MEDIA SECTOR
CLSA ON INOX-PVR MERGER : 28.03.2022
* Merger Offers Compelling Synergy
* Merger Will Likely Take Over Six Months & Be Subject To Approvals
• PVR & Inox Have Seen A Strong Reopening
* In India, OTTs Have Limited Risk To Multiplexes
* Retain Buy On On PVR & Inox
CLSA ON PVR-INOX : 28.03.2022
• PVR-Inox merger offers compelling synergy
* Consolidating the sector with strong growth ahead
• Retain BUYS on PVR and INOX
• Both stocks have outperformed 35% YTD and
• Both target prices based on EV/Ebitda of 13x Mar-24CL
CLSA ON ZEE ENT & SUN TV : 23.06.2021
* CLSA has a Buy rating on both Zee Ent & Sun TV, but finds Zee Ent better placed on growth parameters
* Zee Ent Is Better Placed Vs Sun TV
* Zee's Ad Revenue Is 3.5x & Subscriptions 2x Of Sun TV
* Both Will Be Beneficiaries Of A Strong Rebound
* Zee Will Surpass The Pre-COVID-19 Peak In FY23
* Zee Offers 34% Earnings CAGR While Sun's Valn Is At A 15% Premium
* Zee Ent Is Top Pick In The Space With A Traget Of *306/Sh
* Have A Buy Call On Sun TV With A Target Of *550/Sh