL
forecast
24.9
29.5
38.4
Consensus
forecast
25.5
29.6
34.5
Variation (%)
-2.3
-0.4
11.3
Source: Bloomberg
Source: Capitaline
27 May 2017
10

Sun TV
NOTES
27 May 2017
11

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Sun TV
Disclosure of Interest Statement
Analyst ownership of the stock
No
Served as an officer, director or employee -
No
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SUN TV NETWORK
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27 May 2017
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12