TV18 BROADCAST vs NEWS CORP. (US) - Comparison Results

TV18 BROADCAST     Change

Global Broadcast News Ltd (GBN) commenced its operations in December 2005, with the launch of CNN-IBN channel in the English language news and current affairs space. The channel achieved leadership position within six months of its launch and current... Morely enjoys a market share of 37.6%, compared to 35.4% of its nearest competitor NDTV 24X7 (Source: TAM Viewership Data). After cementing its presence in the English general news genre, GBN ventured into the Hindi news genre with the launch of IBN 7 (erstwhile Channel 7). GBN had earlier entered into a share-subscription cum shareholders agreement with the promoters of Jagran TV Pvt. Ltd. and acquired 49% stake in B K Fincap Pvt. Ltd., the holding company of Jagran TV, thus gaining control over Channel 7.The company has an agreement with CNN for an exclusive, limited, non-transferable right to use and produce, inter alia, the CNN name and logo. It also has a news service agreement with Turner for production and broadcasting of revenues. In order to expand its reach, GBN has signed a Memorandum of Understanding (MoU) with Zee Turner Ltd (ZTL), which is engaged in the distribution of various satellite- based channels. As per the deal, ZTL is entitled to a commission of 20% for distributing GBN channels.GBN is part of the Network 18 Group that owns and operates some of the leading business news channels in India (through TV18). As part of the group restructuring exercise, certain business portals of the group have been consolidated into Web 18 Holdings. As a part of the arrangement, GBN will hold 15% in Web 18.

NEWS CORP. (US)

   Change

News Corporation (News Corp) is an American multinational mass media company headquartered in the US (New York). The company's operations include production and distribution of motion pictures and television programming. It provides television, direc... Moret satellite, and cable broadcasting and the publication of newspapers, magazines, books and promotional inserts.

TV18 BROADCAST   NEWS CORP.

EQUITY SHARE DATA
		TV18 BROADCAST Mar-18	NEWS CORP. Jun-12	TV18 BROADCAST/ NEWS CORP.	5-Yr Chart Click to enlarge
High	Rs	70	1,550	-
Low	Rs	39	964	-
Sales per share (Unadj.)	Rs	9.7	973.0	-
Earnings per share (Unadj.)	Rs	0	34.0	-
Cash flow per share (Unadj.)	Rs	0.4	68.1	-
Dividends per share (Unadj.)	Rs	0	12.39	-
Dividend yield (eoy)	%	0	1.0	0.0%
Book value per share (Unadj.)	Rs	19.5	712.6	-
Shares outstanding (eoy)	m	1,714.41	2,384.00	-
Bonus/Rights/Conversions		-	BB	-
Price / Sales ratio	x	5.6	1.3	433.2%
Avg P/E ratio	x	1,187.0	36.9	3,213.9%
P/CF ratio (eoy)	x	120.9	18.5	654.8%
Price / Book Value ratio	x	2.8	1.8	158.1%
Dividend payout	%	0	36.4	0.0%
Avg Mkt Cap	Rs m	93,178	2,996,682	3.1%
No. of employees	`000	1.9	NA	-
Total wages/salary	Rs m	4,286	0	-
Avg. sales/employee	Rs Th	8,889.7	NM	-
Avg. wages/employee	Rs Th	2,288.5	NM	-
Avg. net profit/employee	Rs Th	41.9	NM	-

INCOME DATA
Net Sales	Rs m	16,651	2,319,647	0.7%
Other income	Rs m	290	60,011	0.5%
Total revenues	Rs m	16,940	2,379,658	0.7%
Gross profit	Rs m	579	244,517	0.2%
Depreciation	Rs m	692	81,139	0.9%
Interest	Rs m	270	71,160	0.4%
Profit before tax	Rs m	-93	152,230	-0.1%
Minority Interest	Rs m	691	-15,691	-4.4%
Prior Period Items	Rs m	0	0	-
Extraordinary Inc (Exp)	Rs m	0	0	-
Tax	Rs m	520	55,400	0.9%
Profit after tax	Rs m	79	81,139	0.1%
Gross profit margin	%	3.5	10.5	33.0%
Effective tax rate	%	-559.6	36.4	-1,537.8%
Net profit margin	%	0.5	3.5	13.5%

BALANCE SHEET DATA
Current assets	Rs m	35,855	1,338,411	2.7%
Current liabilities	Rs m	27,175	661,842	4.1%
Net working cap to sales	%	52.1	29.2	178.7%
Current ratio	x	1.3	2.0	65.2%
Inventory Days	Days	294	28	1,045.9%
Debtors Days	Days	265	72	370.8%
Net fixed assets	Rs m	3,056	400,119	0.8%
Share capital	Rs m	3,429	1,583	216.6%
"Free" reserves	Rs m	29,973	0	-
Net worth	Rs m	33,402	1,698,753	2.0%
Long term debt	Rs m	54	1,044,825	0.0%
Total assets	Rs m	67,717	3,899,548	1.7%
Interest coverage	x	0.7	3.1	20.9%
Debt to equity ratio	x	0	0.6	0.3%
Sales to assets ratio	x	0.2	0.6	41.3%
Return on assets	%	0.5	3.9	13.2%
Return on equity	%	0.2	4.8	4.9%
Return on capital	%	2.6	7.6	34.3%
Exports to sales	%	0	0	-
Imports to sales	%	0	0	-
Net fx	Rs m	-597	0	-

CASH FLOW
From Operations	Rs m	2,131	260,828	0.8%
From Investments	Rs m	-1,802	-97,793	1.8%
From Financial Activity	Rs m	252	-352,014	-0.1%
Net Cashflow	Rs m	1,641	-188,980	-0.9%

NM: Not Meaningful

Source: Company Annual Reports, Regulatory Filings, Equitymaster
The reporting currency for NEWS CORP. (US) is United States Dollars. All data has been converted at 68.82 Rs / USD

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