reports
ENTERTAINMENT NET.INDIA receives two new qualifications and slightly i...
The independent financial analyst theScreener just changed two ratings for the qualification of ENTERTAINMENT NET.INDIA (IN), active in the Broadcasting & Entertainment industry. Its market behaviour has improved and can now be considered as moderately risky; its fundamental valuation receives an improved star rating and now shows 2 out of 4 stars. theScreener considers that these elements slightly improve the general evaluation, which passes therefore to Neutral. As of the analysis date January...
- Rohit Dokania
ENIL's Q3FY20 results (Outperformer) - High operating leverage hurts a...
Q3FY20 Standalone Result Highlights Rev. fell 27.5% yoy to ~Rs1.5bn (19% miss). The fall was led by sharp fall in radio business (~18.8% yoy) while solutions business fell ~40.8% yoy (excluding concerts in base, the fall would be ~5.5% yoy). Reported EBITDA stood at ~Rs405m (+0.2% yoy; 14% miss) while margins stood at 27.8% (vs 20.1%; IDFCe: 26.2%). Pre Ind-AS 116 EBITDA came in at ~Rs317m (-21.5% yoy decline) although margins improved ~160 bps yoy to 21.7% - Solutions business margins have ...
- Rohit Dokania
ENIL's Q2FY20 results (Outperformer) - Core radio drag continues…
Q2FY20 Standalone Result Highlights Rev. fell 7% yoy to ~Rs1.1bn (13% miss). The fall was led by sharp fall in radio business (~17.5% yoy) while solutions business grew ~34% yoy. Reported EBITDA stood at ~Rs275m (+0.6% yoy; 6% miss) due to lower costs, while margins stood at 24.1% (IDFCe: 22.2%). Pre Ind-AS 116 EBITDA came in at ~Rs189m (-30.8% yoy decline) while margins fell ~570 bps yoy to 16.6%. Margin fall was on account of negative operating leverage in core Radio despite improvement in...
- Rohit Dokania
ENIL's Q1FY20 results (Outperformer) - Core radio weakness hits EBITDA...
Q1FY20 Standalone Result Highlights Revenue grew 8.2% yoy to ~Rs1.3bn (in-line). Growth was supported by non FCT business (+42.4% yoy) as core radio grew just 1.4% yoy. EBITDA (pre IAS-116) came in at ~Rs244m (13.8% yoy drop; 20% miss) on account of weak performance in core radio (while radio costs grew ~5.5% yoy). Non FCT margins were at par with radio in Q1. EBITDA margin (pre IAS-116) stood at 18.6% (~470 bps yoy fall; IDFCe: 23.4%). Radio: Core radio revenue grew 1.4% yoy (on a base of ...
- Aliasgar Shakir
MOSL: ENTERTAINMENT NETWORK INDIA (Buy)-Earnings pressure evident-expe...
ENTERTAINMENT NETWORK INDIA: Earnings pressure evident; expect Non-FCT to bring solace (ENIL IN, Mkt Cap USD0.3b, CMP INR388, TP INR500, 29% Upside, Buy) Solution biz safeguards revenue growth albeit at lower profitability: For 1QFY20, ENIL echoed the dismal performance of the media industry in general and the radio industry in particular. Revenue growth of 8.2% YoY (to INR1.4b) garnered crucial support from Non-FCT (Solutions) business (+42% YoY) at a time when Radio segment growth was f...
- Rohit Dokania
ENIL's Q4FY19 results (Outperformer) - Entering a sustainable earnings...
Q4FY19 Standalone Result Highlights Revenue grew 10.1% yoy to ~Rs1.7bn (2% miss). Growth was supported by non FCT business (+26% yoy) as core radio business was flat yoy (most key advertising segments saw double-digit volume growth). EBITDA came in at ~Rs438m (23.6% yoy; 2% beat) due to improving margin in non FCT business (gross margin up 500 bps yoy) and improving utilization in Batch I stations. Margins were partially affected due to Batch II EBITDA losses. EBITDA margin stood at 24.9% (+...
- Aliasgar Shakir
MOSL: ENTERTAINMENT NETWORK INDIA (Buy)-Operating leverage of core bus...
