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Accumulate Sun TV, target of Rs 264: P Lilladher

Posted on: June 26th, 2009 and is filed under Brokerage Recommendations.

Prabhudas Lilladher has recommended a buy rating on Sun TV, with price target of Rs 264, in its report dated June 25, 2009.

“Sun TV’s core business stands firm despite the industrywide slowdown. The company has guided for 12-15% growth in the ad revenues for FY10. However, the same has a potential upside with an up-tick in the utilisation of newly launched channels and a possible ad rate hike in H2FY10. Steady growth in DTH-based subscription revenues and ability to deliver on new business as per guidance (movie business RoI of 15% in FY09) lends us further comfort. With cash on book of Rs 3.3 billion and price to earnings trading at 21.4x FY10E and 17.9x FY11E, we maintain our ‘Accumulate’ rating on the stock, with price target of Rs 264,” says Prabhudas Lilladher’s report.

source: Moneycontrol

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