Entertainment Network India: Operating leverage of core business to drive earnings growth (ENIL IN, Mkt Cap USD0.3b, CMP INR484, TP INR596, 23% Upside, Buy) Solution business drives growth: Standalone revenue at INR1,755m grew a healthy 10% YoY (6% miss), though it was primarily led by strong uptick in the Solutions business. Core radio revenue remained flat at about INR1,000m (as indicated by management). EBITDA grew 24% YoY to INR437m (in-line); margins expanded 270bp to 24.9% on health...
- Rohit Dokania
ENIL's Q3FY19 results (Outperformer) - Strong overall performance!
Q3FY19 result highlights Standalone rev. grew 35.9% yoy to ~Rs2bn (2% beat) largely due to festive season shift (which led to muted Q2 performance) and two international concerts. Standalone EBITDA came in at ~Rs404m (13.5% yoy; in-line) due to higher non-FCT contribution and Batch II EBITDA loss stations. Margins fell ~400 bps yoy to 20.1% (IDFCe: 20.4%). Adjusting for concerts business loss, EBITDA would have been ~Rs487m (27.5% margin). Radio: Core radio revenue has grown by ~2...
- Aliasgar Shakir
MOSL: ENTERTAINMENT NETWORK INDIA (Buy)-Banking on multiple growth ave...
Entertainment Network India: Banking on multiple growth avenues (ENIL IN, Mkt Cap USD0.4b, CMP INR552, TP INR720, 30% Upside, Buy) Stellar revenue growth: ENIL saw a stellar 3QFY19, with revenues growing 36% YoY to INR2b, backed by healthy mix of growth in old and new stations, shift in the festive season to 3Q, and contribution from mega-international artist concerts (healthy F&B revenue). Yet, EBITDA grew 14% YoY (in-line) to INR404m, with a 400bp margin contraction to 20.1% due to loss...
- Rohit Dokania
ENIL's Q2FY19 results (Outperformer) - Weak even on muted exp., H2 sho...
Q2FY19 result highlights Standalone rev. fell ~2.2% yoy to ~Rs1.2bn (2% beat) largely due to festive season shift (which has affected both radio and the non-FCT business). ENIL estimates ~Rs120-140m loss in revenue due to this (adj for this ~7-8% yoy rev. growth). Core radio revenue grew ~6.8% yoy (adj. for festive season shift, this would have been 13-15% as per ENIL). Legacy station utilization stood at ~78%. Amongst new stations, Batch I stations utilization stood at 33% while Batch II st...
- Aliasgar Shakir
MOSL: ENTERTAINMENT NETWORK INDIA (Buy)-Subdued quarter, but upbeat ou...
Entertainment Network India: Subdued quarter, but upbeat outlook (ENIL IN, Mkt Cap USD0.4b, CMP INR645, TP INR800, 24% Upside, Buy) Hit by weak Solution biz and shift of festive season: ENIL’s revenue/EBITDA declined 2%/4% YoY (5%/7% miss) due to the shift of the festive season to 3QFY19 and the weakness in the Solution business (non-FCT); margins contracted 40bp YoY to 22.3%. Core Radio business revenue rose moderately by 6.8% YoY. The launch of batch-2 stations (which incurred a loss of...
- Rohit Dokania
ENIL's Q1FY19 results (Outperformer) - Good start to FY19E!
Q1FY19 result highlights Standalone revenue grew 16.4% yoy to ~Rs1.2bn (4% beat). Although the base was weak (inventory cut strategy put in place), the performance is commendable, compared to peers (Radio City +7.7%; My FM (DBCL) +1.7%; Fever & Nasha FM (HTML) +9.6% yoy). Core radio revenue grew 22% yoy. Q1 utilization (across legacy 35 stations) stood at ~80%. New station utilizations stood at ~30%. Core radio business growth of 22% yoy was entirely volume-led. Improved performance on top-...
- Aliasgar Shakir
MOSL: ENTERTAINMENT NETWORK INDIA (Buy)-Tunes in well after four-quart...
Entertainment Network India: Tunes in well after four-quarter disturbance (ENIL IN, Mkt Cap USD0.5b, CMP INR740, TP INR851, 15% Upside, Buy) Strong revenue growth drives EBITDA: ENIL impressed by delivering a strong performance in 1QFY19 after four weak quarters. EBITDA grew by a robust 65% YoY to INR284m, led by healthy 17% YoY standalone revenue growth to INR1,216m (in-line) and 400bp YoY margin expansion in the non-FCT business to 28%. Overall margin expanded ~690bp YoY to 23.3% (260bp...
- Rohit Dokania
Management Speak: Entertainment Network (India) Ltd (Outperformer) - T...
We present key takeaways of our interaction with Entertainment Networks India Ltd’s (ENIL) management to gauge the way forward for the company: Back to the growth phase: Given that its volume cut strategy, and large client issues are firmly in the base, ENIL is now targeting 20% yoy revenue growth in FY19E, and is confident of adding incremental ~Rs1bn in FY20E (18% CAGR over FY18-20E). Revenue growth would come from Phase III Batch I stations, ramp up in TV Today metro stations, rising utili...
- Rohit Dokania
ENIL's Q4FY18 results (Outperformer) - Weak quarter but worst is behin...
Q4FY18 result highlights Standalone revenue declined 3.7% yoy to Rs1.6bn (4% miss). The client specific issue plaguing ENIL for the past 3 quarters was resolved only in March. Revenue from this client is expected to normalize over the months ahead. ENIL’s strategy of capping ad inventory to improve consumer experience and increase yields has hurt it in the near-term, but there are signs of improvement as Q4 utilization (across legacy 35 stations) improved to ~90% (vs ~83% qoq; ~91% yoy). Gro...
- Rohit Dokania
ENIL's Q3FY18 results (Outperformer) - Growth outlook improving signif...
Q3FY18 result highlights Standalone revenue declined 1.5% yoy to Rs1.5bn (1.5% miss). As per the management, ad rev. decline was primarily due to a client specific issue (which we believe is Govt.) which has since been resolved from mid-Feb. If the issue was absent, rev. would have grown ~4.6% yoy. Assuming the client issue was not there, ENIL’s est. performance of 4.6% yoy would be in-line with the numbers reported by its peers (HT Media Radio +4.7% yoy; Music Broadcast +4.7% yoy; DB Corp R...
- Aliasgar Shakir
MOSL: ENTERTAINMENT NETWORK (Buy)-Muted quarter-Earnings growth on the...
Entertainment Network: Muted quarter; Earnings growth on the cusp of recovery (ENIL IN, Mkt Cap USD0.5b, CMP INR679, TP INR820, 21% Upside, Buy) Weak revenues drag EBITDA lower: Revenue declined 1.5% YoY (+18% QoQ) to INR1,484m (2% beat), which management attributed to a client-specific issue (now resolved) and the preponement of the festive season to 2QFY18 (~INR120m). Excluding this one-off impact, revenue growth was 4.6% YoY. EBITDA fell 6.6% YoY to INR356m (5% miss) due to weak revenu...
- Aliasgar Shakir
MOSL: ENTERTAINMENT NETWORK INDIA (Upgrade to Buy)-Ad recovery on the ...
​ENTERTAINMENT NETWORK INDIA: Ad recovery on the cards; Stock attractive after recent correction; upgrade to Buy(ENIL IN, Mkt Cap USD0.6b, CMP INR759, TP INR910, 20% Upside, Upgrade to Buy)We interacted with Entertainment Network India’s (ENIL) management to understand the progress in its business and the outlook going forward. Key takeways:Ad revenue was muted in October 2017 due to an early festive season (in 2QFY18), subdued Gujarat election ad spends, and lingering GST impact. However, w...
- Rohit Dokania
ENIL's Q2FY18 results (Outperformer) - FY19E the year of redemption…
Q2FY18 result highlights Net sales fell by 3% yoy to Rs1.26bn (miss of 3%) led by poor July & August on impact of GST implementation and some recovery in September due to an early festive season. Radio business weakness continues as the Top 5 categories performance was broadly flat yoy (government / FMCG / real estate / auto / BFSI). ENIL’s fall in rev. is in stark contrast to yoy growth of 10%/17%/20% in Music Broadcast/DB Corp’s radio/HT Media’s radio division revenues respectively. ENIL’s...
- Aliasgar Shakir
MOSL: ENT.NETWORK (Neutral)- New stations to drive earnings growth
​Ent.Network:New stations to drive earnings growth(ENIL IN, Mkt Cap USD0.6b, CMP INR833, TP INR910, 9% Upside, Neutral)PAT impacted by new station cost: Revenue declined 3% YoY to INR1.3b (in-line) due to the impact of GST, demonetization-led weak ad market, and inability to drive volumes at steep price hikes. EBITDA rose 23% YoY to INR284m (7% beat), led by a 44% YoY plunge in marketing expenses (the base quarter had a new station launch-related peak ad cost), partly offset by a 20% YoY rise ...
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